It may be your life time investment or it may be just for investment sake. Whatever may be the reason your investment shall not be wasted and you shall not face any problem later. Hence it is advised to go into some facts and finalise the following requirements before entering into any contract or agreement.
Generally it is recommended to invest in residential property when
Property loans are easily available
Prices are likely to increase or may stay stable for quite some time
Property can be rented out with ease and minimum difficulty
Resale can be done without difficulty
The plots can be appreciated on following grounds
On Legal Aspects
Before buying the plot, be sure that it is saleable. Ensure that land is not a 'Porampoke' one and affected by any provision of ULC Act
Before buying the plot, be sure that it is saleable and the so-called vendor has all the right to sell it. If the person assumes title
☻ By a sale deed, partition deed, settlement deed or gift deed, you may ask him to produce it and its parent documents
☻ By a will you may ask him to probate it and to produce it and its parent documents or
☻ By intestate succession, you may ask him to establish his heirship by producing death certificate and heir certificate of the pre-owner
Before buying the plot, be ensure that it has been approved by the competent authority. Verify the approval order, see the terms and conditions laid down there. Confirm the name of the layout, its survey number, village number, etc. Some may use the name of the approved layout to an unapproved layout. Verify the usage of the land for which it has been approved. Some portion of layout might have been reserved for schools, park or like common usage. Some may divide the portion into small plots and sell it as residential plots. This is against law. Don’t be the prey for this.
Before buying house or flat, Ensure that it has been approved by the competent authority and built as per the approved plan without violation. Verify the approval order; see the terms and conditions laid down there.
Look into provisions for safety against fire, theft, etc, ventilation, lighting and privacy in the apartments
Have clear cut talk with the vendor/ builder regarding the facilities he offers along with the flat, carpet area, built up area, common area, appurtenances, payment term, duration, warranty terms, warranty period, etc and enter all the terms and details in written form as agreement
Before signing the agreement get the experts’ opinion from Legal consultant and construction consultant on the draft copy of the agreement, we also help you to know about your proposed agreement and property.
☻ The property has to be analysed in vasthu view. Vasthu means development control and it deals separately on surrounding, plot, its entrance, streets facing, plot size, building, location and sizes of rooms, effects and remedies
☻ For more information visit Vasthu page
On constructional aspects
Before deciding the plot, consider the suitability of the soil for erection of any building, suitability of ground water for construction, plastering, etc. Consider the approach road width and compare with the number of persons to be residing in the street
New House/Flat
Before deciding the flat, completely list out all your requirements and finalise the time, place, when and where these facilities are required. Modification shall cost much, some times it may not be possible and even if you do any alteration it shall give shabby appearance.
☻ Make quality audit by qualified, experienced Engineer on the construction
☻ Measure the carpet area or plinth area as the case may be
☻ Get Engineer’s opinion on specification of the building.
The specification shall be of two types, viz, General; which deals about the facilities to be provided, size and dimensions of rooms, building, devices to be fixed, etc. Detailed; which deals with type and make of building requisites, ratio of mortar, thickness of mortar, plaster, concrete, wall, foundation type, depth, load bearing capacity, finishing details, flooring [cement, mosaic pavement, mosaic tiles, ceramic or vitrified tiles, marbles, granites or any other spl. Type] and its size.
You can contact us to give opinion on specification
If you proposed to buy a old house/ flat
☻ Find for any crack in the plaster, wall, flaking of plaster, feasibility of and cost for repair
☻ Check for kind of wall, i.e. load bearing wall or not. In case of LB wall, the maximum size of opening shall be 50% in running feet and max. length a opening shall be restricted to 5'
☻ Any crack in the LB wall shall have to be immediately attempted but in case of Non-LB wall, it is not a material damage
☻ Appoint one engineer and get his opinion on age and strength of building, scope for future expansion, expected life, maintainability
☻ You can contact us to give opinion on above
In the following grounds, the property has to be appraised
Fare price and Cost reasonableness
☻ Forcible selling price
☻ Budget requirement
On General facts
Before buy the property, visit the site with two good friends. Their opinion shall help you a lot.
Depend upon the category of the seller, activities may change; the purchaser has to exercise different precautions and the conduct and character of vendor also has to be studied, we will guide you to study the conduct and category of seller.
While negotiating the price and obligations, one should keep the following thing clear
The builder shall provide the minimum requirement of facilities, like electrical fittings, plumbing arrangements, etc. While executing the agreement, we may accept and agree to pay extra for additional requirement. When the building comes to a shape, we may find that the provided/ proposed facilities are inadequate. If we approach/ ask him to provide the same, he shall charge abnormal and exorbitant cost for it. Because, if he completes the building with inadequate facilities, we cannot provide the same on later date and no one electrician or plumber shall come forward to do the additional work alone, when the building is incomplete. The builder also shall not allow any body to do the same.
Hence, it is advised to forecast and calculate the right requirement required for next 20 years
and to ask the builder to provide the additional requirement in the initial stage itself.
The multi storied buildings or residential complex shall have a comprehensive fire fighting. Get all details about the system.
The construction agreement may be cleverly prepared such that the purchaser shall be responsible for all the deviations. Some times, the builders may violate the rule or any section or provision of the related Acts. If the agreement is not fully understood by the purchaser. On later days, the penal charges levied by the government bodies or the demolition proceedings shall be borne by the purchaser only.Hence, it is advised to ask the builder to produce the approved plan of the building and if convinced, to make the plan as part of the agreement. It is also advised to get assistance of a property consultant.
