As you buy a new home, these questions will answer all common queries about buying and owing a property in India. Use this guide to acquaint yourself with rules, laws and important information.
Carpet Area: This is the area of the apartment that does not include the area of the walls i.e. the area of the apartment that a carpet can cover.
Built-Up Area: This is the area of the apartment that includes the area covered by the walls. Super Built-Up Area: This includes the built-up areas such as the lobby, lifts, stairs etc. This term is therefore only applicable for multi-dwelling units, such as flat complexes.
- Indian citizens who stay in a foreign country for employment.
- Indian citizens carrying on their businesses or vocations.
- Indian citizens abroad for any other purpose in the circumstances indicating a definite intention to stay outside India for an indefinite period.
- Indian citizens working abroad on assignment with foreign governments or international agencies.
- Officials of central and state government and public sector undertakings deputed abroad on temporary assignments or posted to their offices abroad.
- Indians who have settled abroad permanently or gone abroad on immigration.
The first step towards buying a property starts from being able to identify the one that suits your needs and fits your budget. With best rates and best quality homes, Godrej Properties offers you a perfect home. However, it is important to select the property depending on following criteria:
|Parameter||Questions to be asked|
|Location Of Site||While choosing the location, you need to keep the following parameters in mind like proximity to the main roads, bus stops, railway lines, transportation services, civic amenities like educational institutions, park, police station, temples, community hall, hospitals, and auditorium within reach.|
|Affordability||Does the location fit your budget?|
|Place of work||How far is the office from the desired location?|
|Market place||Where is the nearest market?|
|School||Where is the nearest school?|
|Public transport||Are buses/trains easily available from the location?|
|Builder||Does the builder have a good reputation in the market?|
|Availability of water and electricity||Is there a steady supply of both?|
|Residential/ commercial||Commercial areas face traffic jams during working hours and level of noise is rather high|
|Hospital/ Medical services||Are they available easily?|
|Society expenses||Is the monthly outgo on the society and maintenance a strain on your budget?|
|Security||Are the security systems in place, like a professional guard or electronic systems?|
|Parking||If you own a vehicle, you will need space to park it|
|Type of ownership||In some areas, property is available only on a power of attorney or “pugree” basis. Getting funding for such properties is a problem.|
|Self constructed property (SCP)||SCP is a situation where you buy a plot of land and construct a house there. All banks may not fund such projects.|
|Under construction property at an
|Many banks may not prefer to fund such projects. But if the builder is well reputed then it should not be a problem.|
In case of a ready / resale property, you need to bear the following additional points in mind while selecting a property
|Parameter||Questions to be asked|
|Chain of title||It is important to have all the proper registered documents from the proposed seller that declares his ownership. These documents are important for you to garner a loan from the bank.|
|Maintenance||Check the internal as well as the external condition of the building|
|Water leakages||A flat with water leakages should be strict no as it adversely impacts the overall condition of the building.|
|Condition of the flat||Is the paint peeling off or concrete crumbling?|
|Neighbours||Grumpy neighbours can make life very unpleasant.|
|Society transfer charges||If they are too high then you need to factor that in your budget.|
There is no prescribed norm for determining the market rent rate though it can be easily found out by approaching individuals such as brokers, registration authority, etc.