Documents you must have when buying a Property

Buying a property is a very important investment for anyone and the experience is totally different when it is about the first property. In order to make that experience a good experience there are a few points that you must keep in mind. If you do not want to fall into the legal Hassels then remember that documentation plays a really important part during the property transactions.

Many buyers find this documentation tricky, but to be honest if you have a fair idea about the documents needed then this process is really Hassle free.

Let us see what all documents you as a buyer must have before buying a property in Original booking.

Indian Citizen:

According to the law, any person born in India, on or after 26 January 1950 to the commencement of the 1986 Act on 1 July 1987, is a citizen of India by birth. After 1 July 1987, a person is a citizen of India if either parent was a citizen of India at the time of the birth. After 3 December 2004, the person is citizen of India only if both of their parents are citizens of India or if one parent is a citizen of India and the other is not an illegal migrant at the time of their birth.

For Indian Citizens the mandatory documents are:

• PAN Card
• Photo ID Proof
• Address Proof
• Photographs – 2 to 6

NRI

An NRI is a citizen of India who holds an Indian passport and has been immigrated to another country over six months for work or residence etc.

For Indian Citizens the mandatory documents are:

• PAN Card
• Photo ID Proof
• Address Proof
• Photographs – 2 to 6
• Valid Visa
• If green card holder, then the person needs to produce NRO/NRE Bank account details

In India, there are just 3 banks that provide this facility: American Express, HSBC and Citibank.

Coming to Resale property, following is the list of the documents required:

When it comes to buying a Property in Resale, then the things get a bit trickier. Lots of other documents get involved and legal procedures increase. We share with you a list of mandatory documents with you, along with the identification certificates.

• Share certificate issued by the society
• Lease deed of society
• Registration details of the society
• Bye-laws of the society
• No objection certificate from the society
• Approved building plan
• Title of builder
• Undertaking from society
• Allocation letter, Allotment letter and Possession letter
• Receipts of payments made to authority
• Permission to mortgage
• Authorization letter signed from seller
• Receipts of payments made by purchaser to seller
• Verification of signature of seller from his bank

Property in Gurgaon

Top 5 Traps to avoid when investing in Real Estate

High returns and safe investment is what is making Real Estate so popular among the investors.  But recently the Real Estate market is showing uncertainty and this is when you as an investor must take care of few this things before investing to save yourself from the Real Estate traps.

We will be discussing 5 Common Real Estate traps that any investor must avoid to get a beneficial deal.

1.       Check the Price:

Abide by the old proverb “You make money in real estate by what you pay for it, not what you sell it for”. The price of the property will thus ensure that you are going on the right track. If you are buying in a heated market or in a ‘hot’ neighborhood, then the price will surely be rocket high. Make sure that your property is value for money before investing a huge amount. Stay away from inflated prices.

2.       History of the Developer:

Before investing in any project, remember to know about the developer. Real Estate market is booming and this is attracting newbie in the industry. In this industry, experience matters a lot and thus, you must be well aware about the history of the developer like when did they enter the market, their past projects and also the success rate of those projects.

3.       Geography of the Project:

No matter you are going for commercial or residential location and neighborhood matters a lot. Choosing the right location can happen only when you know why you want to buy the property. Always choose the property matching your requirements. Remember it is not your property which states the standard of the neighborhood but the neighborhood will make the standard of your property.

Location of the project holds an equal importance in the case of commercial property as well. Location is the factor that will decide your customers, thus the success of your business. Do not go for words but check for yourself the location and future chances of development.

4.       Facilities & Amenities:

This again is the trap that developer through on the investors. After choosing the location and the project, choosing the facilities is equally important.

There are few basic facilities and amenities like parks, power back up, water supply, security, well lighted roads within the locality or society, availability of daily needs and ample parking space must be there with other modern amenities. As no matter how beautiful your house is but without these facilities your stay can become really hard.

Facilities & amenities play an important part even if you are investing in a commercial property. Do not go by the words of the developer, but make sure yourself of the availability of the amenities like power back up, ample parking space, good electrical fittings etc.

5.       All that glitters is not gold:

This is a universal truth and thus holds importance in the case of investing in Real Estate as well. You must always take care and do not get allured by the samples built by the developer. Make sure that all you are seeing must be present on the papers as well, so that in future you do not end up making a fool of yourself.

We hope that these 5 points will prove to be beneficial and wish you a HAPPY INVESTING!

Property in Gurgaon