Location of the property is the first
and the foremost priority while investing in real estate.Then, which are the
second and third priority? It is again, location, which is the basic concept in
property investment.Selecting a property situated at convenient and suitable
location will result in gain appreciation and this in turn will satisfy you,
for having invested in such a property.
The location of the property depends
upon the purpose for which the property is being purchased.Thus, in case of
purchasing property for self-occupation, a residential locality not far away
from the heart of the city is preferable and in case of purchase of property
for commercial purpose, it is very important that the property is to be
situated in a place which is easily accessible to the public. One should not
yield to the pressure created for purchasing a property at a cheaper price.Instead, one should ensure proper verification and examination of documents
with extraordinary care before committing oneself. It is advisable to select properties situated in the layouts approved by the competent authorities,
which, in turn would enable you to avail all the facilities within the layout.
It is also important that the area should have basic facilities and civic
amenities to ensure better enjoyment of the property.
Schools and Market:
The very purpose of opting for a
property that suits ones convenience is to have proximity and accessibility to
work place, schools, market place, hospitals, railway station, bus station and
recreational centers. Apart from this, the locality should have adequate
banking facility, frequency of public conveyance, other modes of transport,
availability of public telephone booths etc. Lastly, a location with less
pollution is preferable. Low-lying areas should be avoided as they get
inundated during monsoons.
Decent location:
Now, coming to the people residing in
the vicinity, emphasis should be on an area inhabited by decent, educated and
cultured people with a cosmopolitan outlook, which plays a major role in the
personality development of an individual.One has to ensure that the area is
not housed with anti-social elements, which create social disharmony. In order
to avoid noise pollution, it is necessary to verify whether any factory or
workshop especially, the ones which work in night-shifts are situated in the
immediate neighborhood. Further, property located close to highways or heavy
traffic areas are best avoided.
Facilities like public parks/gardens
for morning or evening walks should also be considered. However, apart from all
the above aspects, the size of the plot to suit your monetary status and the
permitted FAR (Floor Area Ratio) has to be necessarily considered.
Vaastu of the property:
The concept of Vaastu plays more of an
emotional role than having any scientific basis, since it is subjective and
solely depends upon individual beliefs and preferences. Nevertheless, people
still seek Vaastu Shastra before opting to own or constructing a property,
keeping in mind the value appreciation and future sale, to ensure that the
property is as per the Vaastu guidelines.
Value of the Property:
Another important factor to be
considered at the time of choosing a property is regarding the resale value.
This naturally, depends upon the location again. A developing area is
preferable than a developed area, since the market value in the developing area
is comparatively low and value appreciation is more. Non-availability of
parking space and traffic congestion will have a negative impact on the value of the property.Accessibility to the railway/bus stations, airport, star
hotels and availability of infrastructure facilities play an important role.
Choosing a Vendor:
Conveyance of marketable title in favor
of the intending Purchaser is also one of the pivotal requirements which decide
title of the Purchaser over the property.Thus, while selecting a
Vendor/Promoter, you need to undergo thorough investigation about the history
of the Vendor or the Promoter and the title over the property.This can be done
by scrutinizing and verifying origin to trace the title, flow of title and the
present status. In the case of Promoter, apart from the above assignments,
enquiry should also be made about earlier projects undertaken.However, the
aspect of concluding marketable and subsisting title can only be done by an
Advocate having sufficient experience in the domain of transfer of property.
Track record:
It is advisable that before investing your money in flats or in an independent house property, choose a well known
Builder/Developer/Promoter and in case of a Vendor being an individual, to
ascertain genuiness of the ownership without being carried away by attractive
colorful brochures.
There are many instances wherein the
Builders have abandoned their projects before completion, leaving the Purchaser
in the lurch, with financial crisis and mental agony. Even though investing in
a flat or an independent property is a risky affair, Purchasers still agree to
undertake such a risk due to inevitable circumstances. In such a case,
credentials of the Builder or the Promoter have to be thoroughly investigated
before investing your hard earned money for purchasing the property. It is
necessary to verify the track record of the Builder for prompt delivery,
construction standards, adhering to the agreed cost without escalation,
providing basic amenities, before booking a flat.
Ensure that the construction is carried
out in compliance with the Municipal Laws without any deviations from the
approved plan and also check the post sales service. It is preferable to opt for a flat which is already constructed and ready for occupation, to avoid
taking any risk in investing in the property yet to be developed. Do not be
tempted by the colorful advertisements, brochures and attractive offers. It is
always advisable to obtain a proper legal opinion before purchasing a property.
Any documents substantiating the claims of having obtained BDA no objection
certificate or approval from the competent authority should be considered only
after verification of the genuiness of such documents.
The present scenario is very
speculative, witnessing depreciation or appreciation of market value.A
thorough study of title, location, developments already made in the area, and a
careful analysis of these factors before a purchase, can ensure greater
benefits to the Investor and greater peace and prosperity to the Purchaser.
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