While
selecting a vendor/promoter, you need to look into his track record. This can
be done by visiting earlier projects done by the Vendor or in case he is an
individual, enquires could be made with people who have had transactions with
that individual or with people living close to the property.Similarly you have
to select a reliable real estate dealer to locate a suitable property.
Before
investing your money in flats or any property, choose a well-known
builder/developer/promoter.Do not get carried away by attractive colorful
brochures.
Many
builders have abandoned their projects in a semi-finished state exposing the
purchaser to financial loss and mental agony.Investing in a flat which is
under construction by unknown new builders is risky.Check the credentials of
the builder before investing your hard earned money. Verify the track record of
the builder for prompt delivery, construction standards,adhering to the agreed
cost without escalation, providing amenities, before booking a flat.Ensure
that there are no deviations from the development rules and also check the post
sales service.It is preferable to opt for a ready-to-occupy flat. In doing so,
the attendant risk of investing in a property to be developed can be avoided.
Do
not be tempted by colorful advertisements and attractive offers, which mention
that the said property is Bank approved or B.D.A. approved. Legal opinions from
Bank or from the promoter should not be relied upon.It is always advisable to obtain a proper
legal opinion from eminent Lawyer before purchasing a property.Further, claims of having obtained B.D.A. N.O.C’s
or approval from B.D.A. or C.M.C., should not be taken as true in the absence
of personal verification by self or through a lawyer, from the concerned
department.The property scene is similar to the speculation industry; prices
can either appreciate or depreciate, though the latter is rare. In fact it is
the difference in the amount of gain in value and the time period taken to achieve
such appreciation in value, which is important.
Slow and poor appreciation in
value is almost equal to depreciation while fast and large appreciation can
give benefits like no other investment can and that too without any effort on
the part of the investor.A thorough study of title, location, developments
already in the area, the expected development in the area, other facilities
already in place and surrounding places and a careful analysis of these factors
before a purchase can ensure great benefits to the investor and greater peace
and prosperity to the purchaser.
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