Guide to Safe Property Investment - 11 Steps to Remember for a Safe Property PurchaseDue Diligence is Crucial for Home Buying

Indian real estate market can be challenging and ensuring a safe and profitable property investment requires diligence and thorough research.

This guide on Ghar outlines 11 essential steps to help you make informed decisions when purchasing a home.

From verifying MahaRERA registration to understanding the importance of land conversion and connectivity, each step is designed to protect your interests and maximize your returns. By following these guidelines, you can confidently invest in property, knowing you have taken all necessary precautions to secure a sound investment:

Due Diligence is Crucial for Home Buying

Buying real estate without proper diligence increases investment risks. Appropriate measures can mitigate risks and maximize returns. With numerous advertisements for affordable homes, it's essential to be cautious and verify all claims made.

Check MahaRERA Registration

Ensure the housing project has a MahaRERA registration number. This number indicates that the project has obtained all necessary approvals and permissions, safeguarding homebuyers' interests by ensuring compliance with construction regulations.

Evaluate Land Price

The affordability of a home largely depends on its location and land price. Properties farther from the main city are usually less expensive but may have fewer amenities. Always check land prices in your areas of interest to confirm the developer's price is genuinely affordable.

Verify Land Title

Lands near metropolitan areas are often acquired from farmers and may not have clear titles. Always have a lawyer obtain a title search report for the land. This step is crucial, especially for NA (non-agricultural) plot transactions.

Confirm Land Conversion

Agricultural land must be converted to non-agricultural use for housing projects. Ensure the developer provides a copy of the 'No Objection Certificate' from the city and state planning departments, indicating the land's change of use.

Assess Infrastructure Facilities

Avoid homes in areas lacking basic infrastructure like electricity, water, and roads. In newly developed areas, check when essential utilities will be installed. Assess the infrastructure facilities within the housing project as well.

Examine Utilization of Space

Check if the buildings and amenities in the project are densely packed. Assess how the total space is utilized and ensure the project plan adheres to local regulations regarding the distance between buildings.

Verify Connectivity

New areas may lack adequate transport facilities. Ensure future connectivity plans, like buses, rickshaws, taxis, trains, and metros, are in place to avoid future inconvenience.

Ensure Safety and Security

Basic infrastructure includes street lights, police stations, fire stations, and hospitals, which are vital for daily living and safety. Verify the availability of these social infrastructure facilities.

Understand Construction Delays

All areas face some challenges, be they geographical, political, or administrative, which can delay construction. Understand these potential hurdles before making a purchase.

Research Developer's Track Record

Investigate the developer's history with previous housing projects. Evaluate their capacity for timely construction. Developers using advanced technologies like pre-fabricated materials and aluminum frameworks can expedite construction.Prioritize such developers.

Beware of Misleading Claims

Developers or brokers may insist that property prices will rise rapidly in a short period. Conduct your own research as newly developing areas typically take a long time to mature, and property prices also take time to appreciate.

Conclusion

Ensuring a safe and profitable property investment requires meticulous due diligence. The rise of regulatory frameworks like MahaRERA has increased transparency and accountability in the real estate sector. By thoroughly researching and verifying all aspects of a property transaction, buyers can safeguard their interests and secure a worthwhile investment. This approach minimizes risks and maximizes potential returns, contributing to a more stable and trustworthy real estate market.