Read the offer documents carefully before making a property investment

Investment in real estate is always a smart choice. It is because you buy a property, keeping in mind certain factors like, the location, size, and definitely, the return on investment. No matter what your purpose is; whether you are looking to buy a permanent home or office, planning to rent it out, or sell it to make profits, the underlined point is—you seek profit out of ownership.

This is exact reason why, we discuss about being careful and vigilant, both, when you decide to buy a property. You don’t want to get caught in a legal hassle, for a property purchased by you through legitimate means and channels. And, you don’t want any surprises later, considering the high monetary value of a property. But still, it can happen to you. 

Common mistakes while buying a property:

·         Overlooking the actual price of the property to be purchased. There are overhead expenses, which every buyer should be aware of, so that there is no money surprises later. This overhead cost can be, the stamp duty, registration, car parking, advance maintenance, membership facilities, etc, which is no easy business as this expense can run in lakh

·         Not checking facts on transfer of ownership of property, if there are multiple proprietors involved. Also, checking on legal information related to the land (on which the property is built or under construction). It can be a case of disputed land, such as no government certification

·         Mistaking super-built area as the actual size of the flat, which may include the stairs, passage, etc

·         Check on the structure of the building. Many flats are now ready for redevelopment. Buyers should know when the flat was constructed, know if the construction is legal, and verify the seller is authentic. In case of resale, many of us are not aware if the seller has undisputed rights to sell the property, and that, it is not under any family dispute 

Know what should be done

A smart property investor will have all papers in order, and will even go a step ahead, to read all the documents carefully, to be well-aware and cautious. Before signing a paper, make sure to go through the subject (content) very carefully, so that you don’t end up buying what you did not expect. There should be no surprises later.  

Required documents to be obtained from the Builder/Vendor/Reseller

For flat buyers, it is important to have these documents and analyse each point carefully for a safe buy.

1)   Blue print of the plan from the builder

2)   Commencement certificate

3)   Completion certificate

4)   Previous sale deeds in case of resale

5)   Builder's No objection certificate [not relevant for land]

In case of land property

4) Permission for Non agriculture use of land (from a relevant authority)
5) 7/12 extract in case of land property

Legal help is the correct approach

Even if your Builder has appointed a lawyer to draft the legal agreement, regarding the property sale/transfer, it is likely (his) approach is influenced. Don’t allow the builder/owner a chance to give a lop-sided view on the final agreement. Instead, hire your own lawyer. It is a matter of exchanging huge money, and spending some extra-cash to make a secure transaction should not disturb you.

A lawyer will ensure all your drafted papers (attached to a sale agreement) are in top order. Legal professional help will ensure you have a detailed approach (in your interest) before you buy a property. It will also help you understand the technicalities of a sale agreement. It is all about a smart investment, a factor which is no longer limited to buying a house superficially.  

Noida: Changing commercial realty landscape

Noida from being just another city in Uttar Pradesh has turn into an important destination for top corporate houses and brands.

After more than three decades, Noida has grown beyond an industrial extension into a full-fledged modern city. Today, it is one of the most trusted investment destinations in the country. Noida boasts of an impressive development plan that includes access to international-level retail and other facilities.

Over the last 4-5 years, the face of Noida’s real estate has changed visibly. The city has been witnessing the growth in the commercial sector over the years. The real estate sector of Noida is flooded with the upcoming properties, both residential and commercial. The number of people looking to invest in the National Capital Region, especially Noida is increasing by the day, city’s commercial real estate sector has witnessed an incredible growth in recent times.          

   

With the advent of business and IT sector, Noida is presently witnessing a boom in real estate market. There is a huge demand for IT office space in Noida and world-class infrastructure has made it the first preference of small and mid-sized businesses in the nation. The demand for properties in Noida is rising very rapidly. Furthermore, the demand for fully furnished office space in Noida is expected to shoot up in very near future because of the suitable location of these spaces.

One of the reasons of such growth is the availability of big commercial plots in Noida at affordable price. Many IT companies find value in expanding back-end operations in the city as rentals are still much lower than Gurgaon. Another reason for companies shifting to Noida is the availability of inventory. The superior infrastructure facilities of Noida are already gaining preference over many other regions in Delhi NCR.

Today, the commercial realty landscape is changing, as most of the big corporate houses are looking for 5 star facilities within their office and as a result developers are launching their commercial projects with all the five star facilities, which are in much demand from national and international corporate houses. For eg. WTC which is a global network of office complexes, is facilitating international trade and thus contributing to development of regional business communities (In Noida). It is bringing various world class options and offering an easy access to more than 100 countries to those businessmen who are looking to expand their businesses.

Analysts say despite a slight increase in rates over the past two years, office space rentals in Noida and Greater Noida hover between Rs 50 and Rs 55 per sq ft (psf), which are at least Rs 20 psf cheaper than the Millennium City. In comparison, office spaces in Gurgaon command rentals of Rs 70 to Rs 75 psf.     

Thus, Noida has undoubtedly, become the upcoming-big-thing in the commercial realty world, thanks to its brilliant infrastructure. It also has vast availability of land for construction that gives it a good standing among other metropolitans like Delhi and Mumbai. This is the prominent reason why the majority of the leading businesses are looking to buy a suitably located office space in Noida.

Good connectivity along with plethora of other factors are augmenting commercialization in the city. Also, with government’s continuous effort to boost real estate and infrastructure in the city, will definitely drive growth and deliver maximum to the citizens.

GIFT City: Why it is important in Gujarat elections

Gujarat International Finance Tec-City (GIFT) is scheduled to be India’s first International Financial Services Centre, and to put it in political perspective, a GIFT from Narendra Modi to the city. This project was conceptualized when Modi was the Chief Minister of the state. As we know, our honorable PM has risen from the grounds of Gujarat, where his work was visible, especially in context of infrastructure development.

Now, why are we talking about GIFT and politics in the first place? We have already answered your question, yet, there is a need to understand the matter a bit more closely. It is not just the infrastructure which is going to get an impetus because of GIFT.

This one initiative has the potential to take the existing business community in Gujarat to the next level. The state will never be the same again, considering the fact that, a multi-service SEZ and an International Exchange trade service will soon be its key highlight.

Gujarat will be a financial hub, with a GIFT city located just 12 km from the Ahmedabad International Airport. The International Exchange, as subsidiary of BSE, will serve the interest of domestic companies to buy foreign currency in bonds, and also, trade securities. Besides, representative from Asia, Africa and Europe can also raise funds from GIFT city.  

How it will change the realty landscape of Gujarat?

This exclusive financial zone in the state is expected to refurbish the city, practically on every aspect. Gujarat will be an integrated city, with all modern facilities and technology in its toe. It is expected to generate many direct jobs, improve transportation and connectivity, raise social and technological infrastructure, to facilitate business from across the world.  

Gujarat is set to be the next Financial Capital of India with the following benefits.

·         A vibrant financial sector

·        Use of latest business tools and advanced technology

·        Smart urban planning including select areas and its development

·        Huge investor interest in the city

·       Setting up of business like IT/ITES, finance companies, SMEs, Insurance, etc, to benefit from swift access to raise capital

The time is not far off when Gujarat will see an influx of people, as a result of improved living standards and benefits. This agenda in the state has the potential to single-handedly hold, voter license, to form the next government in Gujarat.

At this juncture, the GIFT city offers a promising outlook for Gujarat to become urbanely fashionable and sustainable. The real estate market is set for boom, as many new business and people, throng the city.

In addition, the existing residents of Gujarat will also benefit in terms of new urban concepts, such as increased dependency on digital network, and a world-class infrastructure status. It is a win-to-win situation, and yet another brainchild of the visionary leader, now the PM of India, Narendra Modi.