Delhi real estate is one of the fastest growing property markets in the country. Even though the prices here are higher as compared to other prominent cities of India, it has had no negative impact on the demand side. Each year the number of people looking to buy property in Delhi increases by at least 15% to 20%. Unlike other metropolises, the demand here is not driven by any one section of the society and the home buyers/investors in this region include local residents along with businessmen, entrepreneurs, industrialists, etc. from different parts of India. Most market analysts believe that the property prices in this area will continue to rise at a minimum to 12% to 14% year on year, on the back of lower supply and rising demand. Having said this, you must be careful before buying an apartment in the capital city and must ensure to follow the below steps – Check if all the approvals are in place
The first thing that you need to do after finalizing to buy property in Delhi isto check if all the approvals are in place. You must carefully examine if the developer has obtained all requisite sanctions from the local authorities. You must insist for the copy of:
- Master plan
- Details of all approvals including the ones for electricity, water and sewage
- Commencement certificate, etc.
Remember that you would be investing huge amount of money summing up to few lakhs or even few crores, and hence it is important to analyze each aspect minutely before proceeding with the transaction. Chances are you will not be aware of all property related procedures and thus it is best to hire a property lawyer in your area or you can simply contact property experts from the leading online real estate portal, Housing.com. This site also features dedicated team of lawyers, customer care, home loan, marketing executives, etc., who can help you in each step of your home buying process.
Verify if the home is constructed as per the authorized plan
The next important exercise that you must undertake is to verify if the flat has been constructed as per the sanctioned plan. Many a times,the developer promises higher area but ends up eating 40 to 50 square feet from each apartment. It is therefore important that you must be vigilant enough to catch hold of such discrepancies and raise the issue separately with builder. You must also make sure that all of the promised amenities, facilities and specifications are well documented in the sale deed. This is because there have been numerous instances,wherein the errant builders promise range of conveniences including swimming pool, park for elderly, kids play area, designer entrance lobby, club house, etc.,and at the end squeeze in part of the space from the assured amenities to yield higher saleable area. For all such instances, it is important that as a buyer you are aware of your rights and can take necessary action against the seller. You can either file a criminal complaint for cheating or can drag the developer to court for deficiency in service.