Things to Keep in Mind While Buying Property

1. Locality Research

The location of the property plays a crucial role in its long-term value and livability. Conduct thorough research into the locality to ensure that it meets your needs and aligns with future growth prospects:

  • Connectivity: Assess how well the property is connected to key areas like your workplace, schools, hospitals, and markets. Proximity to public transport (metro, bus stations, etc.) is a huge advantage.
  • Infrastructure Development: Investigate upcoming projects in the area such as new roads, flyovers, metro lines, and commercial developments. Such developments typically increase property values over time.
  • Schools and Hospitals: Access to quality education and healthcare facilities nearby is a major factor for long-term value. This is especially true for families with children.

2. Developer Reputation

The reputation of the builder is a major factor in ensuring the quality and timely delivery of your property. A reliable developer can prevent unnecessary stress and financial loss.

  • Track Record: Research the developer's past projects. Check if they have delivered homes on time and within the promised specifications.
  • Customer Reviews: Look for feedback from previous buyers. Negative reviews or unresolved issues should raise red flags.
  • Legal Compliance: Check if the builder has a history of adhering to legal norms like RERA (Real Estate Regulatory Authority) and other local building regulations.
  • Warranty and After-Sales Service: Ensure the builder provides a reasonable warranty period for structural integrity and also offers reliable after-sales service.

3. Market Trends

Understanding the current and future trends in the property market of the area can help you gauge whether the property is a good investment:

  • Price Appreciation: Study past price trends in the area. If property prices have been appreciating consistently, it indicates a good growth potential.
  • Market Saturation: Avoid areas where supply exceeds demand, as this could lead to slower property value growth or difficulties in resale.
  • Demand for Rentals: In some cases, you might consider renting out the property. Look at the rental yield in the area — high rental demand is a positive sign for future returns.

4. Maintenance Fees and Society Charges

Ensure that you understand the long-term costs associated with maintaining the property, as these can vary significantly:

  • Monthly Maintenance: Ask for an estimate of monthly maintenance costs. These should cover common areas, lift maintenance, security, and waste management.
  • Additional Charges: Enquire about any extra charges for amenities like parking, swimming pools, or gyms.
  • Society Fees: Understand the monthly or annual fees charged by the residential association. These fees contribute to the upkeep of the property.

5. Future Resell Potential

While your immediate concern may be moving in, it is important to consider the future resale value of the property:

  • Location and Growth: Properties in areas with future development or gentrification have a higher potential for value appreciation.
  • Builder Reputation: A property built by a reputed developer is easier to resell, especially if the builder has a history of quality construction and on-time delivery.
  • Market Trends: Assess the demand and supply situation in the locality. If the area is developing and demand is high, resale will likely be easier and more profitable.

6. Amenities & Facilities

Modern buildings often come with a range of amenities that add to the property's value. However, not all amenities are of equal importance:

  • Essential Amenities: Basic amenities such as 24/7 water supply, power backup, and secure parking spaces are non-negotiable.
  • Luxury Amenities: Features like a swimming pool, gym, garden, or clubhouse can improve your lifestyle and add value to the property.
  • Maintenance and Service: Make sure that the amenities are maintained regularly. Ask about the frequency of maintenance for each service or facility.

7. What to Do's

  • Do conduct thorough research about the developer, locality, and market trends.
  • Do visit the site multiple times to check its location, facilities, and construction progress.
  • Do consult with legal professionals to verify the legitimacy of all documents.
  • Do check the reputation of the builder, and review feedback from previous buyers.
  • Do check rates per sq. ft. in nearby areas to assess the value for money of your property.
  • Do evaluate builders based on their track record and the quality of their previous projects.
  • Do ask for a breakdown of all financials including registration, taxes, and additional charges.
  • Do research environmental goals and renewable energy practices for energy efficiency.

8. What Not to Do's

  • Don't rush into making decisions without thorough due diligence and comparisons.
  • Don't overlook the legal aspects — always verify the authenticity of documents like the title deed and approvals.
  • Don't disregard hidden costs such as maintenance charges and parking fees.
  • Don't ignore environmental considerations like the building’s waste management, water recycling, and renewable energy usage.
  • Don't forget to consider resale potential — evaluate whether the property will hold or increase its value in the future.
  • Don't assume anything about construction quality — always get an inspection before finalizing the deal.

9. Financial Considerations

Financial planning is critical to ensure that you are making a sound investment:

  • Evaluate Your Budget: Calculate your total expenses including property cost, stamp duty, registration fees, legal charges, and possible renovation costs.
  • Loan Eligibility: Consider home loan options, interest rates, and repayment terms. Ensure you understand how much EMI you can afford each month without straining your finances.
  • Hidden Costs: Ask the builder for a breakdown of all additional charges, including maintenance, parking fees, and any future hikes in these charges.

Approved Project Finance with Banks

Interest rate starting at 8.40% onwards with all the banks for all projects.

Poddar Harmony
  • ICICI Bank
  • AXIS Bank
  • HDFC Bank
  • Canara Bank
Poddar Venus
  • ICICI Bank
  • AXIS Bank
  • HDFC Bank

These banks offer tailored loan packages to make the home-buying process smoother and more affordable for you.