Things to be considered while buying or selling property in India

by Anurag Gupta Real Estate Consultant

Selling and buying property in India is not an easy task. There could be various reasons for buying a property- be it for investment purposes or self-use, they are beneficial anyways. And many times there comes a time while people need to sell their existing property due to various reasons such as any financial problem or buying a bigger house bigger in a better location, etc. Whatever the reason is, selling a property or buying a property in India is an inundating task in general. But most of us do not know the appropriate steps to follow in order to make a smart decision. Such an investment can prove extremely expensive if you don’t consider important factors. And it is not even a smart decision while selling your existing property without proper guidance.

Before taking the proper decision, it is very crucial to consider some essential factors. There are various illustrations wherein a buyer is many a time cheated by the builder or real estate broker. This is due to the unawareness of the buyer regarding the facts and figures of the property at the time of purchase. And improper verification may cause many problems later. Hence, this crucial decision requires the buyers to lay the essential groundwork before taking the leap.

Things you must do before making the decision to sell or buy property in India-

• Seller's authority on the land should be checked:

After finalizing a plot in any part of India, the buyer should confirm the seller's authority on that land. Ask the seller for the original title deed, and get it verified by a lawyer.

• All applicable land or other property documents should be verified:

There are various land-related official papers that need to be collected and validated before deciding to invest in the land or other property. Request them for a certificate clearing the property of all legal assessments and arguments. The property dealers in India play a vital role in arranging these vital documents. The important paperwork that needs to be verified includes sale deed, land revenue receipt, the stamp duty document and a release certificate from the bank.

• Check whether the area is as per the master plan or not:

It is necessary to make sure that the residential plot or other property the buyer has selected does not fall under the agricultural zone or in a reserved land area. In that case, the responsible authorities will ask buyers to leave the land in the future.

• Inquiry about the land approvals should be done:

Buyers should find out all about the sanctions the land has expected in the past, be it from any local body companies or commercial institutions. Buyers should check for satisfactory approvals by the applicable city development corporation.

• Connecting roads for the area should be checked:

Buyers should look into the all-purpose convenience of the land through the connecting roads. In an ideal way, there should be a smooth right-of-way that gives the buyer the right to construct a connector road later, if he or she wishes to. It is also necessary to confirm that these roads are authoritatively under the local body, so it can accomplish the maintenance of the plot.

• A thorough site visit should be carried out:

Visiting residential property or commercial property before buying is the best way to find out about the general condition of the land. One must check if the soil is strong enough to hold the construction in the future. Also, check out the condition of the plot along with nearby areas if it will rain heavily during the rainy season.

Why it is necessary to hire a trustworthy property dealer to buy or sell property in India?

It is essential to trust a reliable property dealer to buy or sell property in India. Here are some of the benefits of hiring the best property dealer in the market-

The property dealers in India have huge experience and knowledge base.
They have promising connections in the real estate market.
They can give expert guidance.
They have a resourceful network.
They have good negotiation skills and keep all the business deal information confidential.
They are well efficient in timesaving and also save effort.

Hence, for selling a property in India or buy property in India you should hire a broker for getting the best deal.