Planning to buy your first apartment in Delhi? If yes, then you’d surely have several questions about the process, as acquiring a property is a very expensive affair. As a result, it is very important to find solid answers to your queries which can help you pick the right property at the right price and in the right area. No matter if it is 1 BHK Flats in Delh or something bigger, the tips mentioned in this post are sure to help all the first time property buyers.
While the thought of buying your first property in Delhi can be tempting, the process can indeed be very daunting. The whole property buying process in India can be very complex without the right guidance at the right time. And as buying an apartment is one of the biggest decisions of life, it is very important to make sure that you are well aware of the entire process to prevent any discrepancies.
To make sure that you can buy your first apartment in Delhi is a simple and safe manner, we have created a list of some important tips that are sure to help you out.
Select an Area Carefully
If you are planning to buy a new apartment where you’ll reside with your family, it is very important to make sure that you select the area very carefully. Make sure that the area has all the required facilities, like hospitals, colleges, schools, shopping centers, etc. Public transport should be easily accessible, and the roads should be in good condition.
For 1 BHK Flats in Delhi, some of the excellent areas include Bhiwadi, Greater Noida, Faridabad and Yamuna Expressway as there are several new projects under construction here. Similarly for 2 and 3 bhk apartments, you should look at projects in Dwarka Expressway, Gurgaon, Noida and so on.
Check Credentials of the Builder
Builders of real estate projects are required to get some legal approvals from several authorities. Many builders face problems in getting these necessary approvals, and this often delays the project. Moreover, there are also times when the builder is required to scrap the project completely.
So, if you are planning to invest in a project which is still under construction, it is very important to make sure that the builder has all the required approvals. Check for approvals like NOC from civic authorities, building and floor plans, ownership of land, certificates of structural safety, environmental clearances, commencement certificates and urban land ceiling certificates.
Make sure that you insist the developer to have a written agreement with regards to purchasing of the property. The agreement should have detailed information of the apartment along with all the terms and conditions, like delivery time, payment plan, penalties for default of payment, etc.
If you are planning to buy an apartment in a project that is completed, make sure that you check the occupation certificate, electricity and water connections, and receipts of property tax.
With no real estate regulator in the country and no legal guidelines followed by the developers, it is very important to make sure that you take every step very carefully. Keep the points mentioned above in mind when buying your first apartment in Delhi, and you are sure to make an excellent decision.