Checklist for New Homebuyers: Buying a new house is an uphill task for people as a number of factors have to be taken care of before closing the transaction — from fixing a budget to legal work to deciding the best location, among others. Homebuyers many a time get duped if not done research properly and not paid heed to key things to keep in mind during the real estate transaction. Experts here give a checklist for homebuyers to refer to while buying a house.
Sumeet Abrol, partner at Grant Thornton Bharat, said, “Always validate the credibility of developer and broker. RERA (Real Estate Regulatory Authority) helps the buyer to know any builder’s track record in terms of whether the developer meets their deadlines of completions, the construction quality and whether they develop houses as per government rules or not.”
Anshuman Magazine, chairman and CEO (India, South East Asia, Middle East and Africa) of CBRE, said, “Once the goal of buying a property is confirmed, a home buying guide helps achieve the same. If self-use is a priority, then the process is simple, but if an investment is an aim, then earning rental income and property appreciation should be the focus areas.”
Here’s The Checklist For Homebuyers
Reputation Matters: Do a proper background check on the developer. It’s essential to do thorough research to know whether the developer has delivered projects on time in the past or not.
RERA Registration: Before you close the deal and make your payment, confirm whether the property is registered under the Real Estate Regulatory Authority (RERA) or not. This is of utmost importance as it ensures the builder’s authenticity and safeguards your investment.
Location: Investing in a home in the right location is important, especially when you’re in the main city. Picking a location close to work, schools and access to public transport are some factors you must consider. Apart from this, a good neighbourhood and market access are other critical deciding factors.
Amenities: Once you have decided on the location and builder, understanding the amenities you will get is important. Basis your lifestyle and the type of lifestyle you want for your family helps decide whether the amenities provided by the builder are of substantial value or not.
Home Loan: Investing in a home is a big financial decision, and not everyone can pay for a loan upfront; thus, a home loan is a viable option. Check with your existing bank but also ensure you compare home loan rates with other banks before deciding.
Check For Resale Value of the Property: Check for rental potential and analyse future development plans around areas where you wish to buy a property. A place where not many developmental plans are in the process may eventually fail to give you the expected return in terms of rentals or resale value.
Insurance: It’s necessary to understand the availability of insurance provided at certain localities to various age groups.
The Current Real Estate Market Prices
Even as the real estate prices are rising across the country due to the economic recovery, Ashutosh Kashyap, director (advisory services) of Colliers India, said, “The recent traction in demand for residential real estate is evident across all markets. The upswing is being witnessed over the last two years has come after many years of muted demand.”
According to data sourced by news18.com from Square Yards, the average price of property in Gurugram was Rs 7,114.21 square feet (sqft) in the second quarter of this year, against Rs 7,063.65 sqft in Q12022.
In Noida, the average property price per sqft was Rs 5,555.58 in the second quarter of this year compared with Rs 5,248.73 in the previous quarter, which is a jump of 6 per cent, according to the data.
Colliers’ Kashyap said demand momentum seems sustainable at this stage. With the upcoming festive season, most of the markets are expected to clock better absorption levels.
“Regarding capital values, appreciation can be witnessed in new product launches, which will drive the average capital values of a region. For existing inventory approaching completion, developers would leverage the festive month’s opportunity to sell with better-packaged deals, which on a broader scale would imply flatter pricing,” he added.
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