Tips That Help To Buy Property in Noida
Buying a new home or investing in land around Noida is a great idea. However, several factors come into play when selecting a property for investment. Remember, you will be spending a large amount of your life earnings or taking a loan to buy the property and it should appreciate over time. Noida is emerging as one of the biggest residential and industrial hubs in Northern India. Thanks to tax exemptions, special economic zones, and affordable prices, Noida is one of the most attractive places to buy residential and commercial property, states NDTV. However, you should be very careful when investing in real estate. For first-time buyers, here are a few things you should consider.
Plot versus Apartment
Noida is very attractive as it offers a huge range of property options for buyers, according to Business Today. The city itself offers flats and apartments in several price ranges. Rates may start from as low as Rs 1500 to go up to Rs 25,000 per square foot depending on locality and flat size. Flats are also a good investment in the Noida Extension area as it is a planned development. However, for a little more money, buyers can also find plots along the Yamuna Expressway connecting Greater Noida to Agra. Apart from this, buyers can also invest in land plots near the F1 track or in the small townships that are coming up along the expressway. Buyers can also choose villas, bungalows, and more depending on their budget and requirements.
Financial Standing of Project
Builders usually borrow from banks to set up their projects. For a buyer, it becomes necessary to verify the financial fluidity, source of funds, and debt of a builder before purchasing property. The Economic Times recommends looking for a builder that has a reliable source of funding, a good reputation for timely deliver and quality, and all the necessary documentation and approvals from banks, governments (local and higher when applicable), and any environmental sources.
It is very important to verify the legal status of the property you want to purchase. A few of the mandatory legal documents required from any builder or project, according to Business Today, include the title papers, municipal clearance certificate, tax receipts, construction certificates, property credentials at the local registrar’s office, completion certificate, and occupation certificate. In case of old properties or second sales, you have to ask for an encumbrance certificate that lists all the transactions that were related to the property.
Most builders make sure that their projects are legal and above-board, but it is up to the buyer to check project zoning as well. In urban areas, land is regulated according to zonal classifications. A zonal certificate is issued by the urban development authority of a city to the builder only when the land is in a residential zone. If agricultural land was converted into non-agricultural land for development, an application and permission from the local tehsildar or deputy commissioner is required states Business Today.
Real Estate Rating
Last year, Crisil Real Estate Star Ratings (CREST) were launched to provide the buyers information on current projects. This independent agency assesses building projects and builders, then evaluates them for construction quality, financial fluidity, builder record of accomplishment and reputation, legal issues, and construction-related risks. CREST is relatively new but it has already rated more than 80 projects in 20 Indian cities. Properties that do not have a CREST rating are not bad, but you may have to do most of the research on them yourself. CREST recommends checking non-rated projects for their marketability, nil-encumbrance status, company balance sheets, contractor credentials, and so on before investing.
Always Choose a Local Builder
The real estate market in India is unregulated. As a result, there are thousands of builders offering properties for sale. Instead of investing in any property that seems attractive, make sure you research the property as much as possible. Avoid new companies or companies that have no online or real time reputation. Looking for property in Noida by Unitech Group is a good route as the company has a rock-solid reputation for real estate development. This local company develops land in and around Noida and ensures that buyers get their properties on time. The company sells affordable property in several price ranges and their legal and financial paperwork is in perfect condition. This kind of meticulousness is necessary to ensure that your property is free and clear of any legal hassles.
As you can see, investing in real estate is not without its issues, but the reality is that the builder or developer handles most of these problems and delivers hassle-free properties to buyers. Noida is a great place to buy property, but you have to make sure that you choose a reliable developer or builder, according to Hindustantimes. If you have done your legwork correctly, there is no reason why your dream to own property cannot be realized.