With GST and RERA put in to practice, real estate market, both commercial and residential property, is now more consumer-oriented and transparent than ever. But then, the information regarding the implementation of both of these lead to many confusions, making people sceptical about investing in real estate. If you are looking for an opportunity to buy commercial property in Noida, time is positive towards investment and under proper guidance and information, you can invest in the best property without any fear of losing your money today and even in the years to come.
Putting hard-earned money in an office space should first be followed by a thoughtful checklist. Prior to taking this nose-dive, ensure all or most of the items of the checklist are marked off. Let’s discuss the items on the checklist:
It is obvious that you must have explored the area and the sample property, had a long talk with the developer and even loved the project. However, ensure that you maintain a complete record of all the details concerning the project. Apart from getting information from the developer and his staff, explore other sources also, this includes: internet, family and friends and local sources (property dealers, etc).
It is important to have a detailed conversation about the brands and products he will be using for the project. Since, you are putting your life-savings on his project, you have every right to know about the products and if they are qualitative enough to withstand the test the time will bring about.
People find this thing very confusing. The price of any property under every big or small project is charged as – price per square foot, in order to have the exact cost of the property, the consumer must know this fact crystal clear.
Land ownership: Never miss the discussion on the title rights of the project land. Cross check the details from the municipal corporation office and ensure that there is no litigation on the project land. Any legal problem means project might get late for possession.
Approvals from the MCD During first few meetings with the developer, never miss to confirm about the necessary approvals and sanctions from the municipal corporation.
Hidden costs: While discussing the price of the office space, mostly the final costing is what is spoken about, however, it is important to know the break-down of the final pricing. With GST implementation, there is a huge change in the actual costs that goes with buying a commercial property. Proper breakdown chart means you have more questions to ask the developer.
Possession date: Confirm the possession date before payment.
Payment Plan: Besides nationalized banks, many private sector banks and financial institutions tie-up with the builder and make available the best interest rate and plans related to the payment for the potential buyers. Compare them and select a scheme that would work best for your budget.
Occupancy Certificate and Completion certificate: It is important to ask for these certificates. These certificates certify that the property is given out on the bank loan and the MCD have declared the project as complete.
Besides these 9 pointers, another major one is the Developer’s repute. Before investing in any project, do your complete research on a developer’s reputation. Explore internet to get information on developer’s previous projects, whether the projects were completed as scheduled, quality of the material, whether or not they have all the necessary approvals, any current litigation on any of his projects.
These should be the must-have points on your property buying checklist and if all of these are marked off, your decision is the wisest. Go ahead with searched property with an ear to ear smile, be positive as your hard work put into the property hunting will be the profitable investment not only in a current real estate market but will be a huge payoff in the years to come.