Why Does One Need To Be Careful When Purchasing Real Estate?

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View that investing in real estate especially in a home is a once in a lifetime investment. There are no second chances here .Fraudsters are known to snatch property when the owners mainly NRI's are abroad using forged documents .Rogue developers are known to entice investors and home seekers using pre launch advertisements even though they might not have the necessary documents proving ownership of land. One needs to clearly check the land title before making a purchase of that plot. They have been cases in which developers have sold plots belonging to other people and customers have been lax in not caring to check the land title which is mainly the issuance of an official certificate indicating the name of the individual who owns.

 

We advocate the through checking of the land title before the purchase of that plot. Buyers mainly purchase land and property in areas where good Infrastructure projects are soon going to be set up. If these proposed Infrastructure projects are cancelled or delayed the price of the land could remain stagnant. One needs to weigh ones options, before making that all important land purchase and not get swayed by wild promises of huge real estate projects coming up in the area where the land has been bought. Another area of concern in real estate deals is the laxity of the buyers of land and property in tracing the past ownership of land, in order to avoid heartburn in the future .India does not maintain digital land ownership records. IndianMoney.com advocates the checking of the seller's authorization to sell the land as well as checking to see if any tax dues are pending on this land. For high value transactions advertisements can be placed in the newspaper.

 

Remember never to pay more for land or property than its justifiable market price. While purchasing an existing flat check for repairs done on it and defects in the apartment which might increase ones maintenance costs at a later date. One also needs to note that a khatha is the assessment of a property for tax purposes. A khatha certificate is computerized and contains the name of the person in whose name the khatha stands, Municipal number of the property as well as the property identification number. The khatha signifies that the person is in possession of the concerned property noted in revenue records. In the case of Bangalore one surely knows of the Bruhat Bengaluru Mahanagara Palike known as BBMP which is the Greater Bangalore Municipal Corporation. BBMP A khatha properties are those that exist in layouts that have been developed by private developers or by Cooperative societies and have valid sanctions and approvals after paying betterment charges for civic amenities .BBMP B khatha properties have been developed by private builders without paying betterment charges and may not possess a legal sanction or an approval from a competent authority.  Advises its readers that Khatha B properties are not entitled to a building license, trade license or loans from banks. One needs to remember that if he has a property in khatha B that home loan will not be sanctioned by the bank. I would like to remind you that the team of Financial Planners at IndianMoney.com is always there for you to plan your real estate needs in a most effective and efficient manner.

Happy Investing!!

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