Real estate investment involves a huge amount of money while being a long-term investment and consisting of several risks. These factors necessitate the fact that one should think over all the aspects carefully before making an investment decision.
An investor without knowledge of the industry and related rules and regulations might make a wrong decision. As the inclination to own a piece of property has increased in recent years due to the pandemic-induced insecurities, the significance of the information related to the complexities of investment in properties has also increased. The major points one should consider are here:
RERA is a law which has made real estate transactions transparent. It is framed and implemented to curb the malpractices in the sector and ensure security to buyers. The investor must check if the project is registered with RERA or not. It can be confirmed online through municipal authorities. It would be extremely beneficial to review the property on the parameters of RERA.
Location is a major point one should consider before investing in property as it decides connectivity. Accessibility to roads, public transport, healthcare facilities, educational institutions and other important infrastructure depends on the location. Investors should analyse the property thoroughly to understand the potential of the site. A close look at the layout of the property is also important to understand the complete system created at the site.
Security and amenities
Security has emerged as a primary concern for all due to the pandemic. Security from the unsocial elements as well as biological threats such as viruses is important for a peaceful stay. An individual looking for investment in real estate should consider the security features being offered by the developer. Another important point to consider is the amenities offered. Maintenance charges, electricity supply, water charges and other such extra charges must be considered before finalising the deal.
Investigating the title of the property is extremely important when it comes to buying a property. Legal advice from a reputed lawyer should be taken to understand this complex issue. It becomes even more important in case of secondary sales. Sometimes, unpaid due or some charges are hidden from the buyers in property agreements by the broker or seller. It must be given due attention.
Compare market prices
An investor before making the final decision about investment should compare the prices in the market. It will ensure the best offer by saving money. Besides, it’s good to know the brand value of the developer for future valuation. Reputed developers remain helpful at each step, even after sale.
Real estate investment is a very big decision as it involves a whopping amount of money and time. This is the reason why one should check all the required detail. It is also important to avoid future disputes. One should investigate every aspect in detail and then only make an investment in property. It makes the advice of reputed consulting agencies vital. A legal assistant will also help in making the buying process easier.
(By Heena Sehrawat, Founder & CEO, Geetanjali Miracle Makers)