Owning a house brings a sense of pride and freedom, to an individual and its family. One puts a lot of his hard earned money, time and energy to buy a home. We all know an age-old English proverb, "Precaution is better than cure", which can be applied while buying an immovable property. Whether you are considering to buy a home - flat or independent house in Hyderabad for the first time or second time, you have to be extra cautious and make all necessary verification of documents, property specifications and other criteria related to neighborhood, bank loan facility, connectivity, drainage, water supply, etc.
Below, we have mentioned a list with some of the factors to be considered before buying a flat or independent house in Hyderabad city.
1. Title Deed: Its a document outlining the chain of ownership on a property. It is important that you check the title deed and confirm whether the seller of the property - flat or independent house, has the right, title and absolute capacity to sell it.
2. Land Use Verification: Verify the land use area as per the city's master plan for the plot. This plan is available in all city's local body offices.
3. Release Certificate: If you are buying a resale property, you will have to get a Release certificate from the bank, which signifies that the loan on the property has been repaid.
4. Encumbrance Certificate: This certificate proves that the land is free from all legal dues.
5. Local Body Approvals: It ensures that the entire layout has been approved by the development corporation and the local authorities of the Hyderabad city.
6. Property Tax Receipt: Tax paid receipts are important and should be verified as the tax collected is based on the extent and build up area of the property. Also, check for any pending bills as non-payment of it, authorizes the governing bodies to impose a penalty on the property.
7. Bank Finance for the project: Find out the banks that are ready to fund the project and loan at the lowest rate.
8. Size of the Flat or Independent House: Check out the carpet area of the flat or independent house that you wish to buy. Builders usually provide super built-up area details to you which can be almost 30% more than the carpet area. It is advisable to understand your requirement and then search for the right size property. Reliable property portals like proppick.com, provides you with detailed information of the flat or independent house very clearly.
9. Infrastructure plans: If you are buying a flat in an apartment or house in a gated community, check out the amenities or facilities they are providing to you. The drainage system, water and power supply system are the basic requirements and should be checked before finalizing any property, as they can become a big headache after possession to get resolved by the new owner.
10. Check the site: It is possible that the actual layout may be different from the reality as shown in the brochure. Therefore, it is recommended to do a thorough site visit before booking any property. Interact with neighbours to check any legal disputes related to the property, connectivity to other locations, transport facility, etc. You can checkout genuine properties from Proppick which provides you all property info, quickly and accurately.
Buying a flat or independent house in Hyderabad is a huge financial decision, so ensure that to do it properly. Self-help is the best help and one must do due diligence before buying any kind of property.