| Investing in real estate in India? Tread carefully to | | | | amenities, kinds of switches used, windows, doors, |
| avoid future problems. New investors should see to | | | | other permanent fixtures, plumbing, and finish of the |
| the fact that all the terms and conditions regarding | | | | common area. If you take a home loan before |
| title are laid down clearly or else ownership claims | | | | buying the apartment, the real repayment begins only |
| may run into long-term litigation. Once the land is | | | | after the financing company disburses the last and |
| bought, the whole area should be fenced to prevent | | | | final amount. However, the consumer will have to |
| any kind of encroachment. Also adopt security | | | | pay a pre-EMI until the very final disbursement is |
| measures to prohibit any sort of illegal occupation. | | | | issued from the home loan financing company to the |
| After the property is bought, next step is the task | | | | real estate promoter, who us building the apartment. |
| of developing it. While doing so, you may again face | | | | Hence, if construction work gets delayed, the last |
| another set of issues. Plumbing, water supply, and | | | | disbursement also gets delayed accordingly, and the |
| electricity are some of the issues, which have to be | | | | investor suffers losses by paying even more pre-EMI. |
| taken care of. Moreover, if you buy an agricultural | | | | Such problems definitely do not come up when a fully |
| piece of land, you may not get government | | | | constructed apartment is bought because, in those |
| permission to erect any kind of construction, as per | | | | cases, repayment starts immediately. |
| the rules. | | | | If somebody is buying an old house for its beautiful |
| While investing in an agricultural land in India, one has | | | | gothic architecture or for purely some sentimental |
| to be even more careful, since the terms and | | | | reasons, be aware before you actually go for buying |
| conditions in this case are more complicated. For | | | | it, as the government may have declared it as a |
| example, one person may be the owner of the land | | | | heritage property because of its historical value. |
| while someone else may have the ownership right | | | | Government of India has actually classified all the |
| over the crops grown on it. Such a thing will | | | | constructions into three different categories namely |
| obviously create confusion over possession of the | | | | Grade I, Grade II, and Grade III. Grade I |
| land. In such cases, the buyer should always keep a | | | | constructions have much monumental and historical |
| handy copy of the plan approval by the regulatory | | | | value added to them. Any kind of alterations in the |
| authority before buying the agricultural land. | | | | construction is strictly prohibited in these structures. |
| If one is interested in investing in an apartment which | | | | These are generally owned by the government and |
| is under construction that would definitely cost him | | | | are inaccessible to common public. Grade II and |
| much less than buying one which is absolutely ready | | | | Grade III constructions are those on which minor |
| for sale. However, in this case, the investor should | | | | repair work and alterations are allowed but obviously |
| examine the certificate containing the | | | | with the permission of the regulatory authorities. |
| commencement details of the entire work of the | | | | Grade II constructions allow a few interior changes |
| building and check out that the titles are put down in | | | | and minor repairing, and lastly, Grade III constructions |
| clear and specific terms. Also, the investor should | | | | are those which permit changes related to design as |
| check out that enough work is going on at the site | | | | well as reconstruction provided that these changes |
| with a minimum of two slabs constructed at the initial | | | | should definitely match the originally plan. Real estate |
| stage. | | | | in India is a great place to invest but educate |
| Now, if you want to buy a fully ready apartment, in | | | | yourself about the rules and regulations. Properties in |
| that case you have to examine all the basic features | | | | India are fairly priced after market correction, but do |
| such as floor-finish, the type of paint used, necessary | | | | not make hasty decisions. |