The recent demonetization of Indian rupee bank notes has created a scenario where many believe that Real Estate prices will drop rapidly. This has prompted a wait and watch syndrome for potential home buyers.
Experts actually believe that the Goods and Services Tax (GST) which is set to be rolled out in April 2017, coupled with the Real Estate Regulator Act (RERA) which begins in May 2017 will actually cause developers to increase prices.
If you are on the lookout for a home, here are some key points to consider:
House condition– How old is the property? Is it in a good condition? What do the neighbours say?
Builder’s reputation– It is worth checking out the credentials of the builder before proceeding. Are they a member of CREDAI?
Location– Is the property close to good transport, Schools, Hospitals, market?
Property Size– Builders usually quote the super built up area, which can be significantly higher than the actual carpet area.
Society– Is there an existing society? Or when will it be formed? If there is no society then it is important to make a Deed of Sale after the initial agreement of sale.
Time– Is the property yet to be built? Is it under construction or already completed. There are usually delays in completion of new projects, which you will have to take into consideration.
Appreciation Value– How much will I get for the property if I decide to rent or put it up for sale?
I hope these tips are helpful for you. On a final note when visiting potential homes it is worth hiring the services of a Professional broker to represent you. It is ok to accompany them, but it is better to stay quiet and take a few notes rather than jeopardize your negotiating power. Good Luck!!!
GoaTimeline Property Expo
The GoaTimeline team can hardly contain their excitement as there is only a few days left to go for the opening of our 19th GoaTimeline Property Expo, at Kala Academy, in Panjim (3rd & 4th December 2016). The event is absolutely free to attend for the general public.
The popular Real Estate Fair which is recognized by the Confederation of Real Estate Developers of India (CREDAI) is the place to be for anyone interested in purchasing a property. Our Exhibitors include builders, contractors, architects, exterior decorators, lighting experts, Vastu consultants and housing loan companies to name a few. You can contact our team for further info: 888885180 or 9822200034.