New Delhi: Most of the people make investments in stocks, gold, government schemes, etc. Among these real estate has always been a preferred option. With time, the average income has risen, and people are considering investing in real estate. Since everyone aspires to own a house. And fulfilling this dream takes a major chunk of lifetime’s savings.
These days not just a piece of land yields return, but a small flat can also be used to earn rental income or selling it further for a profit. Therefore, investment in this sector has become an attractive proposition. Given below are a few things one should consider while buying a property-
1. If you are investing in real estate, one must know about the rules and regulations and laws relating to it. One such is the Prohibition of Benami Property Transactions Act, 2016 (PBPT Act). This is also known as the Benami Act. While dealing into real estate, learn about the penalty and imprisonment as well.
2. One should also know about the registration costs also. It depends upon the total worth of the property. Then there is stamp duty which is a tax levied on the documents. It is calculated on the basis of the circle rate of that area.
3. Before buying the property, check if the property has been registered with the authority under RERA (Real Estate (Regulation and Development) Act, 2016). It mandates that developers should register their projects with the authority under the Act.
4. With so many projects coming up, it becomes little cumbersome for the people to choose the right one. It is advisable that one should research the amenities, construction history of the company, etc. If you do not research on time, you could regret later.
5. Once you acquire a property, there are a lot many things on which you tend to spend such as getting the interiors done as per your preferences and requirements. Since these expenses are not planned at the initial stage, therefore, it is advisable to buy keep that extra amount aside for the interior work as well. Then another important thing one should consider is tax payment status. The buyer should verify with the municipal authorities that the seller has not defaulted on payment of property taxes.