Are you looking at purchasing property in India and do not know where to go and whom to contact? Also, you do not have faith in brokers, property agents and builder representatives? One thing you must not do is share your mobile number, else you would be flooded with unsolicited class from the gentry mentioned above, your mobile number would go viral amongst this community and you will be hounded till you give up. Best is to procure a new SIM and use it only for this purpose, surrender it once the task is over.
What’s the right way to shortlist property in India? Let’s look at step by step guide.
On the onset shortlist the city or cities from the investment point of view. A number of reports or tools are available which will help you with the real estate perspective of cities. You could go through one here
The next step is to decide on the budget and size of the dwelling. In case you are looking at a loan, just calculate your total monthly income (including that of your spouse) remove the loan component if you have any; 55% of the balance is your EMI paying capability; do a backward calculation to find out what is the max loan you will be able to raise; multiply that by 1.15 (max loan given by banks is 85% of the cost of the property) to get the maximum cost of the dwelling you can afford. You have already shortlisted the cities now shortlist the localities and size of the dwelling based on your budget. Market rate analysis can be used to help in this selection; for example, if one of the shortlisted cities is Mumbai compare the localities and their real estate perspective and price variations like give here www.propchill.com/insights/real-estate-trends-mumbai
Once you have homed on to the locality and the size of the dwelling the only task left out is to identify the projects; check the delivery schedule and match it with your requirements; an important aspect is to check the builder’s background, do the due diligence through a research on the internet. There are a number of property websites where you can do this by applying various filters; one decent portal is www.propchill.com where you can do an extensive comparison of selected projects or properties across independent pillars; it has an exhaustive graphical analysis which covers properties in the minute-est of details.
Before signing the thin line you must check all the documents carefully with the builder; as a thumb rule read each line of the contract in great detail as the devil lies between the line. You can read about the documents to check here http://www.blog.propchill.com/an-investors-guide-to-property/
The experience of buying property in India can be a pleasant one if you plan well and know how to go about it. Hope this article helps.