Many investors are tempted to invest in real estate because of the optimistic outlook for its future growth. Unfortunately, the historical course of the industry was mostly set by traders focused solely on short-term profits. Property values rose drastically as a result of their hurried actions. Because of this worry, many potentially interested purchasers, even those with pressing housing needs, were put on the back burner.
However, the real estate market has been on an upward trend during the past decade. The customary “winds of change” have blown into the sector thanks to more investor confidence and buyer-friendly government policies.
As a result of the current downturn in the real estate industry, the value of homes across the country has fallen.
There is now a severe housing scarcity, estimated at over a million units. Nonetheless, if the appropriate strategy is implemented, the real estate market in the country will have a promising future. The current administration appears to be doing everything right in this regard, particularly concerning policy suggestions and implementation.
This informational piece will help anyone interested in purchasing land for the first time.
- Preliminary necessities (in acquiring a plot of land) –
- Finding the Best Plot for Your Money
- Checking NOC and related approvals
- Paying close attention to specifics helps prevent real estate fraud.
- Asking about due dates
- Making tax payments
- Concluding the plot purchase with the appropriate payment(s)
- Commissions to sales agents
- Obtaining the Allotment Notification
INITIAL REQUIREMENTS
This section deals with checking out assertions and finding evidence for them. If you take the precautions outlined in this article, you will reduce your risk of falling victim to a wide range of property frauds. For more advice on making safe investments in real estate like Capital Smart City , check out the LDA checklist.
Be wary of a property scam
These days, high-resolution project photos are the main attraction in housing scheme brochures. They also provide some coverage for the available amenities. To verify, upon arrival, that the society in question indeed possesses these promised amenities.
Some promised conveniences may not be available yet, but that’s fine if society is still developing. However, in such a circumstance, you should ensure the developer has set aside land for such amenities. If not, this should be considered a red flag, and an additional investigation should be conducted.
If a payment schedule has been provided, you must verify that it fully reflects all fees. If these aspects of the payment plan are missing, you have every right to request them in writing.
SEEK OUT TIMING AND ADDITIONAL INFORMATION
You might wish to find out when the designer of a civilization plans to have it finished if the culture is still in the planning stages. The transfer of possession must take place, but only after an appropriate amount of time has elapsed, the length of which you must choose and document in writing.
Before any utility services can be supplied, the developer must submit documentation that they have applied for a NOC. This is required before any utility services can be offered. Additionally, the list of properties with mortgages has to be requested from the appropriate government. Check to see that the piece of land you want to buy does not already have a mortgage and is not located in a zone where amenity plots are allowed.
RATE THE MARKET
When fewer buyers are in the market, sellers have more room to bargain on price. Think about all of these things before you make your final offer.
These days, high-resolution project photos are the main attraction in housing scheme brochures. They also provide some coverage for the available amenities. To verify, upon arrival, that the society in question indeed possesses these promised amenities.
TRANSMISSION METHOD OF MONEY DUE
Now is when the buyer must put down cash for the land. In addition to the membership fee and property purchase, he must pay a Stamp Duty of 5%.
Pay orders or bank draughts are preferred instead. Please bring these with you on the day the property is transferred. The money order can only be cashed at designated banking locations.
The procedure of plot transfer now begins.
