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Process for Buying a Home in NCR

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Source: Mark Moz

Buying a home is one of the most remarkable achievements in the lives of most Indians. Be it an apartment, a villa or simply a residential plot, the sense of pride that comes along with the ownership of a piece of real estate that belongs to you is unrivalled to most other achievements that you would have made in your life.

However, despite being aware of this fact, investors tend to be hesitant to buy property in Delhi NCR, as the entire process itself seems quite tedious, and those who are not familiar with the ins and outs of the real estate industry are suspected towards investing a huge sum of their hard earned money in one property. To make matters easier for first time homebuyers in Delhi NCR, we have explained the real estate buying process in an easily comprehendible manner in this post. Read on:

Step 1: Finding the right property

Based on your location, budget and layout requirements, the first step towards owning your dream home in Delhi NCR is to ascertain the ideal type of property at the right location which fits your budget. This process involves a lot of discussions with market experts, site visits to various shortlisted properties and background check of the shortlisted developers.

Step 2: Due Diligence

Once you have finalized the property that you would like to invest in, you need to conduct due diligence so as to be sure about the ownership of the property and whether it meets all necessary norms and has required government approvals. The important documents that must be thoroughly checked before buying property in the National Capital Region include government approval letters, title clearance certificates and property tax payment receipts.

Step 3: Payment Plan

Once you are convinced about the authenticity of the concerned property in Delhi NCR, the next step is to decide on the payment plan that would be most suited to your budget and paying capacity. You can either pay up front for the property in case you have sufficient funds, or you can also go for a construction linked plan by making a partial down payment (10%-20%) and get the property financed through a recognized banking institution. Financing your property through a home loan is also a good way to make tax savings, which is opted for by most salaried individuals seeking to buy property in Delhi NCR.

Step 4: Possession

When your property is ready for possession, you would need to get the ownership of the property transferred in your name, which is done by way of registry. After filing the documentation and making payment for the necessary stamp duty, the ownership of the property would be finally transferred in your name, and you would become the rightful owner of the property.

Things to Consider While Buying a Home

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Happiness is… Buying Your Dream Home!

Buying a home is the dream of every aspiring individual who wishes to prosper in life, and property is one of the biggest investments that are made by an individual in his/her lifetime. That said, there are a number of important points to consider before you decide to make an investment. This post throws light on some of the important aspects of buying property in India, and familiarizes you with a bunch of prerequisites and things to bear in mind before finalizing on the investment you choose to make.

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Image Source: Alan Cleaver

Budget:

This is perhaps the most important factor in your home buying process. Ascertain your budget before you decide to invest in property, and work out your finances in a planned manner. Channeling a significant amount of your savings into buying a home or borrowing a similar sum from the bank will impact your finances, and you need to make this long term investment in a well-planned manner so as to avoid any unforeseen financial crisis. You must first be sure about what is the ideal amount that is feasible to invest.

Purpose of Buying:

Before you begin shortlisting properties based on your budget, it is important to ask yourself why you are planning to make such a big investment. Do you need the home for residential purposes, or are you planning to use it as a secondary residence, or is it purely based on wealth maximization? Based on your intent, you can further narrow your search down to the type of property you would want to invest in.

Type of Property:

Given the myriad of residential options that are present in the real estate market today, it becomes very perplexing for a first-time homebuyer to figure out the ideal property type for him/her. From Studio apartments to 1, 2 3 and 4 BHK apartments, villas, bungalows and townhouses, the list just goes on. In order to make the most out of your home, it is important to understand your residential needs and pick the one that offers maximum convenience and utility.

Location:

Location is a key parameter in realizing short term as well as long term benefits from the home you wish to purchase. For home buyers looking to buy a property where they would want to move in, location plays an important role as the site needs to be well connected to all important places in the city they plan to reside in. It is preferable to have schools, colleges, workplaces, healthcare centers, public transport systems and other such facilities in close proximity to the property you want to invest in. Similarly, from an investor’s perspective, it is crucial that the property is excellently located and offers good value appreciation over a period of time.

Book your dream home with Happykeys, and experience the joy of buying a home.

 

Types of Property for sale in Delhi NCR

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If you’re reading this, you most probably are an eager investor looking to buy property in NCR. And we have some useful information to familiarize you with the different types of properties for sale around here!

In recent years, developers have coined numerous terms for different styles of innovative living spaces launched by them. While a prospective buyer is spoilt for choice when it comes to the types of property he/she can invest in; this can get a little perplexing at times. This blog post talks about the various types of residential properties that are available for sale in Delhi NCR, so as to help you take an informed decision about your forthcoming investment. Read on, and gain a better understanding of the different types of property for sale in the National Capital Region:

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Flats and Apartments: These are the most commonly available residential units in the National Capital Region. Most new properties in NCR offer a wide variety of high-rise and low-rise apartments which include 1 BHK, 2 BHK, 3 BHK, 4 BHK and 5 BHK units in different layouts and sizes. Both in terms of demand as well as supply, apartments and flats clock a higher percentage over other types of properties in NCR.

 

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Plots: Plots refer to open areas of land that have been strategically plotted for the purpose of constructing independent residential spaces. Given that the owner is free to construct the residences as per their preferences, residential plots in Delhi NCR come at a higher basic sale price than flats and apartments. Another advantage of buying plots is that they serve as an excellent investment option with high ROIs.

 

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Villas/Bungalows: While the scarcity of space makes the option of owning a villa or bungalow open to a chosen few, these constructions are often launched as a premium segment of an integrated township. Villas and bungalows in Delhi NCR are also available in the resale market, and these are priced higher than the new developments, owing to their central location in the city.

 

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Independent floors: Also referred to as builder floors, these comprise of independent living spaces set up in a low to mid rise structure, wherein the buyer usually gets the ownership of an entire floor. Builder floor apartments are usually constructed by developers who operate on a smaller scale, and these developments are constructed on freehold residential plots.

Most of the new residential developments in Delhi NCR are coming up in areas around Noida, Greater Noida, Gurgaon and Ghaziabad