‘There is no place like home’. Globally, India is regarded as the fastest growing country, which has tons of potential in term of real estate and smart workforce. As, a result of this, several international firms are making their way here that in turn is creating good job opportunities for the youth.
Delhi NCR, particularly Noida is the hub of such companies and therefore there is a rise of residential as well as commercial real estate projects here. If you too work in Noida, it is evident that you too must be looking forward to investing in a property. But, before investing in any of the projects in Noida, it is important to check these points.
1. The location of the property
It is of foremost importance that the investor verifies the exact location of the project. Noida is expanding at an unprecedented pace into several well-planned smaller sectors. It is lined by Ghaziabad, Delhi and Faridabad, which marks the huge stretch of the city.
The latest trend adopted by builders is to mention the location of the project to be a part of Noida or Greater Noida extension so that people are interested in buying flats or plots of the projects in Noida. However, in many cases, it turns out that the exact location is about 10 km away from the extension itself.
2. The total cost of property
A common practice by the builders is to include the area of the common spaces while mentioning the square area of the plot or flat verbally. However, in many cases, the actual area of the flat is about 70 to 80% of the mentioned area. This difference is clearly mentioned in the legal papers of the property.
3. Ground check of the builder
Recently, the owners of the flats of several projects in Noida had gathered up to protest against the repeated delay of the projects. Now, these investors are in trouble waters because firstly, the developers are not paying a heed to their complaints and secondly, the owners cannot take a legal action. This is because the property documents by the developer has certain loopholes according to which the developer can delay the project as much as he wants and the customer will not have any objection to this extension.
4. Development prospects of the area
Even if you do not have the budget to invest in a flat that is situated right in the heart of the city, you can invest in a project on the city outskirts. However, while choosing the project, make sure that it is located in an area, which would soon be a part of any development project.
5. Legal Help
As already mentioned there are many loopholes in the actual documents of the property that favour the builder. Therefore, to be on the safer side, it is better to take help of a legal advisor and let him scrutinize the documents.