Buying a real estate property is a dream for many. However, before making a big purchase, it is advisable to look up the profile of the real estate developer and cross-check what the developer has achieved over the years and what they have to offer you. Karyan real estate is an example of a developer focused on delivering quality projects with thoughtful planning and development.
Before you go on to finalise any deal with any real estate development firm, consider few factors like neighborhood, location, amenities, budget, property condition, construction quality, builder credibility, resale potential, etc.
Key Factors to Consider
Carefully checking every step of the process protects you and makes your journey smoother, more secure, and stress-free. Let’s quickly make a checklist from legal clearances to any impediments.
1. Legal Clearances
Always make a list of all the crucial documents that will be needed in the buying process. It is better to talk to an expert as well about how you can obtain all these documents. Depending upon the property type, consider adding factors like GST payment on under-construction property purchases, the scope of TDS, and how to get it waived.
You might even need to look up a few extra documents like a possession certificate, an approved building plan, a RERA registration certificate, No Objection Certificates (NOCs), or a Defect Liability Period Document (DLP).
2. Loan Eligibility
We know you must have already calculated your budget, as it is one of the earliest steps to finalise even before you start exploring new properties. However, when you are looking for properties, budget might not be the only thing you should be looking for from a financial point of view. Homebuyers go for loan options, and loan eligibility relies on many factors, such as your credit score, employment stability, monthly income, and any existing EMIs.
A number of lenders even check and calculate your debt-to-income ratio to check if you have enough income to cover the financial commitments. So before you finalise the property, always compare the lending rates first and understand your eligibility, loan sanction amount, and repayment tenure.
3. Hidden Costs
Most of the time, hidden costs are one of the most annoying charges that you might need to pay because these are not considered when making a budget.
● Home Loan Processing Fees
Most lenders or banks charge a home loan processing fee, which ranges from 0.25 percent to 1 percent of the loan amount. You can think of it this way: the higher the loan amount, the higher the processing fee is going to be.
● HOA/AOA fees
If you are planning to buy a property in a gated community, you are going to hear terms like “HOA” or “AOA.” This is simply a community formed by the society owners themselves for managing the society’s daily operations, which include maintenance, cleanliness, and security.
● Electric Meter and Gas Pipeline Installation Charges
Homebuyers generally overlook the cost of paying electric meter installation charges that usually cost between Rs 500 and Rs 2000 for new properties.
While for the gas pipeline installation, an average buyer typically spends between Rs 5000 and Rs 25000 depending on the pipeline, material used, and labour costs.
● Parking Charges
When purchasing a property, homebuyers usually think that parking is included in the property price; however, people have to pay a decent amount of money for the parking space depending on how many vehicles they own and which type of parking space they are looking for.
4. Geological Protection
When considering all the possibilities, buyers must not overlook the possibility of natural disasters like earthquakes. It is advisable always to assess the structural strength and stability of a high-rise project they are investing in.
Homebuyers, for instance, can research the area to see the number of natural calamities that occur in that area, and don’t forget to verify the protection measures that the building includes in case of any emergency.
5. Investment Potential
When checking to list all the key factors, home buyers cannot overlook this simple yet important factor of the investment because they want to ensure that their investment turns out to be fruitful. So start by researching the price trends and always inquire and gather as much information as possible about any upcoming projects that can influence the property values, like metro projects, new roads, or even business hubs.
To understand if the projects fit them, they can consult a real estate developer or a real estate development firm.
Why Does Choosing The Right Real Estate Firm Matter?
Buying a property is a low-frequency and high-transaction event, and most people would hire a real estate firm in 5-10 years, which means that they do not have personal experience with the agents, and even referrals from friends may come from transactions that occurred many years ago, which means a different market condition.
There is a solution to this problem as well. Online reputation research can fill this experience gap and can get you real-time reviews from people to help you choose better real estate agents.
Summary
When you are prospecting any real estate property, always verify all project-related information that includes approvals, registrations, specifications, and other relevant information, whether through your own sources, experts, or even directly from real estate development firms.
A reliable real estate developer should be evaluated through a combination of factors, including relevant experience, project planning, location selection, construction quality, transparency, and long-term considerations. No single factor can determine the suitability of a developer or project.
KARYAN GROUP works across residential, commercial real estate, and warehousing, with developments such as Avenue IV, Streetwalk and KARYAN Square forming part of its commercial portfolio. Its wider development approach covers planning, architecture, technology, sustainability and functionality across different real estate segments.
