Hyderabad is emerging as a top market for those planning to buy real estate for both end-user as well as investment. Hyderabad is a developed city and with new lucrative projects coming up, this city will bloom into a haven of luxury projects at affordable rates. The city saw an increase of 24 percent in the home sales over the previous quarter while the new launches soared by 20 percent over the same period. Like prestige Bannerghatta road new project in Bangalore, Hyderabad is also heading towards establishing such mega city kind of residential complexes that would be productive in respect of both developer and the buyers.
Some key points to remember
- Title deeds should be a mandatory aspect. It is important that the property has a clear title. The entry of the property is made in the municipal or panchayat records with which the seller can get the title of property through purchase, inheritance, by partition, by settlement, by gift or by the grant. This particular point should undergo verification and as a buyer, you should take the initiative to go through the case history of this. This decides its authenticity.
- Sanctioned plans should be the next point that should have verification. Building plans for the property in Hyderabad are approved by the Greater Hyderabad Municipal Corporation. Hence, it needs to be duly checked to get ensured about its authenticity.
- Occupancy certificate is yet another document that will assure you that this is an authentic project that has undergone all the legal formats and rules. This certificate implies that the construction was carried out in compliance with the building plans and the norms and is completely ready to take possession.
- Tax paid receipts should also be checked and should not be ignored in any way. If it found that tax has not been paid for a particular property and you just became the owner of such a property, then the government will impose a penalty for this and the ultimate victim will be the buyer. So, go through this aspect very carefully.
- An Encumbrance Certificate cannot be ignored in any way. It is a document issued by the Sub-Registrar that reflects the encumbrance on the property like mortgage, lien, charge etc if there is any. It is definitely very important to check whether any lien, mortgage or charges created over the property you intend to purchase and this is your legal right to check all its authentic status.
Hyderabad is emerging as the new Bangalore and there is a huge demand for flats in Hyderabad driven by the rising commercialization in the city. Thus, this is calling for a large population migrating to the city in search of employment opportunities. Moreover, the city is coming up with a great number of dream projects like Prestige Park Square in Bangalore with lucrative amenities but to ensure their authenticity, buyers need to follow the above-mentioned points. These are basic structures that would help you to find a better house and not get cheated at the same time.