Buying a property has always been the optimal form of investment in India. An excellent property will always get you your money back with interest. Are you looking to buy a property in Pune? Here are four things you should check before you opt for a property in Pune.
Pune is the second largest city in Maharashtra which sits above the sea level on the Deccan Plateau. Once the centre of Maratha Empire, the city is now surrounded by beautiful lush green areas and is only a few hours’ drive away from Mumbai. Pune experiences heavy monsoon each year and usually has a pleasant weather throughout the rest of the year. Property in the city of Pune is reaching new heights with the property rate of almost every area at an all-time high. The city is expanding rapidly and is set to be one of the metropolitans of the country in the coming decades. This makes it the perfect time to buy property in the city, and here are four things you need to check before you make your purchase.
- Check for Approval and Ensure the presence of all the Licences
Once you have selected your desired property, you need to check for all the legal approvals and licenses. Ask your dealer about the land ties of the property and ensure if he is the owner of the land or if he just has the building rights to it. You should also check for the following papers and licences.
- Title Deed
A No Objection Certificate (NOC) certificate does not count as the title deed. Make sure you get the title deed examined by a lawyer to ensure that the builder has the full rights to the property and has the permission to carry out construction processes on it.
- Release Certificate and Property Tax Receipts
The bank issues a release certificate for a property that had initially been pledged for a bank loan. If you are buying a property in resale, ensure that it has the necessary release certificate to indicate that the previous owner has repaid all the loan. Similarly, Tax receipts indicate that the previous taxes have been paid for by the previous owner. Ensure that you have previous Tax Receipts too.
- Calculate the Net total cost
Often brokers use the gross amount to be paid to the builder as an exciting offer to lure in potential customers. Once the customers are sold on the project and ready to purchase it, it is then that these brokers reveal hidden costs like registration charges, maintenance fees, etc. Make sure you ask about additional charges and the final cost before you even go to visit the location. This way you can avoid getting duped and also save your time to look for more potential Properties in Pune.
- Connectivity to NH-4
Mumbai is the nearest metropolitan city to Pune. If you have relatives there or if you like to travel there for work as most people do, then you should consider the connectivity to NH-4 before finalising your purchase. NH-4 Expressway connects Mumbai and Pune and is located towards the Hinjewadi locality of the city.
- Check for Signs of Water Damage
Pune experiences heavy rainfall each year in the monsoon season. The city is known for its picturesque views during rainfalls, and some areas of the city are prone to waterlogging as well. It is a good idea to ensure that your area is not prone to waterlogging before you make the purchase. You should also check for any water damage on resale properties to ensure the proper condition and safety of it.
Overall, Pune is a great city to live in with peaceful atmosphere and some amazing people. But before purchasing a property in the city, you should go over the checklist mentioned above and strike off factors that could potentially ruin your purchase. Ensure that everything is in order before signing the deal to the property.