Buying a property is one of the most important financial decisions you can make in your life. It’s essential to consider all the factors, before finalizing on a location and project. With Nagpur touted to be the next IT hub of Maharashtra, the real estate sector in this city shows a promising trend.
Things to know before buying property in Nagpur
Whether you’re purchasing a flat in Nagpur as a residence or as an investment, here are a few property buying tips to keep in mind.
-
Legal Certification
Examine all the certification of the land and property. The title of the property should be clearly mentioned, whether it’s freely held or leased. Find out if the land is in the name of the builder, and if not, if there’s a legal development agreement with the owner. Ensure there are no property disputes, and that all dues are expressly stated by the developer. On purchase, see to it that you receive all valid documents like an agreement to sale and a sale deed. The sale deed should have the flat number, wing and floor number in your name. The built-up and/or super built up area, possession date and payment terms should also be stated in detail in these documents.
-
Approvals In Place
The builder requires certain approvals before and after construction of the property.
Inspect the construction plans of the building that have been approved by the Nagpur Municipal Corporation to make sure that the property development is as per the same plan. Disputes may take place if the actual construction varies from the plan approved by the NMC. Check the building permit and commencement certificate as well.
Find out if the project has been approved by the Nagpur Municipal Corporation and Nagpur Improvement Trust. Ensure that the housing development is sanctioned by the Maharashtra State Electricity Board, Fire Department and Water Department of the city. Ask to see the No Objection Certificates from various departments including Sewage and Environment department.
-
Trusted Builder
When looking for flats in Nagpur, search for builders that have earned a good reputation in the market. Look through the previous projects of the developer, browse through online property listings of that builder, get an idea from existing clients and inspect the quality of the construction of the buildings yourself. It’s important to understand the market sentiment as well as review the credentials of the property developer.
If the builder isn’t prompt in addressing your queries or puts off your request for seeing the necessary legal documentation, you can consider that a red flag. Do consult your lawyer and financial advisor. Enter into a buying agreement, only if you trust the builder.
-
Location
Good places to consider in Nagpur for buying a flat are Dharampeth, Hudkeshwar Road and MIHAN. MIHAN, especially, is emerging as one of the most rapidly developing areas in Nagpur. It is well-connected to the railway station, airport, supermarkets, hospitals, schools, colleges and lifestyle hubs. A clean, pleasant neighbourhood, well-planned civic infrastructure and social conveniences in the vicinity are few of the most important points to consider when locking down a location.
To get the best returns on your investment, make sure that there’s scope for development in the locality in the future. This greatly raises the property’s investment value.
-
Specifications & Amenities
A well-designed flat is one that provides adequate cross-ventilation and natural daylight. Inspect the flat to ensure it meets your standards. Enquire about the quality and make of the sanitary fittings, doors, window frames, plywood, flooring, elevators and more. Find out about the electrification and plumbing done in the house. Make sure that the builder delivers on the listed apartment specifications and common amenities. Check out the facilities such as the security system, fire escape and parking space, before finalising on the property.
-
Price & Payment Plan
Ensure that no terms of pricing are vague or unclear. All the dues must be expressly stated in the registered agreement to sale or the sale deed. There are a lot of factors that determine the price of a flat in Nagpur. The location and cost of the land, construction materials used, nature of the project, amenities and common areas provided establish the price of the property. Comparing the costs of similar flats by different builders in the same location is also a good idea.
Carefully go through all the payment terms, financing options and interest levied on loans. It’s advisable to pay in Equated Monthly Installments (EMI) starting from the date of booking to the date of possession. If you’re paying through a bank- loan, you won’t need to worry about the legality of the documents as leading banks and financial institutions have a multi-level screening and validation of the developer’s documents.
We hope all these points have been useful to you. If you’re looking to buy 2 & BHK flats in Nagpur, it’s ideal to invest now while the prices are still low.
Mahindra Bloomdale by Mahindra LIfespaces is a stunning 25-acre project of spacious apartments, row houses and duplex homes, strategically located at MIHAN.
References:
1. Shiv Kailasa - Are you a first time buyer then you should read this, Best place to buy property in Nagpur
2. Sandeep Dwellers - Buying Flats in Nagpur
3. Proptiger - Must have document after property registration
