What Factors Must Be Considered Before Buying A House In Pune?
Jan 03, 2023
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One of the most important financial decisions you will ever make is purchasing a home. But before deciding on a location and project, it is critical to consider all the important factors.
Real estate in Pune is showing a promising trend as the city is positioned to become a big IT hub in Maharashtra. Here are a few tips for buying a house in Pune, whether you're purchasing it as a residence or an investment:
Affordability & Within The Budget
Maharashtra has a city that is well-known for offering high-quality housing at reasonable prices. This has been made possible due to the low cost of land. Furthermore, improved infrastructure and road connectivity enable people to travel longer distances in less time.
In comparison to other cities, property prices in Pune have remained reasonable. Prices, however, are likely to rise as a result of new infrastructure developments, Metro, and inflows of domestic and foreign investment. So, check if the property fits within your budget.
Legal Documents in Place
Examine all of the land and property certifications. The property's title, whether freehold or leased, should be mentioned. Find out if the land is in the builder's name, and if not, if there is a legal development agreement with the owner.
Ascertain that there are no property disputes and that the developer expressly states all dues. When making a purchase, ensure that you receive all necessary documents, such as a purchase agreement and a sale deed. The house number, wing number, and floor number should be in your name on the sale deed.
A detailed description of the built-up area and/or super-built-up area, possession date, and payment terms should also be included as a part of these documents.
Location
As one of Pune's fastest developing areas, Sadhu Vaswani, Koregaon Park, Kalyani Nagar and Agarkar Nagar may be suitable options for buying a property in Pune.
These localities are connected to railway stations, airports, supermarkets, hospitals, schools, colleges, and lifestyle centres. A clean, pleasant neighbourhood, well-planned civic infrastructure, and nearby social amenities are a few of the most important factors to consider when choosing a location.
Ensure that there's room for development in the area in the future to maximize your investment. Investing in such a property will greatly increase its value.
A Check on the Approvals
Certain approvals are required by the builder both before and after the property is built. Check if all such approvals have been taken already:
Inspect the construction plans of the building that the Pune Municipal Corporation has approved to make sure that the property development is as per the same plan. Disputes may occur if the actual construction varies from the plan approved by the PMC.
Also, find out if the project has been approved by the Pune Municipal Corporation and Pune Improvement Trust. Ensure that the state's concerned authorities sanction the housing development. Ask to see the NOC from various departments.
Quality of the Construction
Even if you have to find the best properties in Pune with great locality, connectivity, and neighborhood, the main factor to consider is the project's construction quality. Builders sometimes cut construction costs to build well-furnished apartments.
You can hire a construction engineer to inspect the strength of the walls, floor types used, the quality of window frames, and other properties' fittings. If you are purchasing a new property, you can look at other properties that the builder has built to get an idea of the quality of the construction.
Credibility of the Builder
When looking for properties in Pune, search for builders that have earned a good reputation in the market. It would be best if you examined the builder's previous projects. You should browse through their online property listings, get an idea from their existing clients, and inspect the quality of the construction of the buildings yourself. In addition to evaluating the developer's credentials, it is imperative to understand market sentiment.
You should consider it a red flag if the builder doesn't respond quickly to your questions or delays your request for legal documents. Consult your lawyer and financial advisor and get involved in a buying agreement only when you develop trust in the builder.
Specifications & Facilities
A well-designed home will have enough cross-ventilation and natural light. Inspect the apartment to ensure it meets your requirements. Inquire about the quality and brand of sanitary fittings, doors, window frames, plywood, flooring, elevators, and other items. Learn about the house's electrification and plumbing.
Check that the builder follows through on the listed apartment specifications and common amenities. Before purchasing the property, inspect the facilities, such as the security system, fire escape, and parking space.
Price Strategy
Make certain that no pricing terms are vague or unclear. All fees must be specified in the registered agreement to sell or the sale deed. The price of a flat in Pune is determined by a variety of factors.
The price of a property is determined by the location and cost of the land, the construction materials used, the nature of the project, and the amenities and common areas provided. It is also a good idea to compare the prices of similar properties built by different builders in the same location.
Review all payment terms, financing options, and interest rates. You should pay in Equated Monthly Installments (EMIs) from booking the home until you take possession.
If you pay with a bank loan, you won't have to worry about the legality of the documents because leading banks and financial institutions screen and validate the developer's documents at multiple levels.
We hope you found this information useful. If you want to buy a house in Pune, it's best to check property prices in Pune and then make an investment decision.
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