How to identify the right property market?

Although the Indian Real Estate market is skyrocketing; constant fluctuations in property prices seem to be inevitable. The value of property in India has grown three folds as compared to yester years. Perhaps it so happens that most of the buyers are ignorant of the actual market value of a property and are compelled to go ahead with the prevailing market prices.

It is important that an investor considers buying a property at an appropriate price; be it an investment or a long term plan. However, in order to do this, an investor has to be aware of the prevailing present market condition, the market before and the future forecast.

How can a buyer keep track of the prevailing market conditions?

The key market triggers to keep in mind are:

- The prevailing infrastructural readiness

- The set timelines for the infrastructure projects

- The demand growth for the commercial/residential space in realty market

- The prevailing price trends and the development of the social infrastructure

Which are the prevailing top cities for investment?

With the current market trends in effect, the following cities are appropriate for commercial/residential investment.

- Bangalore

- Hyderabad

- Noida

- Navi Mumbai

- Chennai

- Pune

The factors responsible for the growth in these cities have been quite visible and the current commercial real estate trend has been reflecting the expansion and growth of the commercial units.

Cities like Hyderabad, Pune and Bangalore have been witnessing a great demand in Grade A commercial spaces wherein the demand has been exceeding the supply schedule of the near and long-term future. 

Other cities like Noida and Navi Mumbai have market drivers above the job creation at play which is the advanced infrastructure and affordability. These cities are also witnessing an investor demand from other cities like Delhi and Mumbai with affordability being the key driving factor for investors. There are also increased chances of investment potential in areas like Kharghar, Kalamboli and Ulwe with Noida Expressway and Noida extension in Noida.

The coming years will see an increased demand for residential properties due to the massive job creation. Job creation has always been a key trigger for increased residential property demand. The core buyers of residential apartments are the employees from the IT/ITES and BFSI industries.

Talking about the present absorption of the residential apartments in cities like Bangalore, Pune, Hyderabad and Chennai, there has been a great demand from the IT/ITES and the BFSI employees.

With an easy access to the mortgages and a desire to own an independent home, the residential realty market has been witnessing a great change. Apartments being the need of hour are offered by developers within a price range of Rs. 40 lakh-1 crore.

Henceforth, a property buyer should be aware of the prevailing market dynamics, rate of supply of the residential stock, the price trends and the rental yields. The perfect period over which one should invest is over 4-5 years as this sort of an investment will avoid risks and fetches greater property appreciations despite the short-to-medium term market situations.

Checklist before Taking Possession of Your New House

Today property is one of the secured investments where you will get profit or good deal on your investment in short period. Increasing demand for property, cut down in interest rate and easy registration process has attracted more property buyers to invest on their dream home. Checklist for taking possession helps you to ensure that the property or apartment are build according to plan and there are no cracks or major repair works required after taking possession of your new flat.

Important checklist for possession of flat or home

• List of amenities: Some builders or developers offers or promise list of amenities for apartment you are buying such as playground, lift, swimming pool etc. After completion of construction, buyers or investors find that builder has not provided all amenities as per promised or agreed. Check your agreement to see the list of amenities and make sure each one is provided as per specification.

• Doors and windows: Ensure your apartment is provided with required doors and windows for proper ventilation in all rooms, including bathroom and kitchen. Improper ventilation can cause numerous problems in future. Ensure all the sliding door/windows work smoothly.

• Wall Painting: Wall painting need to be checked before taking possession of home or flat from the builder or developer. Some builders or developers provide single coat wall painting in some rooms instead of double coat. Check if all walls have double coat. Exterior painting should be complete along with window and balcony grills.

• Cracks on the wall: Look for cracks in the foundation, ceilings and walls, which indicate movement of the structure caused by settling, soil expansion. Check for cracks on the walls, especially between electrical sockets.

• Drainage outlets: This one of important thing you need to check before taking the possession of flat or home. Clogged outlets are a menace if not done before you move in. Water collects in bathrooms, kitchen and balconies and creates a mess. Check if all Drainage outlets such as balcony, bathroom, kitchen, utility, etc. are working and not clogged.

• Check for Leakages: Check for all bathroom fittings are as per specification. Check the working of taps and bathroom fittings. Ensure there is no leakage when opening or switch on taps. Make sure granite platform in kitchen is not leaking. Pour bucket of water on granite platform and observe for any leakage below it. Check hot and cold mixer. Also check for water flow from kitchen, bedrooms, and hall. Slope should be towards bathrooms or terrace. Make sure water is completely draining out and not accumulating at one place. Observe if any leakages are seen in your bathroom. These leakages can cause major headaches later.

• Check switches and plug-points: Make sure that all the sockets, plugs, bulb holder are connected to mail supply. Also check if main fuse in the house is controlling complete current supply. If you have an inverter, ensure the supply shift to the inverter if the main switch is switched off. Check if all switches and plug-points are working. Check if the extra electrical sockets/switches you had asked for are provided as per requirement.

• Measure size of room: Some builder or developer divert from sanction planned resulting reduction in size of room and bathroom. Ensure that all rooms are provided enough space by Measure hall, kitchen, bathroom and bedroom sizes.

• Safety measures: Ensure that your building is constructed according to safety rules provided by fire department and National building code. Check if your gas leak detector is working by burning a piece of paper and allowing the smoke to fill the kitchen.

• Possession letter: If your building or apartment is provided with all amenities, size of rooms as per approved and you have checked all things in your apartment, it is time for taking possession of your flat or home. While taking possession of flat or home, ensure that you have receive all documents from the builder. Possession letter, Blue print, No Objection Certificate, Development agreement, power of attorney, Commencement Certificate, Search Report of the Builder’s Advocate, Receipts of payments made to the builder, Letter of allotment etc are some of important documents required from builder or developer during possession of apartment.

What you should ask real estate developers?

Like any another purchase, buying a property has its own confusions and risks during decision making. A home buyer has to be sure that he/she chooses the right builder and the right location within the right price. From a personal point of view, every buyer does his/her best to verify the property and have the best pick; however, we still see a lot of cases wherein the buyer is duped and is eventually dissatisfied by the purchase. Following the customer feedback, in this article, Makaan.com lists a few questions that you can ask the real estate developers and then shortlist the property.

Use of land

What is the use of the land on which the project is being developed? Is it for residential or commercial property; floors or plots; how many floors does it permit etc. It has been seen that often developers begin a project and start to sell properties before land acquisition is over. A portion of the land acquisition may be pending and might impact your apartment; therefore, make sure to ask the developer and verify the land acquisition documents. A homebuyer should verify the papers demonstrating the builder’s ownership of the land. You could also hire a lawyer to conduct the title search and to find out whether there is a legal dispute over the land.






















What about the approvals?
A home buyer should check all the approval documents prior to finalizing the deal. Check for the developer’s licence in order to check the permission from the area’s town planning authority to develop the project and approvals for building plan, water, environment and pollution, and height clearance. If the approvals have not obtained, it is suggested that a homebuyer should not invest in that project as delay in approvals is of the major causes of project delays.

Payment Plan
In the application form, pay attention to the payment plan. One should not pay a large portion of the cost of the property at initial stages. It is suggested that one should stick to a construction-linked payment plan or one in which a portion of the cost has to be paid after possession. Another area of concern is that the builders often include a cost-escalation clause in the builder-buyer agreement, which states that the developer has the right to increase the cost of the project in case the cost of building materials goes up. Enquiries regarding the builder’s track record as to whether he has implemented the escalation clause in the past can be made or finalise a developer who does not include an escalation clause in the agreement.

Delivery and its terms
Most of the agreements mention a time frame within which the developer will give the possession of the property; however, the trick is that the agreements do not mention the start date of the time frame. Enquire about the start date and if possible get it documented. Also check whether the agreement has a penalty clause under which in case of a delay in possession, the developer will have to pay a penalty to the buyer. If the clause is there, find out how much penalty he will pay and whether he has paid it in the past.

Change in layout plan
Often builders bring about changes in the layout plan and show them as beneficial for the buyer; however, the buyer should not be lured by the increase in area of the property, instead at the time of booking, should find out whether the builder has changed his plans in the past and what were the terms of that. For example, if the area of the property increases, the buyer will have to pay according to the original booking amount or the current rate?

The extra charges
Check out the various heads under which the developer may ask the home buyers to pay, for example, preferential location charges (PLCs), external and internal development charges (EDC and IDC), advance maintenance fee etc. Calculate what will be the purchase value after adding all these charges and buy only if the sum falls within budget. There can also be a case when the buyer falls behind in paying an installment; in that case the buyer should be clear about whether the developer will give extra time to pay up, what will be interest liability etc.

Record of the developer
The record of the developer includes his financial status and his reputation as a developer. The buyer can verify a developer’s financial status by asking for his company’s balance sheet. Do not invest in the project if his company is over-leveraged because it increases the probability of delay in project completion. Moreover, find out how many projects the developer has completed, whether there were legal issues in his past projects, whether the projects were delayed, are the current occupants satisfied with the construction etc.

The year 2013 was an eventful year for the Indian Real Estate sector with the introduction of Real Estate Regulatory Bill and Land Acquisition Bill in the parliament. On the home buyers’ side, the year can be best described as a lackluster year with high property prices and home loan interest rates that kept the buyers waiting on the sidelines. As we move into 2014, it is important to gauge the mood of home buyers in terms of their desire, aspirations and fears from the upcoming year. For this purpose, Makaan.com, India’s fastest growing property site, conducted a research, “Property Forecast 2014”. The research was conducted in November 2013 among 2058 home buyers across Mumbai, Delhi NCR, Bangalore, Chennai, Hyderabad, Pune, Kolkata, Ahmedabad, Chandigarh, Indore and more. The main highlights of the research: 1) Property market in 2014 will be driven by end users: Speculators and Investors have been riding the property market since a long time; however, they will make way for end users in 2014. Majority of home buyers want to purchase a property in 2014 for self use as they are currently staying on rent. An almost equal number of home buyers want to buy property to meet the growing family requirements and for long term investment. The analysis show that the year 2014 may experience a very positive shift from the earlier years and will bring in the much required stability in the property market. As the property transactions have fallen over the past 12 months, speculators and investors are finding it difficult to exit the market. 2) Residential property prices will either stabilize or will appreciate marginally in 2014 Property prices have remained stable over the past few months and the mood of the market suggests a continuation of this trend. 26% of home buyers feel that the residential property prices would remain stable over the course of 2014. 46% of buyers expect the prices to go up from the current level with majority of them expecting an appreciation of up to 10%. This should bring some relief to the buyers in 2014 as generally more than 10% appreciation is expected on a yearly basis. 28% of buyers are advocating for the prices to go down from the current level. 17% of them are expecting a drop of over 10%. Property budget of Home Buyers is likely to remain the same in 2014 There has been talk of a slowdown in the Indian economy with all economic indicators showing a negative trend. This, however, has not dampened the spirit of the Indian home buyer. His budget for buying a property in 2014 will not be affected by the slowdown. This reinforces the confidence of the home buyer in real estate as an asset class. There are 23% of buyers who have reduced their budget allocation while there are another 19% who are ready to dish out more money for property buying. 4) Apartment is the preferred choice of home buyers In 2014, majority (65%) of home buyers will be looking for apartments or flats. Residential plots (15%) also emerged as the preferred choice for a few home buyers. Apartment is the preferred choice for people in Delhi, Mumbai & other such cities that have high property prices and scarcity of land. Security and community living also contribute in making apartment the preferred option. Service /Studio apartment have gained popularity; however, they still account for a very small portion (3%) of the overall demand. There is an interesting overall shift in the property type preference; a decade back or so, quite a lot of the people preferred an independent/builder floor; however, now the preference for the same remains only 4%. 5) Property investment budget for home buyers is 0-40 lakhs Owning a house has been a priority for Indians since ages; it is treated as a symbol of financial stability and social status. Affordable housing i.e., housing between 0-40 lakhs will continue to be a preference for majority of home buyers with almost 60% buyers opting for this. Mid segment housing (40 lakhs to 1 Crore) will be the preferred budget category for 34% of home buyers. High end housing (1 to 2 Crore) will be preferred choice for 6% of buyers whereas only 1% of buyers will be looking for luxury housing (over 2 Crore). Location and Price will be the top purchase considerations in 2014 “Location” will be the top most purchase consideration for home buyer in 2014. The preference for “Location” is even higher than “Price” that was the biggest influencer for property purchase over the last few years. This is an important shift in behavior of the home buyer. Other factors that will influence purchase decision are Price (24%) and Connectivity (18%). Around 13% of home buyers will give higher importance to “neighbourhood” and proximity of the property to hospitals, schools and offices. It is interesting to note that only 2% of home buyers rate size as the top purchase consideration, which implies that majority of the locations have each property type available for purchase. 7) High Property prices will be the main hindrance for home buyers in 2014 The phenomenon of exponential jump in property prices has been prevailing in the Indian real estate market since 2009; however it is for the first time that the high property prices (61%) has been identified as the single biggest hindrance in buying property in 2014. With more than half of the homebuyers considering high property prices as a hindrance, it can be inferred that most of them are unable to justify or afford the high prices being asked from them. Other dampeners are that the home buyers are unable to find their dream adobe closer to their preferred location (11%) and with the appropriate connectivity. They are either forced to compromise with an area or postpone the purchase of the property. High home loan interest rate (11%) is another reason because of which home buyers might decide not to buy a property in 2014. Therefore, when it comes to choosing between available options, projects with economical budget and superior location & connectivity will win the race in 2014.

Read more at: http://www.moneycontrol.com/news/real-estate/property-forecast-for-2014-makaancom_996387.html?utm_source=ref_article

Real Estate Forecast : 2014

The year 2013 was an eventful year for the Indian Real Estate sector with the introduction of Real Estate Regulatory Bill and Land Acquisition Bill in the parliament. On the home buyers side, the year can be best described as a lackluster year with high property prices and home loan interest rates that kept the buyers waiting on the sidelines.

As we move into 2014, it is important to gauge the mood of home buyers in terms of their desire, aspirations and fears from the upcoming year. For this purpose, Makaan.com, India’s fastest growing property site, conducted a research, Property Forecast 2014. The research was conducted in November 2013 among 2058 home buyers across Mumbai, Delhi NCR, Bangalore, Chennai, Hyderabad, Pune, Kolkata, Ahmedabad, Chandigarh, Indore and more.

The main highlights of the research:

1) Property market in 2014 will be driven by end users:
Speculators and Investors have been riding the property market since a long time; however, they will make way for end users in 2014. Majority of home buyers want to purchase a property in 2014 for self use as they are currently staying on rent. An almost equal number of home buyers want to buy property to meet the growing family requirements and for long term investment. The analysis show that the year 2014 may experience a very positive shift from the earlier years and will bring in the much required stability in the property market. As the property transactions have fallen over the past 12 months, speculators and investors are finding it difficult to exit the market.






                                         


2) Residential property prices will either stabilize or will appreciate marginally in 2014
Property prices have remained stable over the past few months and the mood of the market suggests a continuation of this trend. 26% of home buyers feel that the residential property prices would remain stable over the course of 2014. 46% of buyers expect the prices to go up from the current level with majority of them expecting an appreciation of up to 10%. This should bring some relief to the buyers in 2014 as generally more than 10% appreciation is expected on a yearly basis. 28% of buyers are advocating for the prices to go down from the current level. 17% of them are expecting a drop of over 10%.





























3) Property budget of Home Buyers is likely to remain the same in 2014
There has been talk of a slowdown in the Indian economy with all economic indicators showing a negative trend. This, however, has not dampened the spirit of the Indian home buyer. His budget for buying a property in 2014 will not be affected by the slowdown. This reinforces the confidence of the home buyer in real estate as an asset class. There are 23% of buyers who have reduced their budget allocation while there are another 19% who are ready to dish out more money for property buying.





























4) Apartment is the preferred choice of home buyers

In 2014, majority (65%) of home buyers will be looking for apartments or flats. Residential plots (15%) also emerged as the preferred choice for a few home buyers. Apartment is the preferred choice for people in Delhi, Mumbai & other such cities that have high property prices and scarcity of land. Security and community living also contribute in making apartment the preferred option. Service /Studio apartment have gained popularity; however, they still account for a very small portion (3%) of the overall demand. There is an interesting overall shift in the property type preference; a decade back or so, quite a lot of the people preferred an independent/builder floor; however, now the preference for the same remains only 4%.




























5) Property investment budget for home buyers is 0-40 lakhs
Owning a house has been a priority for Indians since ages; it is treated as a symbol of financial stability and social status. Affordable housing i.e., housing between 0-40 lakhs will continue to be a preference for majority of home buyers with almost 60% buyers opting for this. Mid segment housing (40 lakhs to 1 Crore) will be the preferred budget category for 34% of home buyers. High end housing (1 to 2 Crore) will be preferred choice for 6% of buyers whereas only 1% of buyers will be looking for luxury housing (over 2 Crore).




























6) Location and Price will be the top purchase considerations in 2014

Location will be the top most purchase consideration for home buyer in 2014. The preference for Location is even higher than Price that was the biggest influencer for property purchase over the last few years. This is an important shift in behavior of the home buyer. Other factors that will influence purchase decision are Price (24%) and Connectivity (18%). Around 13% of home buyers will give higher importance to neighbourhood and proximity of the property to hospitals, schools and offices. It is interesting to note that only 2% of home buyers rate size as the top purchase consideration, which implies that majority of the locations have each property type available for purchase.




























7) High Property prices will be the main hindrance for home buyers in 2014

The phenomenon of exponential jump in property prices has been prevailing in the Indian real estate market since 2009; however it is for the first time that the high property prices (61%) has been identified as the single biggest hindrance in buying property in 2014. With more than half of the home buyers considering high property prices as a hindrance, it can be inferred that most of them are unable to justify or afford the high prices being asked from them.


























Other dampeners are that the home buyers are unable to find their dream adobe closer to their preferred location (11%) and with the appropriate connectivity. They are either forced to compromise with an area or postpone the purchase of the property. High home loan interest rate (11%) is another reason because of which home buyers might decide not to buy a property in 2014. Therefore, when it comes to choosing between available options, projects with economical budget and superior location & connectivity will win the race in 2014.

Courtesy : makkan.com 

Would you Prefer a Ready-to-Occupy Flat?

Most of us would like to live life the easiest way by occupy a well-furnished flat with no hassles of arranging or being impatient while waiting for a home to be completed. The latest trend of buying properties in India has experienced that most of the people prefer buying ready-to-occupy flat for innumerable reasons.

• The recent research shows that most of the serious home buyers opt in for ready-to-occupy homes. This is beneficial to them in various ways like they will not have to pay ounces of money as rent and can live in a place with all the required facilities rather than waiting for months for a project to be completed. Also, according to an investor’s point of view, a ready-to-occupy flat will get him lower returns on investment when compared to the flats under construction.

• The current generation of home buyers are much smarter than the previous generation when it comes to home buying. They know the consequences and the benefits of staying in a ready-to-move flat and an under construction flat. With the invent of various methods and rules, property buyers make sure that their investments are done at the right place which is safe and productive. It is always important that a thorough check is done before opting for a property. Other aspects like the inspection of the past projects of builders, the history of the builders and the promised facilities and quality by the builder also should be considered.

• People these days opt for a ready-to-move in apartment because there are various risks involved with other forms of properties like; An under construction project can experience a delay, difference in the planned layout, price fluctuations and many other legal issues. These issues on the other hand, have an advantage of the investors having a higher probability of returns and most of the investors buying a second home look for higher returns by investing in under construction flats.

• When it comes to property buying, most of the home buyers are keen to buy ready-to-move in flats and are the locals of the city. This shows that the mind set of people has changed who have decided to stay in areas which were disliked earlier.
• Perhaps, on the other side, depending on the stage of a project’s construction, there is an increased demand for the under construction projects when compared to ready-to-occupy apartments. Apartments/flats which are ready-to-occupy are extremely priced without considering the average middle class families which form one of the important parts of the real estate sector. The maximum numbers of people present in the real estate sector are the ones which fall in the middle class category list.
• Since the ready-to-occupy properties are quite expensive the buyers would like to opt for other forms of properties as well. In such cases the buyer is offered with subvention schemes wherein the buyer can also enjoy a pre EMI holiday. This is helpful for people who stay in a rented home.
• Other advantages of opting for a ready-to-occupy home is that the investor need not fret about paying the rent once he starts staying in a ready flat. Also the flat owner gets an immediate income through the EMIs paid by the investor. Also it gives a clear idea about the structure and the complete design of the flat.

Checklist for buying your dream home

 

Lately with sky rocketing prices of land in India, plotted units have become luxury and most people are encouraged to purchase builder’s built floor or flats. In today’s consumer market flats are sold by SMS marketing and inbox are filled with property promotional messages. An aware buyer can make most out of this full of choices market. Though your dream house may have a much bigger wish list, these are few ‘should not compromise basics’ from the eye of a sustainable development enthusiast while one negotiates for more important equations like available finances/ date of possession versus maximum built up area or resale value etc. Here is the list:

Location: A builder may try selling you flat in jungle saying that sooner there will be a train/bus station for your rescue, only if you survive till then. Please consider the fact that man being social animal needs a connection with others and you may not always depend on privately owned vehicles. Consider proximity to public transport and day to day amenities.

Parking space: There should be adequate parking available for the residents and for the visitors, at what cost you get it, is secondary though. No column should come in between your dream of parking sedan.

 

Open spaces in the complex: humans have a strong relationship with the environment around. It is important to have greenery and park to walk your kids and dogs. If the property you are buying is planned to be constructed in phases, please monitor the future construction proposal for park not converting into parking later.

Waste disposal / Sewage treatment plant: Think where and how your building’s waste is disposed. Why?? It may be piled in front of your balcony, your street and places related to you, harming your environment. For example, in Pimpri Chinchwad area of Pune, a housing society was planned to have Sewage treatment plant, but the plan was out with builder moving out. Solid waste management became a huge problem for the residents later in the society. Better be cautious than being surrounded by our own waste. And if your waste can be put to some good use after recycling / treating etc.. Why should it not?

Power backup for service area/ preferably renewable energy based: If one wishfully buys a flat on sixth floor and is ready to do without elevator for good health, this may be ignored. Otherwise it is must to have all the lift cores functioning on power backup. Why renewable energy is being stressed on?? One it helps building decrease its environmental impact and other, diesel power is much more expensive in comparison and is eventually to be borne by the occupant. To everyone’s amazement, during the power failure earlier this year, commonwealth games village lifts were working when whole northern region was dark for 3 days since they had back up from solar PV.

Proper and uninterrupted supply of water / Rain water harvesting: Nothing can be worse than waiting for water when you have an important work to tackle with. Ensure regular water supply and check for municipality supply with neighbours. Trusting and respecting wisdom of our ancestors and scientists today, rain water harvesting is not just the mean of storing water for our current needs but also recharging the earth for future to come.

Well lit and ventilated rooms: All the rooms in the house receive their share of sunlight to see shining bright faces of your family. Air circulation in the house is equally valued for good health and prosperity in all sciences whether it be Indian Vastu Shastra or Chinese feng shui.

Observe orientation of your living areas: The room you consider well lit may prove to be an oven. Do check which wall receives maximum heat during harsh summers. Have they been protected with shade or covered with buffer spaces like toilets?? This may significantly impact air conditioning load of that room. Sincere suggestion is to survey the flat at different times of a day.

Electricity is metered adequately: Electricity meters are provided and you are not paying for the neighbour’s bill. A well designed space as mentioned in above stated two points will help you reduce the electricity bills in any case. Be more careful if you are opting for topmost floor. Cost and technique of the finishing on the roof will be inversely proportional to electricity bill you pay in summers.
Electrical Appliances if provided by the builder: Check for the appliances to be BEE star labelled. More stars, better efficiency and lesser operational cost.

No VOCs are used in interiors: paints and polishes used in the house should be free of VOCs as their presence may negatively impact health of occupants specially kids.

Operation and maintenance: Last but not the least, nothing works as planned if not maintained. Ask who will maintain the services and for how long?

Documents you need while purchasing a property

Documentation is an essential part of a property acquisition process. However, it may well turn out to be a complicated one. Different states in India have different requirements. There are many laws that govern the purchase of properties. There are various types of properties that you would want to buy and you’ll require certain documents while buying them. Let us have an overview of the most important legal documents to be verified in case of various properties -

(I) Purchase of freehold residential plot/house:

The main documents to be verified in such a case are -

# Copy of the sale deed through which the seller got his title to the property
# Copies of all earlier sale deeds to verify the chain of past owners of the property
# Registration details of the sale deed
# Agreement to sell the property
# Receipts of payments made by the purchaser to the seller
# Copy of the sale deed for registration purposes

(II) Purchase of property from original allottee of a government authority:

In case you purchase property from original allottee of a government development authority, i.e. DDA or MHADA, the documents you need are -

* Allocation letter
* Allotment letter
* Possession letter
* Receipts of payments made to authority

(III) Purchase of property from power of attorney (POA) holder of original allottee of a government development authority:

Apart from the documents mentioned above, the main documents you’ll need to verify here are -

# Permission to mortgage
# Authorisation letter signed by the seller
# Receipts of payments made by purchaser to seller
# Verification of signature of seller from his bank
# General power of attorney
# Special power of attorney
# Will Agreement to sell the property

(IV) Purchase of flat in a group housing society from an original member of the Society:

With the rapidly growing urbanization, there has been a surge in the number of flat buyers in India. The main documents to be verified while buying a flat from an original member of the apartment Society are -

* Share certificate issued by the society
* Lease deed of society
* Registration details of the society
* Bye-laws of the society
* No objection certificate from the society
* Approved building plan
* Title of builder
* Undertaking from society
* Allocation letter, Allotment letter and Possession letter
* Receipts of payments made to authority
* Permission to mortgage
* Authorization letter signed from seller
* Receipts of payments made by purchaser to seller
* Verification of signature of seller from his bank

(V) Purchase of flat in a group housing society from a power of attorney (POA) holder:

Apart from the ones required while buying a flat from an original member of the Society, the main documents needed here are -

# General power of attorney
# Special power of attorney
# Will Agreement to sell the property