Money Matters | Good Research Should Precede Buying

Here are some important factors to keep in mind while buying a flat in a new housing society:

Choosing the right developer: To zero in on the right project, be prepared to go that extra mile to ensure that you choose a reputed builder with a peerless reputation and good track record. As a buyer it’s your right and responsibility to check if the developer has registered the project with RERA. Also remember that the developer cannot do any kind of marketing, advertising or selling of units before the registration of the project. The developer is also required to submit all documents related to the project which is considered necessary by the RERA.

Connectivity: Ensure the project is easily accessible from major parts of the city and is well connected by public and private transport. Measure the distance from the city’s major parts to the location of the project with map-based tools. You can research the locality and the area’s master plan well and take stock of current public transport options such as metro, bus and monorail.  Also, look out for future connectivity plans like a proposed metro line or an expressway around the locality.

Proximity to offices: Look out for options in the vicinity of commercial centres, IT Parks and corporate offices while looking for a new property. This factor can save you hours of daily commute time

Local Infrastructure: The infrastructure in and around a residential property plays a vital role in deciding its current and future value. Look out for the following points while assessing the infrastructure around a residential project:

a. The roads connecting to the society and the in-roads within the society should be well-built and maintained.

b. Check for the hardness of the water in the area; also ensure that the TDS (total dissolved solids) count of the water is within the acceptable limit of less than 500 ppm (parts per million).

c. The sewerage system and garbage disposal system should be systematic.

Access to Social Infrastructure: Complimenting the physical infrastructure of any area is the social Infrastructure surrounding it. Whether you buy the property for investment or a second home, keep a close eye on the presence of hospitals, schools, colleges, malls, parks, theatres and entertainment options.

Future developments in Locality: Lastly, a roundup of the future developments in the vicinity can help you make an informed decision and a good investment. Watch out for the following infrastructure initiatives that are likely to help your property’s prospects:

a. Proposed highway near the project.

b. Proposed a metro line that will improve connectivity.

c. Upcoming industrial developments including IT Park, Special Economic Zone (SEZ) Industrial Corridor, National Manufacturing Investment Zone (NMIZ)

Home Hunt

1. Check if the project is RERA registered.

2. Developers cannot market, advertise or sell units before registration with RERA.

3. Ensure the project is accessible from major parts of the city and is well connected by public and private transport.

4. Infrastructure in and around residential property plays a vital role in deciding its current and future value.

5. Future developments in the vicinity can help you in good investments.

(The author is regional director and head of research, Anarock Group)