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Checklist for buying property in India
#1
NRIs and PIOs who are contemplating on buying a residential property in India should first and foremost determine the purpose of such a purchase. Determine whether you will eventually want to live there? or if you wish to have a place in India for short term visits that you and your friends can use. Is this for a parent? or is this strictly for investment purposes. Your answers to questions like these should help you get a clear picture of what you really intend to accomplish and help you decide where and what to buy. Either way, location is an important factor when it comes to buying real estate any where in the world.
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#2
An important parameter to look at before buying a property is the distance between your workplace and the property. Its something you have to deal with everyday. A property which is 3 km away from your workplace is very different from the property which is 12 km from your workplace. Long Distance might mean inflated fuel cost, time lost in travelling and getting frustrated and burning out each and every day for many years to come.

Here are a few tips when buying property in India:
1. Land should have a clear title, check with the office of the Sub Registrar 2. Insist on a completion certificate and a map with the sale deed 3. If purchasing land. Establish how the land was acquired by the seller 4. Before buying vacant land a copy of plan approval from the local authorities should be obtained. The seller should be able to provide this. It is up to you to verify these documents 5. Zoning was not a problem several years back. However things have changed now. Don’t buy residential property for commercial use unless the plans are approved. It is not uncommon for the municipal authorities to demolish structures after they have been built and sometimes years after they have been built 6. Be very careful when buying property from sellers who have a power of attorney status to sell the property. Personally I would NOT buy such property. Ensure that title is clear and the owner is the one actually selling the property and there are no legal disputes for ownership of the property 7. Get the Agreement of Sale registered as per Registration Act 1908 8. When buying re-sale properties, don't rush to close deal if price is too low as per market standard. Make proper inquires. Ensure that the property is build legally and abides by all building codes and laws of the municipality and state.
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#3
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