Navratri, a season of celebration, devotion, and new beginnings, is often considered an auspicious time to make significant life decisions. Among these decisions, buying a property is one of the most crucial. With the Navratri season upon us, we present you with valuable insights on how to make your property purchase not only auspicious but also well-informed and secure.

Set Your Budget

As you embark on your property-buying journey, deciding on your budget is the first tip to consider. It’s essential to establish a budget that is comfortable and reasonable. The more you can stretch your budget, the better it will be for you in the long run. Determining your budget upfront will help you narrow your choices and focus on properties that fit your financial plan.

Choose the Right Locality

Once you’ve outlined your budget, the next step is to finalize two or three localities that best suit your current and future needs. Consider factors like connectivity, road access, metro, rapid rail, and other essential amenities. A well-connected locality ensures convenience and can contribute to the property’s future value.

Also Read: 10 things to do with your credit cards to maximise your savings

Under-Construction or Ready-to-Move-In

Decide whether you would prefer an under-construction property or a ready-to-move-in one. Under-construction properties often offer the advantage of customization. In contrast, ready-to-move-in properties provide immediate occupancy and peace of mind. Weigh the pros and cons of each option based on your preferences and requirements.

Investigate the Developer’s Credibility

Before making a decision, it’s crucial to assess the developer’s credibility. Talk to people, visit shortlisted properties, and try to make sense of the developer’s commitment to project timelines. Research their past projects, including their construction quality, and check if they have a history of timely penalty payments in case of project delays.

RERA Approval

If the property you have in mind is under construction, confirm its RERA (Real Estate Regulatory Authority) approval status on the RERA website. Developers are required to prominently display their RERA number on all promotional materials, including advertisements and websites. RERA approval ensures transparency and regulation compliance, providing a layer of security to the buyers.

Consider Home Loans

Even if you can afford a property from your savings, consider taking the home loan route. Banks conduct due diligence on your behalf, including a thorough analysis of the project details by professionals. This offers an additional layer of security and peace of mind.

Developer’s Antecedents and Past Projects

Examine the developer’s background and their track record with past projects. Pay attention to construction quality, timely delivery, and customer feedback. This information will help you gauge the developer’s reliability.

Assess the Locality

Understand the pros and cons of the locality where the property is located. Evaluate both current facilities and future potential. If it’s your second or third home, consider the return on investment (ROI) in both the short and long term. A well-chosen locality can significantly impact the property’s value over time.

Sale Based on Carpet Area

Ensure that the sale is based on the carpet area, as mandated by RERA. This ensures transparency and accuracy in property pricing.

RERA’s Online Resources

RERA provides a wealth of information on its website. You can access every detail about a housing project, including the developer’s information and project status. This transparency allows buyers to verify the developer’s claims and project authenticity from the comfort of their home or office.

Choose RERA Registered Real Estate Agents

RERA also requires the registration of real estate agents. While it’s not mandatory, if you are dealing with a property consulting company, check whether they are registered with RERA and possess the number. This additional step can provide you with extra peace of mind.

Construction Progress Updates

Another vital area where RERA makes a difference is the requirement for developers to update the construction progress at quarterly intervals. A penalty is imposed on developers if project reports are not uploaded, ensuring transparency and accountability.

Remember these critical considerations as you celebrate Navratri and embark on your property-buying journey. A well-informed decision during this auspicious time can pave the way for your new home’s bright and secure future. May your property purchase during Navratri be prosperous and filled with blessings.

(By Surender Kaushik, MD and Founder, Aryan Realty Infratech Pvt Ltd. Views are personal)