Buying properties anywhere can be a tricky business. Now if you are going for a property at Pune, there are a number of things you need to watch out for. First of all, know about your risk tolerance when you embark upon something new, for eg. buying a property. Next, fathom the possible cashflow situation that you might have to face, i.e. before and after buying the property. Check whether the cashflow situation is sustainable or not and whether there are any stability factors working into play there. Know about the purpose of your venture. Ask yourself – why do you want to buy the particular property you have your eyes on. Is it because you want to sell it, rent it, make it an investment or do you want to live in it yourself? Know this before you make any kind of a decision. Then decide when you are planning to move in or explore the different options if you are going to give it up for rent. In case you wish to resell the property, know about the possible tax implications – there is funding (in the form of NRE account) and repatriation of proceeds. You should almost always visit the particular property prior to purchase. While this is not mandatory, it is always advisable. You need to make yourself familiar with the surroundings and the property itself (especially if you are planning to stay in it yourself). It is important to know about the locality of you habitat. An example of such a popular property in Pune will be the Godrej Greens in Undri which is not just known for its location but also the myriad of amenities that come with it. So get yourself a good deal like this.
Secondly, you need to gather as much information you can on the builder or the developer of the property, as much as you can. Know about the construction quality, the time of delivery, transparency and flexibility of the work of the developers. Know about all the possible legal issues related to the builder, research about any kind of pending litigation or illegal activities undertaken by the builder in the past. A profile may seem clean from the outside but there is always some kind of dirt on everyone. Look at their websites and study on them, read their online discussions and blogs (if any), know about their dealings – how transparent they are with their customers, how they treat their customers, how flexibly they accommodate their customers and how well do they satisfy their customers. Another important thing to remember in this context is that see whether the company has any aliases, i.e. a dummy organization to get out of bad publicity, frauds, violations, etc.
Now comes the most important aspect of all – the property. You need to have your facts straight about the owner of the property, the litigations, etc. There should be no disputes as to the rights of the developer on the land. There should be proper corporation approval of the land. There can be other authorities involved as well such as – collector, gram panchayat, or any local authority. Next, get approved by banks for Home Loan. You can also apply for the Pradhan Mantri Awas Yojana (PMAY) with which you can get the survey of the property conducted ULBs absolutely free of cost. You can get an online registration done for this. The PMYA provides – Credit Linked Subsidy, Affordable Housing in Partnership and Subsidy for Beneficiary-led individual house construction/enhancement. Then know about the age of the property, the land status, how much open space is available, green aspects, etc. before going for it for good.