By : M.S.Yatnatti: Editor and Video Journalist Bangaluru : Look before you leap. As per news paper reports Bangaluru real estate is booming .There are nearly 500 residential projects underway in and around Bengaluru adding around 60,000 new units and this indicates huge construction activity happening in and around Bangaluru.. Once the buyer has decided on the location and his or her budget either through own funds or housing loan -care and caution have to be exercised. For, buying apartments and falts and homes and villas involves many intricate and complex issues. The Bengaluru real estate market is vibrant, with builders catering to all sections of the society with apartments and villas of varying categories -built up area ranging from 650 sqft to 10,000 sqft and price Rs 30 lakh to Rs 10 crore plus.
In case of many buyers All their hopes of having a dream home has been dashed to ground when they came face to face with un- ethical , un professional and murkier side of the few unscrupulous builders . There are some of the instances of their cheating with unsuspecting customers. Buyers should do their home work before buying anything from builders. Buyers should do complete research of the market and Google every builder and its website and do market research and compare price side by side with the quality parameters and take into account every conceivable item and prepare a project report.
My suggestion is, If you plan to buy a flat or plot always go for Bank loans (even if you have lots of money), when you take the loan route, the papers are legally checked by the bank and secondly, ensure there are minimum 4 - 5 banks offering loan for the apartment/residential colony.
Buyers need to verify the credentials and credibility of the builder, the quality of construction, facilities and amenities offered and Once the builder and the project are identified, ensure title clearance of the land -most litigations are on account of title issues resulting in incomplete projects . Pay a token advance to the builder and get the master file consisting of copies of the entire land documents and then independently get the `Title Search Report' (TSR) done. You can also get a detailed encumbrance certificate (EC) from the sub registrar office (SRO).prices of similar apartments in the area. Keep in mind the zoning clearances, water supply, parking space and litigations display boards, if any and do not jump into conclusion very fast .