Guidelines for Every Buyer of New Residential Ventures in Hyderabad

Buying a home is one of the most crucial decisions of one’s lifetime. Each of us wants to ensure that no stone is left unturned when it comes to selecting the best property or deal while selecting the dream home for our loved ones, like the New Residential Ventures in Hyderabad. 

However, the home buying process has many aspects, and overlooking even one might not prove to be a wise choice in the long run. Find below a few guidelines every home buyer must follow before finalizing the deal.

Step 1: The documentation

The hectic paperwork might sound like a nightmare, but it is necessary. Here’s a list of documents you must ask for from the seller.

• Encumbrance certificate: This document is essential to determine if the plot is free from the legal dispute. You can get it from the sub-registrar’s office, where the Sale Deed of the land has been registered. You can take EC for the last 15 years.
• Release certificate: A release certificate is only valid while buying a resale property. This is to ensure that the seller has cleared all the loans (if any) taken for the property. The bank issues release certificates, which come quickly if the plot is legal. 
• Tax receipts and bills: Unless you want to be on the wrong notice of the government taxes, make sure to collect the original invoices and tax receipts from the seller. 
• NA (Non-Agricultural) order: Did you know that all of India’s land is agricultural unless designated for other purposes by the government? Thus, to carry out any New Residential Ventures in Hyderabad activity, one must first convert the land to non-agricultural land (NA). 
• Title Deed: This document ensures that the seller has undisputed legal ownership of the land. Do not accept a photocopy of the deed. Once you receive the original title deed, examine it thoroughly. The land must be in the name of the seller. Next, check whether the seller has full rights to sell the ground and that he is the sole owner of it. 

Step 2: The ground-work

After the paperwork, it’s time to check the ground realities. Measure the land. The first step is to check the dimensions of the plot. Then check if the FSI (Floor Space Index) of the land is the same as that is written on the papers. Also, check if the extent of the construction allows you to use 100% of the space or something less. 

Step 3: The Actual Process

After Step 1 and Step 2, you need to arrange the documents that you, as a buyer, should have for registration. These include:

Sale Agreement: 

• Agreed cost of the land between seller and buyer

• The buyer gives the advance amount

• The period in which the actual sale should take place

Title Deed: The next step is to get the Title Deed written by a government-licensed document writer. Get the receipt from payment of stamp duty.

The Registration Charges

The last step includes registration; you must pay stamp duty charges, registration fees, and document writer’s fees.

Summary

Considering the above factors will ensure that your investment will be a logical income-earning decision. Now that you have learned the ways of purchasing a New Residential Venture in Hyderabad start growing your assets.