10 things to check before buying a Property in Mohali
Important things to check before buying a property
Popular for its lush green surroundings, New IT Hub and off-course for Chandigarh International Airport, Mohali, the beautiful part of Tricity- Chandigarh hypnotizes everyone with its unrivaled blend of history, innovation and green environs. With a fast development as an IT center of the state and having numerous global sporting ventures, Mohali brings a promising and alluring experience for every individual who steps in this fabulous city.
With its booming popularity, Mohali has become the fastest growing Tier-II cities in India. One The main reasons behind this fast development incorporate ease of connectivity to National Highways, close proximity to the city beautiful Chandigarh, booming IT Park Mohali, high-living standards and variety of investment options in residential as well as commercial sectors. The Greater Mohali Area Development Authority (GMADA) Mohali has also been putting effort along with the collaboration of the state government for the further development of the Mohali city.
So, if you are looking for best place to buy property in Mohali, you should do an in-depth research for new property investment.
Check out the below-mentioned top 10 things to consider before buying a property in Mohali in order to take the right decision:
1. Location and Hassle-Free Connectivity
Finding the right location for your dream property lets you enjoy a well-balanced and convenient lifestyle. Vicinity to offices, schools, hospitals, daily grocery stores, lush greeneries, picturesque environs, and neighborhood status matters the most when it comes to evaluating the property price.
Close proximity to IT hubs, educational centers, airports, malls, local transportation, and natural farms boost your status as well as your lifestyle. So, make sure, you choose the property in Mohali at a prime location, check the property development prospects in the future and take care of all these places proximity from your next property investment in order to ensure a hassle-free reach to every place on day to day basis.
2. Thoroughly Check Developer’s Background Status
If you are planning to buy property in Mohali for the first time, then you have to do more groundwork to make the right decision in terms of property investment. There is an innumerable range of residential and commercial property options available in Mohali, Chandigarh, so, don’t worry, you will never have a shortage of good property options.
But, a variety of property options always brings more confusion. So, do proper research in that area about that developer before buying the property. Don’t take any decision in haste because the property is the most expensive decision of one’s life. Do not go ahead without detailed background verification of the property developer you have marked shortlisted.
Check his past and ongoing projects. Ask reviews from their past clients. Check their reviews & ratings on their social media handles. Also, find out whether they provide construction updates on a regular basis or not. Create a detailed comparison of everything among different properties. Your thorough research will bring fruitful results and help you make the more informed decision to buy a property in Mohali.
3. Invest in RERA Project only
Selecting the RERA approved properties in Mohali will make your further journey smooth and hassle-free. With the Real Estate Regulation Act (RERA), you will be ensured about the smooth and on-time project delivery. With the RERA act, now builders could not transfer hard-earned money of buyers to their other projects. So, make sure you buy property in a RERA registered project only as this is the most important credibility and trust factor of the developer.
4. Check Project Approval and Licenses
Once you shortlist a one from RERA registered projects in Mohali, go ahead for a thorough check on the developer’s property paperwork. It starts from project commencement certificate, the title of the property and approvals of building plans, environmental clearance, and more. Also, request developer for the land title status to check whether the builder has bought the land or just has development rights on the property.
Here is a checklist of documents to be check while buying a property in Mohali:
a. Title Deed
To check if the developer has full right on the property or not.
b. Verify land use
Thoroughly understand and check the land-use zone according to the city master plan for the property you’re going to buy. The master plan will be available with the local body office of Mohali; you can get it from there.
c. Release Certificate
If you are buying a resale property, check there is no pending bank loan pledged on that property. In such a case, you should get a release certificate from the bank to ensure the loan on the land has been reimbursed. Also, check the Encumbrance Certificate to verify that the land is liberated from all legal dues.
d. Approvals by Local Body
Make sure that the project has approved by the local body and development corporation of the city.
e. Property Tax Receipts
While buying a resale property, ask for the previous property tax receipts and other bills to ensure there are no pending dues on the property.
5. Understand the Size of the Property
This is a major bone of conflict. Developers try to trick buyers by touting the super area of the property. Make sure you understand in advance that what is the carpet area of the property? Ask your builder for the area size break-up including the carpet area and super built-up area. Where super area incorporates the common facilities utilized by all residents such as corridors, stairs, lifts, lobby, etc and the carpet area is the area your property covers. This also incorporates the area covered by walls and storage places. So, understand that you will actually get only the carpet area, which ranges between 60-65% of the super area.
6. Ample Parking Space
You know what; parking space is one of the most significant factors when it comes to knowing the things to keep in mind while buying a property in Mohali. You should keep a check at the on-site project for parking space to avoid any day to day hassles in the future. Check out the appropriate parking allotment and ask for covered parking only as open parking can cause conflicts and harm to your vehicles in the long run!
7. Check the Construction Quality
When buying an under-construction property in Mohali, make sure you go for site visits on a regular basis to check out the construction quality. Also, contact with their past buyers to get the idea of whether they faced any issues with the construction, water, or other essentials. This second opinion is always necessary while investing in a property.
8. Confirm the banks associated with the Project
As we know, not every real estate projects could be crafted on cash. Several builders have to complete their projects in association with the financer banks. So, once you select your desired property and confirm that all approvals and licenses, figure out which banks are already associated with the project and you can contact them also to get the loan at the lowest rate of interest.
9. Check Right Payment Plan
Nowadays, there are several payment plans available in the real estate market such as a Flexi-payment plan, a down-payment plan, a possession-linked plan, a construction-linked plan, etc. The developer offers various payment, rental, possession schemes, but all in all, there is no guarantee of them.
10. Assess the Probable Resale Value
If you have an investment agenda in property purchase if you want good resale value for your buying property in Mohali. Then, your agenda can become successful when you choose the right location, because only the right location can boost the property value in the upcoming years. So, you must evaluate and confirm the future development prospects of that area from property experts to assess the probable resale value.
Final Thoughts
All-in-all the decision to buy the property is completely yours. You know better what suits you the best. Therefore, once you plan to buy a property in Mohali, make sure you consider all these facts. Keep these things mentioned above in mind and do not lure by any random option without completely verifying all these things. The right property buying decision is always necessary for a fruitful and convenient future ahead.
We hope this blog can help you understand what is the step by step process for buying a property in Mohali? You will be able to get any these issues fixed ahead of time and also re-negotiate price and prevent yourself from a dead investment.
Written by: Neha Rampal
