The Indian real estate sector is substantial, and it is expected to grow to a value of US$1 trillion by 2030 and contribute 13% to India’s GDP by 2025. It can be difficult to narrow down the broad market for investment apartments to one that is a good fit. You will be inundated with options as a homebuyer. You’ll also need to put in a lot of time researching the topic at hand and learning the relevant technical details.
In addition, being drawn to under-construction projects due to their financial potential is inevitable. The advantages of purchasing a property during the construction phase include low down payment requirements, large potential returns, a wider selection, and the prestige of being the building’s first owner. However, there are a few things you should verify before purchasing an apartment in Tirupati that is still in the development phase.
1. RERA Compliance
Inspecting the building’s RERA status is a must if you’re looking to invest in a new construction. If you stick to projects that have been given the green light by RERA, you can relax regarding the project’s completion date and the day you take possession of the finished product. The RERA website is a one-stop shop for any and all data pertaining to a project. In addition, you will be assured that the necessary permits and licences, such as those from the city, water department, and power company, have been obtained for the construction of the project.
2. Builder’s reputation
In addition to registering with RERA, you are required to conduct thorough research on the developer. It is absolutely necessary to look into the track record, financial disclosure, and previous projects that have been finished. These kinds of specifics will provide you with a notion of the project’s quality and its delivery. Always select top builders in Tirupati for the safety of your investment.
3. Title deed
Get the developer to hand over the title deeds and all the project paperwork so your attorney can review it. Due to the complexity of the situation, you should seek the advice of an attorney. Information such as permits for building on the land, titles, and seals from local governments should be obtained. You may wish to consult a lawyer at a later date to confirm the occupancy certificate. Legal verification of property is crucial.
4. RERA compliance
Purchasing Tirupati apartments at the pre-construction phase is a good investment. All properties that are currently in the building process must register with RERA. The buyers of properties that have been registered under RERA may be certain that the construction process will be open and that they will receive the completed project by the date specified in the registration documents.
4. Site visit
Multiple site visits after the paperwork is done will be helpful. The project’s amenities are calling your name, so head on over there right away. The services and amenities provided to you ought to correspond with the tasks at hand. In addition, you really ought to check out the area. In addition, you should verify any information provided by the builder on nearby planned amenities such as a market, school, hospital, shopping centre, or other types of commercial development. Your home’s future worth will be affected by all these factors.
5. The deadline
Some builders are suggesting a later target date for the project’s completion now that RERA is being put into effect. You can obtain an idea of when the project will be finished after visiting the site, but the timeline suggested by RERA should be used as a guide. If the completion date seems excessively far off, you should probably pass on the property while it’s still in the building stages.
6. Home loans
Check with well-known financial institutions to see if they are providing home loans for this type of construction. Before approving a loan, the banks will investigate the developer and the project. A home loan from a reputable bank will be readily available at a reasonable interest rate if you choose to invest in a project by a well-known builder.
The Bottom Line
There you have it. Keep these things in mind when you decide to invest in an under-construction apartment.
If you are looking for luxury flats for sale in Tirupati, Surakshaa Builders have an ongoing project – Kausthubham in Narayana Puram. It is a cluster of four towers each with 9 floors, ranging from 1145 Sft to 2750 Sft. Surakshaa Builders have successfully completed three projects before Kausthubham and they are – Brindavanam, Nandanam and Gokulam. For more details, please visit https://surakshaabuilders.in/kausthubam-a-gem-of-a-home/