Hyderabad: The real estate sector in Hyderabad has been witnessing a steady rise. The developers and builders are coming up with many attractive residential apartments and ventures to cater the requirements of different sections.
Given various factors, many prospective property buyers feel this is the right time to invest either in flats or open plots to reap benefits in the long run.
Before buying a property, may it be a plot or a flat; there are some rules and regulations, document verifications and other such aspects that one should be aware of, and need to check to avoid any problems or legal issues in the future.
There are many factors that needs your attention and had to be cross-checked thoroughly as in most of the cases the buyers end up buying unauthorized or illegal plots or flats due to their lack of awareness about the regulations and the required approvals that are needed, says a senior official from Town Planning section of Greater Hyderabad Municipal Corporation.
The checklist varies for flats and plots. Right from approved layouts to the process involved in approving home loans, these programmes throw light on many factors, which help prospective buyers clear their doubts and apprehensions.
It is not just about checking the legal and other aspects including approval of layout by local municipality or competent authority, ceiling land or ownership by any government organization etc, need to be checked for.
Apart from financial loss, those rushing into picking property without proper check face the risk of wasting time and energy, and can even face legal action, if the plot does not have right approval from local municipality or competent authority.
To begin with, building permission is not sanctioned and one ends up having to shell out huge penalties and also face the prospects of there being no civic amenities. The financial institutions reject such properties and refuse to extend loans.
So, be wise before you buy a property, check with the authorities concerned, seek advice from experts and make sure you tick all the boxes before putting the money on your dream property.