HOW TO CHOOSE THE RIGHT PROPERTY ?
One should buy property in an area which has adequate basic amenities such as power supply, water ,sewerage etc. It is important to do your checks and balances while deeding on a project. Infrastructure in the area, connectivity, builder’s goodwill and price of the property are key components, which a buyer needs to take in to consideration. A buyer should also carefully check the builder’s experiences, knowledge, transparency, banking institution involved and present buy option available to suit your requirements. It is better to conduct a field survey and location preference.
In small cities, the appreciation is usually less but the initial investment compared to the metros is very less. However with major infrastructure developed cities like Indore, Bhubaneshwar, Noida, Gurugram, and few others are witnessing growth in prices as well as return. Always choose a city that has good economic drives such as it or manufacturing hubs, In this regards ,now Hazipur , Bhagalpur, Muzaffarpur, Darbhanga may be good option in Bihar. These cities ensure continue user interests for re-sale, when you want to exit an investment or for rental returns while you hold the property till it is well leveraged and give good returns.
It is always advisable to go for a reputed agent and developer, especially for property which is under construction. With builder having market standing you can be assured of the title an delivery. You may end up paying slightly higher. but it is worth the peace of mind.
In this era builder or broker having office address with RERA registration no. & having RERA registered under construction project be the way to choose right. However you should check the legal transparency and title details on your agreement. One should keep ethics, transparency and account ability.
There is a simple way of judging whether to buy a property or whether you should lease. If you find a house that you would like to stay in and which is close to your work place or easily accessible from there ,then buy it. But remember that the equated monthly installments (EMI) on your property should not be over 40 per cent of your monthly salary. That would be comfortable paying it back for you. You need 10-15 per cent of the cost as your personal contribution to the purchase as banks do not lend 100 per cent.
Now a days to verify a property not difficult really. you basically have to verify the property ownership paper. For this, you should check concerned authority website in Bihar, also all property related work done online, so all the data verify easily. You should check registered deed, mutation hold, in firm of land and for flat, You should check and verify on the RERA website, if property is under construction.
Ofcource yes, but verify all the papers first online and if possible prefer to visit site. For location preference. It is important that you or your relatives visit the site online via web-conference or video call and experience the brand before booking.
When a property is withheld by a person for more than three years, it results in long term capital gain(ITCG) on sale of that property, on which capital gain tax can be saved by investing that money in a residential property. When a property is withheld by a person for less than 36 months, it results in short term capital gain (STCG)on which tax can not be saved, STCGstcg is added to the income of a person and tax is calculated according to the slab rates of the income tax.
It you are planning to buy for self use in the future, then you should buy residential property and if it is for business, then go for commercial property.
Buying a small apartment unit in any project is an investment which gives reasonable returns on a small investment along with an opportunity of an increase in the capital value of these properties. Investment in such a property near any commercial space is likely to give good returns, a 1 BHK or 2 BHK property is always rented out easily.