August 07, 2017
The real estate sector in Bangalore is one of the most thriving markets in India. All types of real estate properties that cater to the varying needs of the different segments of society are provided by a host of builders and developers in Bangalore. Buying property in Bangalore may seem easy as there is a constant supply of fresh projects in the city. However, extreme caution is needed in choosing the right property. Here are 5 major mistakes that most buyers make and the ways to avoid them.
1. Unapproved properties
Buying unapproved plots and buildings can lead to legal hassles. Each area in Bangalore has a licensing authority that approves building plans and layout plans for land. For instance, if you have plans to buy plots or apartments in Kanakapura Road, the properties must have approval from Bangalore Development Authority (BDA). Different areas come under the jurisdiction of the local planning authority in that area which gives approval for development. Make sure that the property you buy has the proper licences from the authorities concerned.
2. Unauthorised agents
Real estate agents and service providers are plenty in Bangalore. Many buyers hire agents without any credentials only to save a few thousands in terms of commission to agents. This can result in scams and fraud. While it is not always easy to get the best in the market, you can at least make sure that the person or agency you hire has some verifiable credentials. In Bangalore real estate agents are accredited by Bangalore Realtors Association India (BRAI). Such a licence ensures professionalism and transparency in the services the agents provide. This accreditation also gives a safe platform for the customers to air their grievances regarding the services of an agent to a reliable authority. All India Real Estate Agents Association (AIREAA) membership also is a promise of dependability.
3. Wrong location
One of the greatest mistakes that most people make is to choose a location just because it costs less. In a city like Bangalore where daily commute is a major issue due to high degree of traffic, people would prefer to live closer to their work places or educational institutions of their children. For a person working in Electronic City, affordable flats in Kanakapura Road provide more ease of access to his office than those in Yelahanka.
4. Lack of research
A thorough research is needed to find the right property. Property dealers may try to lure the customer with attractive deals and incentives. Knowledge of the market trends is essential to put you in a better position for negotiations. Visit as many realty sites as possible to get a clear idea about price trends, regulations, features, and other properties in the same location with similar features. Also communicate with the previous customers to get the past history of the dealer or builder.
5. No idea about neighbourhood
Many buyers select a property without paying any attention to the type of neighbourhood they have. It is essential to know who your neighbours are, what they do, what their social connections are, etc. for a better understanding of the environment in which you are going to live. It is also important to check the physical infrastructure and amenities of the area before you invest in a property.