Need Legal Information on buying property in Hyderabad

Q: Hello guys, I am buying some property in Hyderabad and as this is my first property, I want to know some important things to keep in mind while buying property in Hyderabad. Please tell me.

Asif Khan, Hyderabad

5th February 2015

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Replies (12)

For under construction flats it’s very common for the builder to give possession of the flat once it’s occupation ready. But the amenities (if any) are given after long gap and hassles. My suggestion would be simply hold the money for the amenities part until it’s really completed.

Aman Khatri, Hyderabad

15th February 2015

Comment

New to this process but if you plan to sell the investment flats or homes in some short time you can save the registration money by holding a POA ( power of attorney ) in your name and save the investment on registration. So that, Later when you sell you can directly transfer the registry to buyer saving you a good amount. + in case of small town purchases, the more u bargain ( and more the upfront money ) more the price reduces.

Krishna Rao, Hyderabad

14th February 2015

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Other than flats /duplex which yield a return of 12-15% CAGR the land prices in tier 2 and tier 3 cities offer much higher and brisk return sometimes.Thus if you are looking to invest irrespective the location , small cities are a good option to consider.Moreover having been to all major cities and small towns , trust me that living conditions and resources are still much better in small towns with respect to electricity , basic cost of living , proper water and food availability.

Kamala Reddy, Hyderabad

14th February 2015

Comment

If this is your first property, then check on the property... Make sure that the agreement of sale is drafted as per the state’s Municipal Corporation.
The property should have a title certificate, Municipal Corporation approvals and a No Objection Certificate given by the MCD or any other authority.

Ramesh Gullapalli, Hyderabad

13th February 2015

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Keep an eye for hidden costs. Keep your eyes open for any hidden costs mentioned in the documents while signing the contract. Legally, the total actual cost of the house should be calculated by including the stamp duty as well as the registration charges.

Radha Reddy, Hyderabad

12th February 2015

Comment

The net EMI outflow should not exceed 35% of your net monthly take home, this will help reduce the stress level substantially and you will not fall for the EMI schemes.. Also set aside a contingency fund which can cover 6-8 months of EMI.

Suresh Kota, Hyderabad

11th February 2015

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In my view, Under Construction plan has a silent benefit which most people tend to neglect in their calculation. While the project is under construction, we are also drawing our salaries. Since the payments are construction linked, initial EMIs are quite low. This has an advantage. By the time we get the possession of the flat we would have easily saved more than 10 lacs (we are considering 3 yrs time frame), something which would have been difficult in the Ready to Occupy plan.

Ashok Sharma, Hyderabad

10th February 2015

Comment

Before you buy some property, Put max possible down payment beforehand. Otherwise Bank interests over long tenure will eat up all price appreciation of the property. Also do not keep EMI more than 40% of your salary, which is a safer option.

Siddarth Mamanthur, Hyderabad

9th February 2015

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If possible go for group booking since it gives you a negotiating power. Lots of IT guys do these now a days. Price appreciation was eaten up by interest on the loan amount. Also, keep in mind the rising cost of children education, your retirement funds. I suggest you do not go for huge percentage of loan amounts.

Shilpa Vydyula, Hyderabad

8th February 2015

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Yes, the Encumbrance Certificate, Most of us dont know about the Encumbrance certificate. Before buying the property, ensure that the owner has the encumbrance certificate. what this certificate does is it certificate ensures that that the property is not mortgaged. If the property is mortgaged and there are any pending dues, the owner is liable to finish them before selling the property. This certificate can be acquired from the sub registrar’s office.

Ashwin Aysola, Hyderabad

7th February 2015

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I agree, getting that approval from the particular Gram Panchayat or the Municipality is very important as this will avoid you from getting you into legal issues right after you have purchased the property. Nowadays, i am hearing a lot of complaints from people who have purchased land from the outskirts like Narsingi etc, which do not have any approval. Even though the properties that are purchased from the reputed builders can be a little costly, I think they are more reliable.

Nakul Rao, Hyderabad

6th February 2015

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Hey, it is really important to be careful when you are venturing in to the real estate business and it is better if you are clear of all the legal issues that can happen over the property. First of all. make sure that the property that you have bought has HMDA and/or GHMC approval, as the municipality is pretty strict about unauthorized properties and is terming the approval-less property as illegal.

Kamat Reddy, Hyderabad

5th February 2015

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