Factors to consider before making property investment in Jaipur
If you have read the last two days’ newspaper, you might have got goose bumps while reading the headlines that say– “The Jaipur Municipal Corporation (JMC) is running its enforcement drive in Barkat Nagar market to demolish shops, in compliance with the Rajasthan High Court order.”
Don’t you think this would be heart breaking for the people who are the victims of this? However, the same thing can happen to any of us, if we don’t abide by the rules laid down by the authorities while buying any property in Jaipur or other places.
The incentives attached with buying a property such as attractive rates along with low interest rates on housing loans and tax benefits make property investment a good value proposition for investors. But, never fall for such traps if you are doubtful about the property or if is is unapproved.
However, majority of property buyers prefer buying a plot for the purpose of investment as well as constructing a home. As the demand for residential land is rising day-by-day, investing in a plot can be a rewarding investment seeing the soaring real estate prices.
Although, the apartment culture has captivated almost all metro cities such as Bangalore, Hyderabad, Chennai, Mumbai, Delhi-NCR, Ahmedabad, and Kolkata. But in cities like Jaipur, where people still believe in owning their own independent house, plots are still in high demand. However, one cannot deny the fact that the culture of buying flats in Jaipur and other two-tier cities is on an upsurge now-a-days.
Following are some key factors to be considered before making any property investment in Jaipur.
a) Check whether the seller owns the land and he/she has the full right to sell the concerned property. You can find this out by seeing the title deed of the property you are planning to purchase. It is advisable to examine the original deed by a professional lawyer.
b) Before making any property investment, it is vital to confirm that the land does not have any legal dues related to its past. A buyer can obtain a certificate called encumbrance certificate from the sub registrar office where the deed has been registered. The said certificate states if there is any legal dues and complaints in relation to the land.
c) Confirm that the layout has been approved by the Jaipur Development Authority (JDA).
d) Determine if the plot of land has the necessary infrastructure to be used for a residential purpose.
e) Check whether the adjoining or adjacent road of the plot has been maintained by the local body or has been handed over to the local body.
f) Verify the land-used is as per the master plan approved by JDA at the time of buying flats in Jaipur.
Whatsoever your choice is, whether you want to buy a property in Jaipur or want to invest in flats, you must adhere to factors mentioned above and make sure that you are dealing with the owner of the property and investing in a plot or project sanctioned by Town planning department i.e. JDA for Jaipur city investments.
