Monday, 17 April 2017

Immovable Properties

Tips on purchase of immovable property:

A person requiring, selecting and investing money in purchase of an immovable property either for his self-occupation as House or for investment purpose or both, has to look into various aspects involved in the purchase of an immovable property.


· Civic amenities like park, school, police station, temples, community hall, hospitals, auditorium, should be available in that locality.

· Better road facilities will save more time to reach the place of work in time, though the location of the residence is far off.

· Generally, persons prefer to spend more time in their residences for rest, sleep and family interactions after their work. The location for the residential house should be free from air pollution and noise. Good environments including natural light and good ventilation will be an added advantage for health point of view.

· The residential area should not be located on the main roads, high-ways, heavy traffic flow. It should not be near the area of high tension wire. It should be preferably away from the railway line to avoid noise, away from burial ground, graveyard, or burning ghat or cremation centre. Besides, the location should not be in any low lying area to avoid water logging and inundation of water in case of torrential of water in case of torrential rains etc. also, it should be away from the lake, water tank, drainage and sewage water storing areas.

· The land should not be filled up clay soil and not prone to land-sliding. Availability of water supply, power supply, ground water and sanitary line should be ensured.

· Added to that; area inhabited by decent, educated and cultured people would be gifted advantage.

Vaastu Aspects:

Belief in Vaastu concept varies from person to person. Better select an immovable property as per the Vaastu Shastra. This may yield good resale value, if decided later. Equally important is the selection of a rectangle or square site and direction wise, better to select North and East, as generally people do so.

Financial Aspects:

In the sky-rocketing real estate price both in urban and suburban areas and mushroom growth of apartment culture in and around Cities, being sold at exorbitant price, nowadays, a person may not afford to purchase a good property at a reasonable rate. It is always advisable to select a property to suit their budget, otherwise they have to face a lot of problems and their income will go to repayment of the principal and the interest only. Nowadays, Bank finance/loan is easily available for long term i.e., 15 to 20 years subject to fulfilling their terms and conditions. Instead of purchasing 30 x 40’ site with Ground + 2 upper floors, a person can purchase 60 ‘ x 40’ site and construct only ground floor with further provisions to construct additional floors suiting to their requirement and budget at later stage.

Instead of purchasing an immovable property in an isolated area, it is better to select it an area having good road facility and public transport system which would be convenient for up and own traveling to work’s spot and back home and also helpful for the school going children. If you purchase a property in an isolated area, it is dangerous to lead life.

Legal Requirements:

Buying a property with complicated title is like ‘paying the money and buying a headache’. Anybody offers a property at a cheaper rate than a market value, you should be very careful. Generally, the Owner of Property with complicated title, either himself or through his Agents/brokers pesters to buy his property at a cheaper rate at short notice. It is not advisable to purchase any property in a hurried manner. It is always better to subject all the documents shown to rigorous scrutiny, verification and seeking Expert’s opinion to ensure marketable title of the immovable property. In the process, proper and reasonable time need to be given for Legal Scrutiny and opinion. Upon such advices by Advocates, further efforts should be made to verify various records in the concerned Government Departments.

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