Study the property market thoroughly before sealing the deal. After all, your lifetime savings are at stake.
With land a scarce commodity these days, a lot of time is spent in scouting for the best deal. Siddiq too took his time to evaluate the market rate and put all legal procedures in place before he bought land in HSR Layout.
“I bought a plot in Rajiv Gandhi Nagar, which abuts HSR Layout owing to its proximity to the IT core of the city. We started scouting for property in 2014 as we were looking to build a home for the family. We checked around Haralur Road, HSR Layout, BEML Layout, etc. The biggest hindrances were the exorbitant prices offered by brokers. Also, the legal authenticity of the documents was questionable,” says Razack.
He says it was a learning experience in terms of understanding the legal nuances of buying and selling property. “It was a revelation in terms of analysing the market value of properties in different locations and facilities they offered,” he says.
Rajiv Gandhi Nagar is well-connected to Hosur Road and the Outer Ring Road (ORR) with an easy access to parks, supermarkets, schools and other social infrastructural facilities.
“We bought the land for Rs 4500 per sqft. Currently, the rates are Rs 7000 per sqft. Apart from our savings and disposing off our other assets, we had to opt for a loan to buy the land and for the construction of the house. It wasn’t a smooth process due to the unending documentation process and high home loan interest rates,” he says.
Siddiq reiterates that the decision to buy the land was a sound investment given the locality’s proximity to integral roads connecting to the city and the IT hubs besides access to basic necessities.
The entire home-buying experience taught him to seal the deal with the original property owners instead of opting for any middlemen. “Choosing the right property is not only important, but also shapes the lives of your family members. Hence, you must study the market well before investing your life-long savings in a home,” he concludes.
Source: Times Property, The Times of India, Bengaluru