Bank loan documents and process while buying a property in Rajasthan

admin — Sat, 27 May 2023 15:39:38 +0000

Investing in a property is a significant decision and it is crucial to understand the legal, ethical and government requirements that come with it. A detailed understanding helps you avoid any last-minute challenges or risks, provided that you have all your documents in place.

Buying real estate in Rajasthan requires you to have several documents and adhere to many checks and procedures to ensure a seamless transaction. And while you may be aware of a few, we tend to overlook others thinking they aren’t as important. Yet, it is essential to understand the role each document plays and how important it could be.

We’ve curated a list of all the agreements, certificates, deeds, etc you will need to buy real in Rajasthan.

1. Title deed: The first and perhaps the most important document that the authorities verify is a title deed – a document that claims the ownership of the property. While drafting your deed, please ensure that the property seller has mentioned a clear title of the property and that there are no obstacles on the property like mortgages, liens, etc.

2. Sale agreement: A sale agreement is the second most important document you need once your deed has been verified. This document highlights the T&Cs of the sale like the price of the property, payment terms, possession date, etc.

3. Registration: You need to register the sale agreement with the local sub-registrar’s office in order to make the transaction legally binding. For this, you’ll have to pay a stamp duty and registration fees as per the property’s total monetary value.

4. No Objection Certificate (NOC): It is important to procure an NOC from the town planning department like the Jaipur Development Authority (JDA) for the other relevant authorities if the property is located in a development area. This would ensure you have a hassle-free buying experience.

5. Encumbrance Certificate: The word ‘encumbrance’ means obstacles. And an encumbrance certificate basically ensures that the property you’re purchasing is free of any legal or financial liabilities or hindrances like mortgages, etc. You can get an encumbrance certificate from the registrar’s desk before initiating the sale.

6. Power of Attorney: If the buyer or seller is unable to be physically present during the sale, a power of attorney can be granted to a representative to act on their behalf.

7. Completion certificate: Should the property be new construction, it is advised to get a completion certificate from the local authorities to confirm that the construction has been completed while adhering to all regulations and standards.

All in all, the decision of buying real estate in Rajasthan is a profitable one but you must have all the documents and adhere to the necessary processes for a stress-free transaction. It is also indispensable to seek guidance from an efficient and experienced real estate agent, constructor and lawyer to avoid any issues.

At GBG, we explain these processes and any other requirements to you with transparency to ensure you have the best-in-class investing experience. We understand buying a property can be a huge leap and having inhibitions is only normal.

Thus, our team of experienced and learned advisors guides you through the entire process – be it with the finances involved, documents needed, important questions you must ask, clearing your doubts and looking at your other prospective investments.
And if you’re buying property for commercial purposes like an office or factory development, the team walks you through minute details like any commercial taxes involved, etc.

In a nutshell, GBG Colonizers ensures you have a seamless, effective and hassle-free property-buying experience to make your big leaps special.

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Why you should visit a property before buying it

admin — Sat, 27 May 2023 15:37:54 +0000

Be it a new office complex that’s under construction or a residential area in the making, it is always advised to visit and explore the property before you make the big investment. There are many benefits of site visitations that we tend to overlook against the beautiful pictures in brochures and tall claims made by the builders.

For starters, it is good practice to be on site before signing the cheque to ensure that all the amenities you’ve been promised by the builder such as parks, gymnasium, sauna, club, pool, common room, games room, car parks, lounge, conference area, etc are up to the mark.

Next up, visiting in person gives you a sense of the proximity of your home to your kids’ school, the city centre, highways, shopping malls, your office, the hospital, gas stations and other major areas of connectivity. This comes in handy when you first relocate and want an idea of how to commute.

And as they, “Love your neighbour like thyself.” Visiting the property also gives you an opportunity to familiarise yourself with the surroundings and your potential neighbours. This helps you to get a sense of community in the area you might call your home one day. And if it is for a business, you could see the kind of trades and businesses prominent in the area and if could lead to potential business deals or collaborations in the future.

Moreover, you can monitor the progress of the property and gauge if it would be ready by the time you’ve been guaranteed possession. You could also ask the builder if there’s room for customisation in bedrooms, kitchen, living room, dining area, balcony, patio, etc to bring your perfect dream home to life.

You could also resolve any queries about colony rules, inviting guests over, guest parking, community meetings, building secretary and management, security, fire alarms, etc. with your builder.

And while discussing finances can be difficult, it can raise added ambiguity when you haven’t checked out the place and have no idea where your money is being spent. Site tours in this scenario help you ask the realtor the difficult questions about electricity charges, maintenance, water bill, PLC, floor rise cost, property tax and any additional costs.

Since nothing supersedes quality, you can check if the plaster of the walls, the finesse of the woodwork, the carving in the false ceilings, the security and maintenance of the building, etc are all nothing short of perfect.

And when you’re convinced this is the place to be, the property to invest in and your next big move, sign that cheque and give yourself the gift of a lifetime.

At GBG, we are committed to giving you a seamless property buying experience – be it for the home of your dreams, office space for you and your colleagues or profitably investing in a project that keeps growing.

You can also follow us on Instagram at thegbgcolonizers to get an understanding of our projects. Feel free to DM us there for appointments.
Explore our website to see the township, residential and commercial properties we’re working on now and write to us at hr.gbgcolonizers@gmail.com to visit one of our ready or under-construction developments to get an idea for your next investment. From residential colonies and villas to independent projects, we have an array of developments you can explore and put your money in the right place.

After all, if you don’t go, you would never know.

The post Why you should visit a property before buying it appeared first on GBG Colonizers.