The Demand Around Buying a Flat in Bengaluru:
Bangalore city attracts domestic and foreign investors who want to invest in real estate projects of different types, including residential, commercial, and industrial properties. Currently, there are significant infrastructure improvements, such as metro and road development, enhancing connectivity and making suburban areas more attractive for real estate investments.
There is high demand due to the increasing number of IT professionals in the city, as Bengaluru is a prominent IT destination. Real estate properties perform exceptionally well in areas like Whitefield, Koramangala, and Sarjapur Road. Bengaluru is one of the largest commercial real estate markets in India, with consistent demand for office space driven by the growth of tech parks and business districts such as Outer Ring Road and Electronic City.
Most developers are targeting affordable housing and living spaces for the emerging market of middle-income families. The introduction of RERA (Real Estate Regulation and Development Act) has improved customer confidence and increased transparency in the market.
Different Property Taxes:
House Tax: This can be referred to as property tax. Property taxes are levied on annual value, which varies by size, location, and other local amenities.
Land Tax: Landowners are charged for these taxes. The rates charged may differ based on the nature of land use, such as agricultural, commercial, or residential.
Property Transfer Tax: This is collected either when buying or selling a property and is normally calculated as a percentage of the transaction value. Stamp duty may also be payable.
Professional Tax: Not a property tax, professional workers owning property pay this tax depending on their income or business.
Development Charges: These are fees levied by local authorities for developing infrastructure in new or existing areas.
Betterment Charges: Charges applied on properties for the benefits conferred by public improvements, such as a new road or drainage.
Importance of Building Plans:
The building plan should be reviewed before buying a flat in Bangalore. It is crucial to check these plans as they provide detailed layouts and dimensions, helping you understand how the space will function.
Compliance with Regulation: The building plans ensure proper compliance with local building codes, guaranteeing that the property is lawful and safe for habitation.
Investment: Building plans assist buyers in predicting the resale value and marketability of the investment.
Customization: Buyers have the option to modify plans to meet their personal tastes and desires for the designed building.
Amenities Insight: Building plans reveal common facilities present in residential apartments and set expectations about the lifestyle.
Financial Planning: They allow for the estimation of construction and maintenance costs.
Conflict Resolution: Detailed plans serve as a guide for resolving conflicts related to boundaries and property layout.
Details Provided in a Building Plan:
Site Plan: This includes the whole plot, detailing boundaries, orientation, existing structures, and points of access. It also suggests landscaping and parking arrangements.
Floor Plans: These are detailed plans of each floor of the building, describing the arrangement and positioning of rooms, walls, doors, windows, and dimensions.
Elevations: These drawings or illustrations show the building from different viewpoints, outlining height, material design, and architectural features.
Sections: These help visualize cross-section views, describing the inner structure, including ceiling heights, various floors, and how different spaces interconnect.
Detailing: This includes detailed drawings and specifications for construction elements, like stairways, railings, window frames, and roof structures.
Electrical and Plumbing Layouts: These layouts show arrangements for electrical wiring, lighting, plumbing, drainage, heating, ventilation, and air-conditioning systems.
Specifications: Written specifications concerning materials, finishes, and construction methods.
Compliance Information: This document reflects adherence to local building codes, zoning regulations, and safety standards.
Structural Drawings: These details the structural framework, depicting foundation design and material usage.
Measures for Fire Safety: The plans reflect emergency exits, fire escape routes, and other fire safety measures as required by regulations.
What is a Sale Deed?
A sale deed is a document that formally transfers ownership of a property from the seller to the buyer. It’s evidence of the transaction and contains vital points such as:
The names and details of the buyer and seller.
A clear description of the property being sold, including boundaries and locations.
The agreed purchase price and payment terms.
A declaration indicating that the seller is transferring his rights and interest over that property to the buyer.
Signatures from both parties along with witnesses.
Importance of Encumbrance Certificate
It is proof that the property is free from any legal dues or claims and confirms that the person owning that property is the rightful owner.
The EC usually covers a specific period of time, normally the last 30 years, and can be obtained for any period required by the buyer or lender.
Encumbrance Certificates are essential when applying for a loan, as lenders require this proof before offering a loan. Without it, a loan cannot be granted to someone without property proof.
The buyer checks the EC with the registrar to ensure no pending claims have been registered against the property, which could eventually affect ownership.
Documents to Help in Ensuring a Smooth Home-Buying Process
1. Title Deed
Conduct a title search to ascertain whether there is no dispute or litigation surrounding the said property. It stamps the ownership of the property with the seller. Ensure that it is very readable and free of any encumbrances.
2. Sale Deed
This legal document is meant to transfer ownership from the seller to the buyer. It is used to verify authenticity and obtain a registered copy.
3. Encumbrance Certificate or EC
It confirms if the property holds no claims or liabilities against it.
4. No Objection Certificates (NOCs)
Required by the applicable authorities like a housing society or local government, stating no arrears or problems.
5. Occupancy Certificate (OC)
This certificate states that the property has been constructed according to the sanctioned plans and is fit for occupation.
6. Building Plan Approval
Check whether construction has been done according to the sanctioned plans of the local authority.
7. Share Certificate (for flats)
If selling through a cooperative housing society, ensure you find the share certificate that proves your membership.
8. Agreement to Sell
This is the document that outlines the terms and conditions of the sale before executing the final deed.
9. Identity Proofs of Seller
Ensure the seller’s identity is established to confirm that he is a legal owner.
Conclusion:
If you are on the lookout for buying a high-rise flat in Bangalore, look no further. Bud Realty’s leading real estate consultant can help you find your dream home that surpasses your expectations. We’ll guide you with details and assist you in finding a property that is worth your investment.
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