Those who have accumulated money to buy their first dream home understand how PRICE makes the primary decision factor. The first step begins with setting the budget for the home. You might gain a figure of how much you are going to spend on it. Once you step into hunting for your ideal home, make a list of properties in Hyderabad along with the price. You can search and get project & contact details from many sources, such as real estate listing websites, mobile apps and newspaper listings. All this can be done at your own leisure. Don't be hesitant to ask the builder for the best and most genuine price he can offer the home for.

Here comes the cautious part. Give your utmost attention while knowing about the size of properties in Hyderabad. The super built-up area is typically the whole area, including all shafts, elevator space, stairs, wall thickness, and other features. However, the carpet area is the actual space within the flat's walls. This area may be 20%-30% less than the built-up area or the area taken into account when determining the property prices in Hyderabad. When two owners share a floor, they may split the cost of the common areas. A big thanks to the RERA Act; now there is a standard formula to calculate carpet area all over India.

Don't forget to take a tour of the neighborhood where you will eventually be living. Exploring the nearby facilities, physical infrastructure, connectivity and accessibility to all essential locations is crucial. Once you have figured out these elements, you and your family live peacefully at your home. As well, families residing in the apartment should feel somewhat safe and secure because of the location of the apartment. Make sure that you have proper security and surveillance needed for your protection and safety. Finally, make a thorough investigation of the anti-social elements in the localities.

As we have discussed earlier about the property pricing factor. We want to ensure that you get this straight and are confident about making a financial decision towards your home buying journey.

The money you pay upfront to counterbalance the amount required as processed for a loan. For example, the utmost 80% of the total cost of a property might get covered with a home loan, but the remaining 20% has to be paid as a down payment. You can split that into two forms, such as

CIBIL, Equifax, Experian, and CRIF High Mark are four official credit bureaus in India that offer a credit score for Loan eligibility. CIBIL is the most prefered among the four of them. A CIBIL score of 700 to 900 is enough for your home loan approval. As you go higher with the CIBIL score of 700, you have more chances to get approximately 70% of the total cost of the property as a home loan.

Debt-to-income ratios are determined by the credit bureaus based on aspects such as repayment capacity, income, existing home loans or debts and age of the loan applicant. The home loan rates come at varying interest rates from bank to bank. The tenure that you choose might also influence the interest rates.

Due to the RERA Act, the money deposited by the builder has to be maintained in separate accounts for buyers' and investors' money in the bank. These banks themselves would offer you loan facilities. According to the rules implied, developers and builders cannot lure you for more than 10% of the property's cost.

The moment you make a purchase for your home, don't be stingy and buy yourself property insurance. It would safeguard you in future from your loss of certain damages. It resembles a saying, "Prevention is better than cure". You can choose from various types of home insurance policies with varying levels of protection. It would hold a significant value while thinking of property mortgages.

Every person has to incur additional costs after purchasing a home. These costs include stamp duty, GST, furnishing, Registration Fee, home interior, parking space, brokerage fees (if any) and advance maintenance charge. The buyer must pay all these additional costs to acquire the property during the purchase.

Earlier numerous state laws prohibited non-agriculturists from purchasing agricultural property. However, firstly conversion of property for non-agricultural use gains essential relevance due to growing urbanization and consolidation of revenue lands with urban conglomerates. Second, the buyer has to ensure the land is developed in line with the zoning plan, which may include residential, commercial, industrial, public/semi-public, parks and open spaces, etc., by looking through the Master Plan. Third, it is necessary to acquire directives from the Town Planning Authority authorizing changes to land use where actual usage differs from the notified zoning. So keep in mind to verify these items before purchasing land.

You can book the apartment or home of your choice by paying a nominal fee; in exchange, you will receive an allocation letter. The remaining sum is then agreed upon in a tripartite agreement between the buyer, the bank, and the builder. Before signing this agreement, one should carefully read and understand it. All provisions must be understood, and any questions should be brought up immediately. 

According to Section 13 (2) of the law, the builder-buyer agreement must include every detail, leaving little room for doubt regarding the builder's obligations.

People purchase homes with strong emotions and the definite intention of living there for the rest of their lives. But things won't always stay the same. When selling a home for whatever reason, even upgrading to a better home in the future, the owner should receive a healthy return on his investment. Therefore, buying a house with solid resale potential is absolutely necessary.

A home should have the potential to be rented out. With this rate of inflation and demand for housing, there would be negligible chances of a price dip for the property. If one intends to rent it out, they need to be able to earn a respectable rental income. Therefore, when you buy a house, you should also consider its position concerning essential requirements and a well-developed infrastructure.

Under the RERA Act, developers must register their projects with the HMDA department, an urban planning agency of Hyderabad. It is recommended for a buyer who plans to purchase a property in a development covered by the RERA to confirm that the property has been registered with the agency. Information on cases, complaints, and any defaults by the project developer is also published on each state's official RERA web page. This information helps buyers make educated decisions by giving them vital insight into the developer's trustworthiness and the project.

Buyers should be aware that to do monetary exchange lawfully, the law requires that all real estate agents register with the state's RERA approval. Therefore, only engaging a property broker after getting confirmation of his RERA registration. Also, keep in mind that agents must regularly renew their RERA registrations. Therefore, make sure you are speaking with the correct individual. Finally, a noteworthy trait of having a regulatory body is that it mandates a standard operating procedure and penalises offenders.

Advantages of RERA

• Standardization of Carpet Area

• Lowered the risk of bankruptcy of the builder

• Only 10% Advance payment acceptance

• Buyer's Rights in case of Builders Defaulting

• Builder Liable to pay Interest in case of Default

• RTI (Right To Information)

• Grievance Redressal Agent

One of the most essential aspects that no one should miss while purchasing flats in Hyderabad. Below we have mentioned a list of documents that the buyer must inspect. You can make a checklist of the below essential documents before purchasing flats in Hyderabad.

• The Sale Deed/ Absolute sale deed and title deed

• Agreement to sell

• Title search and report

• Khata certificate

• Receipt of property tax

• Encumbrance certificate

• Occupancy certificate

• Statement from the bank if loan outstanding

• Non-objection certificates

• Sanctioned building plan by statutory authority/ Building Approval Plan

• Power of Attorney

A new way of integrated land records management system was implemented by the Government of Telangana. It was introduced by the Revenue Department of Telangana. A single platform/ portal for land registration and administration service under one roof, making it more accessible as efficient and effective governance. 

The portal's objective was to make a transparent system for land-related revenue and registration services accessible to the proprietary owner. The speciality is that you don't have to pay a penny to register on the Telangana Dharani Portal.

Benefits of the Dharani portal

• Land administration via workflow automation with timelines.

• Clear & transparent documents and data.

• Single window land records management system.

• The automatic trigger for mutation after registration or based on a request from the department or the citizens.

• Textual and Spatial data through GIS tools.

Undoubtedly, one of the best and safest investments in real estate. It cannot become lost because it is a physical asset. One might expect to receive high returns from this asset over time, but we at Homefleet feel that it is crucial to learn about a few factors before investing or making plans to purchase a house. Self-help is the most proper form of assistance. Thus it is essential to educate yourself on the property you are considering investing in to prevent future regret.