Real estate has always been a talking point in Vizag. From emerging as one of the most promising cities in the country to recently being announced as the state’s executive capital, Vizag has witnessed several factors that influence the real estate boom over the past years. However, the buyers must make a note of a few aspects before zeroing in on a property.
Among several factors, verifying Real Estate Regulatory Authority (RERA) approval remains one of the most important checkpoints. “Buyers must check for RERA approval, which can be looked upon as a second layer of security after municipal approval. RERA approval will not protect the buyers from any delays in the project but also take care of other issues that might see light as time progresses. People also need to be mindful of the developer’s credibility,” shares Navin Sunkara, Managing Director of Fame Realty.
Sharing his input on whether buyers need to regularly need to monitor their purchased sites, Mr Sunkara says, “If the site belongs to a verified and approved layout, then the need for frequent checking is minimised. However, in case of a standalone or an unverified site, buyers must be vigil and keep monitoring it frequently.”
From verifying the authenticity of the seller to checking the approvals of the site, here are six basic things that buyers of real estate in Vizag should keep in mind before investing.
1. Clear Title:
Check whether the name and title of the land are clearly in the name of the seller.
2. RERA compliance:
When purchasing through developers, ensure that their project is registered with RERA. Verify that all provisions have been complied with. Examine the details of the registered title document and its chain and check all technical terms. Clear all doubts before leaping forward and signing on the dotted line.
3. Registered sale deed:
Buy property only through a registered sale deed. This is the most trusted way to establish that documents are genuine.
4. Make your payments through the right channels:
Use only through cheques/DDs or use online payment in the owner’s name so that you can show genuine proof of purchase.
5. Look for approvals:
Check that the layout plan is approved by municipal authorities and allows for infrastructure facilities too.
6. Other aspects:
Check for legal troubles if any, approval of building plan, taxation, and NOC from the lender. Update yourself with all payment receipts, tax payments receipts of Water/TNEB/Property/Corporation/Municipality/Revenue & other taxes, etc.
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