Things You Must Consider Before Buying Property In Bengaluru

We at Bengaluru Properties believe that buying any kind of property is a significant step in one life, but we also like to emphasize that there is no one-size-fits-all approach, when it comes to buying properties. Especially in a diverse country like India, each city has its own set of rules and considerations.

Bengaluru is an absolute delight with a mix of contemporary skyscrapers and lush green natural spaces. Each neighborhood in the city has its own individuality, giving a variety of lifestyle options and amenities to suit any taste. Bengaluru is also a hot spot among real estate investors and end users and is fondly referred to as the Silicon Valley of India. In today’s blog, we will discover the things to consider before buying property in Bengaluru.

BUDGET

We often first go property hunting and then try to arrange our finances, but this method is not the correct approach. This can frequently dissuade you from achieving your home-buying objective or cause you to spend more than you can afford. Before you enter the real estate market, you must first establish a clear budget by reviewing your financial condition, income, savings, and any prospective loans you may require. Also, don’t forget to account for other additional costs associated with the property purchase, like registration fees, legal fees, stamp duty, and so on. Also charges for maintenance and upkeep should also be considered.

LOCATION

Finding the perfect location is the most crucial aspect of buying a property anywhere in India. Especially when it comes to a dynamic city like Bengaluru, which has so many promising neighborhoods to offer. As each neighborhood varies and has, it has its very own set of advantages, growth patterns, and amenities. Some localities might be tech hubs, while others may be pleasant outskirts. Before settling on a location, you should first determine your priorities. Furthermore, Bengaluru’s emerging metro route would make navigating the city much easier and these areas in proximity to the metro stations are growing in trend.

CHOOSING PROPERTY TYPE

Choosing the best property type in Bengaluru is an important choice that must take into account not just your budget, but also your lifestyle, future aspirations, and personal preferences. As Bengaluru’s real estate market is wide it offers you residential and commercial properties, where you have freedom to choose based on your needs and requirements.

Residential Property Types

Residential property simply means any type of property where you reside and it is for personal use. This includes flats, individual houses and plots. One of the popular residential option available in Bengaluru is apartments, it exudes the modern lifestyle and is perfect for professionals. But it may not be ideal for large families with children. So consider your goals and choose a property type that fits you, your family, and your budget.

Commercial Property

The commercial properties type includes office buildings, mixed-use developments, industrial spaces, retails, and hotels, that provide necessary space for business to operate. Comparatively commercial properties have strong return on investment. Explore commercial properties for sale in Bengaluru and enjoy the massive ROI.

FIND A CREDIBLE BUILDER

Before buying any property it’s very crucial to check and verify the reputation of the builder or developer. The reputation of the builder or developer is crucial. Examine their track record for finishing projects on schedule, utilizing high-quality materials, and complying with legal requirements. Also, you can check the credibility by checking top builders in Bengaluru. Another way to determine their responsibility is by checking completed projects and checking out the client’s reviews.

LEGAL DILIGENCE

Check that the property has a valid title and all relevant approvals from local authorities. This action will help you prevent future legal issues. Consult a legal expert or real estate lawyer to aid with the verification of all required papers. Below is a list of key documents:

Circle Rates:

A government-assessed minimum property value, that adds in the stamp duty and registration charges. It can be checked here: https://kaverionline.karnataka.gov.in/Layout/Layout

Khata document:

The Khata document is an important legal record that identifies a property within a municipality’s jurisdiction and validates the owner’s information. Check it here: https://sakala.kar.nic.in/online/login.aspx

Title Verification:

Perform a comprehensive title check to confirm that there are no disputes or encumbrances on the property.

Encumbrance Certificate:

The Encumbrance Certificate record confirms that the property is free of any legal or financial obligations, such as unpaid bills or mortgages. You can apply for an Encumbrance Certificate here: https://kaverionline.karnataka.gov.in/

Plan Approval:

Ensure that the builder has obtained the relevant permissions from the Bengaluru Development Authority [BDA] or Bruhat Bengaluru Mahanagara Palike [BBMP].

Occupancy Certificate:

It is issued by the local municipal government and certifies that the construction meets authorised plans and is ready for occupation.

Property Tax and NOC:

Inspect whether the property seller has settled all outstanding property tax dues and has received No Objection Certificates.

AVAILABLE AMENITIES

When you’re looking at residential projects, make sure to consider the amenities available within the community. Most residential complexes and gated communities in Bengaluru have a variety of facilities, including gyms, swimming pools, parks, and security systems. Some of the city’s luxury developments include world-class amenities such as a landscaped garden, badminton court, spa, kids play area, kids pool, tennis court, clubhouse, basketball court, sports court, party lawn, and more. It is critical to prioritize your demands and determine whether the amenities available match your lifestyle.

CHECK THE RESALE VALUE

Investing in real estate requires long-term thinking, thus it is critical to analyze the area’s past pricing patterns to determine the possibility of property gain. A property in a fast-growing area is likely to provide higher profits over time. Areas in Bengaluru such as Koramangala, Whitefield, and Electronic City have witnessed significant price growth due to the entry of international firms and tech giants, which has resulted in an increase in job prospects and accompanying demand for homes.

Along with the IT sector boom, other factors like infrastructure development, the Namma Metro project, road expansion projects, and improved connectivity have all played a crucial role in even making the outskirts easily accessible and attractive for both residential and commercial investments. While most Bengaluru areas provide high appreciation, it is important to consider the property’s resale potential. Consider location, connections, facilities, and the general demand in the region.

CHECK THE CONSTRUCTION QUALITY

Before finalizing the acquisition of a dwelling or house in Bengaluru, it is critical to undergo extensive inspections to confirm the property’s quality and safety. First, make sure that a soil test has been performed since this might lead to structural concerns. Examine the wall’s thickness and material quality, as well as the plaster and paint for roughness or cracking. Also, ensure that all safety elements, such as a broad stairwell for emergencies, are in place.

Purchasing property in Bengaluru, the renowned Garden City, requires careful planning and attention to detail. With a variety of choices, you can find the ideal property that suits your lifestyle and needs. Now that you're equipped with valuable insights, you're ready to make an informed and secure decision while property hunting in Bengaluru. Best of luck!