“Online shopping is a market where you can visit without wearing a mask in today’s Covid19 situation”
So, in short, online portals are the safest places to be. Real estate is the best investment being done usually by the middle age or elderly age group. There have been various questions cropping up such as how you can buy a property online without visiting the apartment in person.“Times have changed & we also need to change with time.” Consistent growth is directly related to change. If you are not ready to mould yourself with the situation, you are bound to lose the race.
So, how to invest in real estate sitting at home
The answer to the above question is really simple. Let’s understand the procedure:
- Define your area: You should choose the area or locality where you intend to buy the property. You should list out the localities adjoining your determined location by using google maps. With google maps, you may be able to explore the markets, societies, hospitals, distances etc. in the designated area. For further knowledge, you may log into google maps via the following link as I am not writing a blog on google maps. https://www.google.com/maps.
- Define your requirement: Once you have chosen your area, you should define your requirement. Your requirement means what you actually intend to buy ready possession or under construction, residential or commercial, size of the property. For instance, if you wish to buy a residential property in Pune, would you prefer a 1bhk or 2bhk flat in ready possession or a 3bhk flat under construction. Similarly, are you looking for a shop or office as a commercial investment. You make take the guidance of a property consultant in case of any difficulties.
- Define your budget: Next step ahead is to define your budget. In slang, you may call it your pocket size. You can define your budget by simply using the home loan calculator tools available online. Few of the links are mentioned below:
Note, that home loan calculator tool is also available on most of the real estate developer's websites.
- Go online: The online property portals have made life very simple & some of them give you the experience which is equivalent to visiting a project site itself. Once you have gone online to any of the property portals, you just need to select your area, requirement & your budget. The portal shall give a list of all the available properties in that area. You can even compare properties directly through these portals. All details
about the project, the flat or office have been mentioned on these websites or apps. You can check the possession dates, developer’s details, locality, amenities specifications, costs, offers etc. on the website itself.
Some of the leading property portals in India are mentioned below:
- Select the project/property: Once you have shortlisted the projects, you may write them down on an excel sheet. Now make your own comparison. You should enlist the specifications, amenities, size, cost & the developer- these are the most important criteria's. You may visit the seller’s or developer’s project website & verify the same.
- Contact the seller: The next step is to contact the seller.
Once you contact the seller, verify all the details you have gathered from the property portals. In case there is any deviation, you must edit the same in your excel sheet. You may request the seller for the following details:
- Images of the project & locality
- Images of the apartment or office in discussion
- Current stage of construction
- Current stage of payments
- Other projects of the developer
- Architect of the project
- Type of construction
- Video call if possible from the project site.
- Project brochure
- Apartment or office cost sheet
- Location map
- Walk through or 3D view if any
- Virtual reality link if any
- Verifying with RERA: Thanks to the Real Estate Authority Act, the real estate market has become a transparent & a safe space to invest. So, I would not advise you to trust the portals or the seller blindly. You must go to the RERA website & cross check everything. Remember it’s your hard earned money.
- Negotiation: Now this is the most crucial stage. Here
everything depends on you, your skills & also your pocket. Deeper the pockets, better the negotiation.
- Documentation: Once you have negotiated, you must
keep everything in black & white on email as verbal communication doesn’t have any value.
- Payments: Post completion of all documentation, it’s important that you pay to the developer or seller via an online transfer to the registered firms account. It’s not advisable to make any personal transfers. Your property booking or deal shall be honored only if a monetary transaction has been completed.
- Receipt: Always ask for the booking receipt. The receipt should bear the payment details along with the details of the flat or office in discussion.
At any time during the process if you get stuck, it is highly advisable to seek help from a professional property consultant.
Remember Google is not God.
I chose to invest in today’s real estate market & reap profits in the long run. It’s your turn now.
- Always invest in a RERA registered property only.
- Hire RERA registered realtors/brokers/ property consultants only.
- Online purchase must be done with reputed developers only.
Most importantly STAY SAFE, STAY HOME & STAY HEALTHY.
Please like, share and give your comments on the blog.
You may feel free to write to me for any discussions about your
real estate investments.
Signing off for now.
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