How to Choose the Right Builder in Lucknow

Best Real Estate Builder in Lucknow

Best Real Estate Builder in Lucknow

Building work is essential, has safety and legal aspects, and is time-consuming and costly if amateurs make mistakes. So it is vital to find a good builder, experienced in the work you require and offering clear competitive rates so you can select the best. But where do you start? Follow these tips and then select the top builders in Lucknow with the most prestigious award schemes.

Define your needs

While some builders construct a broad range of homes, many builders also specialize in a specific type of home, price range, or style. For example, not many firms build starter homes for first-time buyers and also multi-million dollar homes for affluent custom home buyers. The building materials, trade contractors and even the building process itself can differ greatly by type and price of home. Look for a fit here.

Experience counts

Every home building firm (including the most experienced and well-regarded companies today) once built their first home. And many new home building firms were started by experienced veterans of other builders. Don’t overly discount a new firm – especially if their team includes seasoned pros – but do look for strong experience overall and in the type of home you seek.

Reviews from past home buyers

Many builders offer customer references and referrals. If not, ask. And in either case, follow up. A few great questions to ask: Would you buy another home from this builder? Or recommend them to close friends or family? And don’t forget to ask for the key reasons why a past home buyer would or would not recommend a builder.

Is there a design fit?

A builder whose entire portfolio consists of contemporary homes may not be the best fit for that highly traditional home you seek – and vice-versa. While many builders have expertise in a variety of design styles and architectural details, in general, look for a builder whose work includes at least some examples of the style of home you want.

Resale Value

Good reputations follow good builders, among homeowners and Realtors. Look for builders whose homes tend to hold or maintain their value. Granted, the last few years saw some declines in home value, for one of the first times in history due to the market. So this is not an exact science, but where you see a builder’s homes maintain or increase in value, that’s a good sign. Also look for Realtor ads that specifically mention the name of a builder for a home for sale that’s now five or seven years old. That Realtor clearly sees the builder’s brand name as a big plus.

Tour model homes and/or homes this builder built for past buyers

Once you’ve narrowed down a list of prospective builders using the criteria above, this is the most important step. Nothing substitutes for touring a home built by a builder on your short list. It can be a furnished and decorated model home that’s open to the public. Or, it can be a home the builder constructed for a past buyer that you visit by appointment. In either case, pay careful attention to the look, feel and quality of the home.

Look for signs of quality

Look for signs of quality construction and attention to detail when you visit the homes above. Also consider the building products that a builder uses. Are they brands with well-earned reputations for quality? What about the homes under construction you passed on the way to the completed model home? Were there signs of care and attention there, as well?
Last, look for the quality of people who work for the builder: Did the builder’s employees show sincere interest in you and your needs? Did they listen carefully? Did they provide good answers to your questions? Were they courteous, prompt and professional in your interactions with them in the model home, sales center or builder’s office?

With the above mentioned steps, you’ll be well on your way to selecting a good builder who’s a good fit for you, your needs, and the new home you’ll build together.

Summary:
Finding the right and just builder is difficult but not impossible. All one needs to do is figure out certain check points and decide on those.

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Different Types of Ownerships to Consider when Looking for a Home

If you are a first time home buyer, starting your search for the ideal property can be a tough and overwhelming task. With a number of unfamiliar situations to navigate yourself through, the entire process can be a lot more intimidating than you imagined. To be able to work your way around the various technical and legal terminology, here is a great place to start.

Understanding the Different Types of Ownership

Before you start looking at new residential apartments in Lucknow it is important that you weigh your options. Understand that you as home seeker have two property ownership modes to choose from –

 Freehold Property
The more common of the two types of ownership, a freehold ownership is where the buyer essentially has complete legal rights over the property in question. This means that he has the right to transfer the ownership, sell the property or stay in it as per his own needs and whims.

 Leasehold Property
In this form of property ownership, one essentially only owns the building but does not own the land. Furthermore, the ownership of the property is for a pre-defined tenure that can go up to 99 years. At the end of the lease agreement period, the property ownership is transferred back to its original owner.

Which Option must I go for?
The freehold property option proves to be a much more practical investment option since you are securing the future for not only yourself for also your heirs. Furthermore, such property is also a lot more marketable in the real estate market, making it easier to sell, mortgage or rent out in the time of need.

Understanding the Transfer of Property

Furthermore, your leasehold residential apartment in Lucknow cannot be transferred as easily as one can transfer a freehold home. You will be expected to have a Power of Attorney for conducting any form of transaction. Furthermore, this power PoA ceases to exist when the seller or the owner passes away.

Enjoying Absolute Ownership

In case of a freehold property, the complete legal ownership of the apartment in question goes to the buyer. In the case of leasehold, the buyer is essentially a lessee and has extremely limited rights. Opting for a leasehold solution is ideal only if your requirement is a short-term one and you want easy access to a home for a limited period of time. Also, if you intend to delay your decision to buy a new home because of an unfavourable buyer’s market, you can temporarily consider opting for a leasehold ownership at a negotiated price.

Considering that the title is always absolute and clear, most real estate experts recommend that home buyers opt for the freehold property mode of ownership. This option tends to be a lot more stable and owners are able to enjoy the benefit of market appreciations in the long run. These properties are easier to sell, mortgage and maintain as standing security.

The Process of Registration of Immovable Property, Easily Explained

Whenever you buy an immovable piece of land or property, it is compulsory to register it under S. 17 of the Indian Registration Act, 1908. Registration should take place within the required number of days with the concerned authority, which may be the Sub-Registrar or the Sub-District Magistrate (SDM), depending on the state the property is situated in. With this, the legal ownership of the property and the consequences of such a title are granted to you.

Real Estate Companies India

The Registration Process:

Nowadays, this process pertaining to registration of immovable property has been greatly simplified. As it is now online in most states, it has led to increased transparency and extinction of middlemen, thus reducing costs. Interested parties can download the form from the website or approach the office of the relevant authority for forms.

Consequential Registration Expenses:

If you thought that the cost of purchasing property ends with settling the seller’s account, you were extremely mistaken. The entire process of registration burns a deep hole in your pocket. Therefore, set aside adequate funds for these incidental but pricey expenses, differing from state to state, which usually include –

  1. Stamp Duty: This is a variable cost, depending on a number of factors like the gender of the buyer, the location of the property, its cost, etc. and is usually between 4-8%.
  2. Document Writer fees: They usually vary with the cost of the property but the government has prescribed a threshold % beyond which they cannot charge clients.
  3. Lawyer fees: They depend on the lawyers.
  4. Registration fees: They are usually 2% of the total value and an additional Rs. 100 for pasting charges.

The Registration Documentation:

Again, the documentation varies from state-to-state and also depends on whether the property is directly purchased from the developer or from secondary owners. It also differs in case of transfer of a mortgaged property. The following documents are usually required for registration of property in your name –

  1. Title Deeds (original and previous)
  2. Property Tax Receipts and Bill
  3. Two passport-size photos (both parties)
  4. Government Photo ID proof (both parties and witness)
  5. Copy of latest property register card (obtained from City Survey department) to ensure that the property isn’t in government ownership
  6. PAN card or Form 16 (If property costs more than Rs. 5 lakhs)

The registered document can be obtained 2-3 weeks after the registration process in completed, from the office of the registrar.

Mutation of the Property:

The ultimate step in the legal process of buying property is applying to the appropriate Land and Survey office to alter the certificate of ownership to the new owner’s name. This application should be accompanied with an indemnity bond, affidavit and a notarized copy of the registered title deed.

Key points:

Often, people make mistakes when it comes to registration of land and immovable property. It is absolutely necessary that everything submitted to the authority must be true and correct in every respect. In case of fallacious information, the mistake can prove to be costly as a subsequent deed may have to be registered, again incurring registration expenses and in the process wasting valuable time. Often, top builders in India get their documents written by a registered government writer or experienced lawyer to extinguish chances of mistakes and they themselves meticulously check the manuscripts before submission.

With this, the process is complete. Once a property is registered, the owner benefits twofold – it establishes absolute ownership in the eyes of law and the risk of fraud is immensely reduced and it is convenient to solve disputes, if they arise. The government profits as it helps them maintain an up-to-date record and the fees and duties collected augment the treasury.

Summary

This article throws light on the lengthy process of registration of property and points to be kept in mind, along with the incidental expenses and documents required. Thus, it enlightens buyers of property and land with the consequential process of purchasing their property.