Friday, 24 October 2014

Build your Dream home in Patna or buy a Flat in Patna.

Build A home in Patna
Buying a plot in any part of Patna is challenging unless one has sound financial backing for initial investment in land in Patna. Banks do offer a loan for the purchase of a plot and even for construction. The intricacies of the land deals in Patna require that the buyer be cash rich. On the other hand, in case of buying flats in Patna, loans are easier to avail, albeit, at similar interest rates.

Secondly, building one’s own house on a plot in Patna can be a challenge since one has to constantly monitor the construction activities, right from meeting with architects to ensuring raw materials are used correctly. Also, a common problem faced by most first time home builders in Patna is the tendency to stretch the budget while constructing the house, resulting in overspending. With flats, a definite rate has to be paid to the builder; and apart from the house and registration costs, the buyer only has to spend on getting the interiors done.

When one considers the resale value of the house in Patna, most people who are looking for an independent house prefer to buy a plot in Patna and construct their own house as opposed to buying a built house. However, with the cost of construction and land escalating, there are buyers for building independent houses too. In case of a house, the value will have a direct correlation with the amenities within the house and accessibility around it. In case of flats, the value of the property rises as the demand for flats in Patna within the colony rises. A time comes in the lifecycle of flats in Patna where the price reaches its peak and then starts climbing down with the age of the flat. However, houses have a higher resale value than flats, primarily because the person buying the house also becomes the owner of the plot of land completely on which the house has been constructed. In case of Apartments land ownership is shared.

In case of constructing a house on a plot in Patna, while the land value appreciates, the house value depreciates due to wear and tear. Owners must pay special attention towards space planning, construction quality, and quality of amenities etc. as they are the decisive factors for valuation of property in Patna. One reason why the value of the house is higher than flats in Patna is because of the demand-supply differences. The supply of independent houses is lower than that of flats in Patna. Also, the owner of the house in Patna has the option to get permission for adding additional floors to the house and renting or reselling them.

What to check before buying land?
Buying land in Patna has become a risky business due to the number of instances of fake papers. Hence, it is essential to check under whose name the land is registered. Further, one must look out whether the land is stuck in litigation and the seller has sole ownership of the land with no other claimants.

Documents to Be Checked Before Buying a Land
What to Check?
Title Deeds
·        If it is in the seller’s name alone and no other person is involved
·        If the seller has permitted access to others through this land
Tax Receipt and Bills
·        Property taxes paid to the Government is up-to-date with latest receipts
·        If there are any notices of requisition relating to the property which are outstanding
·        Water and electricity bills have been paid up-to-date
Encumbrance Certificate
·        Ensure that the land does not have any legal dues attached.
·        It is issued by the sub-register office where the deed has been registered.
Pledged land
·        All loans for which the land has been given as pledge have been repaid
·        Release Certificate issued by the bank
Land Measurement
·        Land Measure before registering the property by a recognised surveyor

It is advisable to get all the documents to be checked by a lawyer to ensure they are original and other requisite authorities too. Apart from the paperwork, it is also essential to check for the connectivity of the house, its proximity to key places such as market, hospitals, schools, transportation etc. Also, one must ensure that the property is not isolated as many instances of robbery are being reported in Patna.

Building a home is a greater challenge than buying a flat in Patna. However, it is much more satisfying since the owner of the house is involved in every step of the construction process and everything is done as per their likes.

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