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Residential properties in India |
A major
share of property in India belongs to the category
termed as residential. Residential properties, as the
name suggests, refers to property used for residing by
anyone. It means the property is meant to be resided in
and not used for any other purpose like business.
Everyone
has a dream, the dream of owning a magnificent house
with lawn in front of it, a big gate, a couple of cars
and drivers in the garage, two chairs with a table and
umbrella in the garden to have tea in the morning.
However, few are actually able to live this dream.
Others have smaller houses.
Residential property includes those plots, which one can
use to build a house or bungalow, an already built house
ready for possession in semi-finished or finished state
or a flat in urban areas. These can be bought from the
Government or from private builders or estate agents.
To buy a
particular residential property, one needs to take care
of these points before buying :
- The
location of the property is extremely important as it
decides the value and price of the property. If it is
near some mall or such an important venue, the price
would be high.
- The facilities around the property like shops,
doctors, mechanics etc.
- The facilities at the property like electricity,
water, telephone, gas etc.
- The security of the place.
- If it is a built house or flat then the build quality
Haste in buying a residence should be avoided, because
it is meant for staying of family and nothing is more
valuable than the happiness and satisfaction of the
family. In buying the property, everyone's opinion in
the family should be strongly considered before taking
any decision.
Legal formalities and the supportive documentation of
the property should also be thoroughly scrutinized as it
should not be an illegal property with disputes. The
area of the property should be measured and should be
exactly what is mentioned in the documentation.
property insurance India
Consider this: Mr. X buys a property as land of 1250 sq.
feet in a crème de la crème location in the city
investing all his life long savings. He builds a
beautiful house there for his son and wife to stay
there. One fine day when they return from a party they
find the house is on fire.
The above incident is just to show that there is no
guarantee of things in this world. But there are people
who are ready to take the guarantee of things one buys
for a nominal payment. These are insurance companies.
They insure a particular property for any unlikely
events.
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