We present easy ways to look for, and find, the best flat for sale in Hyderabad, in an upcoming locality with potential for growth.
Buying a house in a global city like Hyderabad certainly has its perks. But the decision to buy a luxury apartment for sale in Hyderabad needs to be tempered with caution: after all, you might miscalculate your finances, or buy at the wrong time.
Consider the 5 points to keep in mind when buying a luxury flat in Hyderabad:
#1 Pick the right locality. Location is everything when it comes to buying an apartment for sale in Hyderabad. Townships or luxury flats in Hyderabad located close to Hi-Tech City, since they are close to the prominent schools and commercial districts. The location you pick also depends on the size of your family, where you work, whether you have your own vehicle, and how far you are from the recreational hubs in the city.
#2 Consider the resale value. There are several superb flats in Hyderabad that suit your preferences, but do ensure that the property you pick has a resale value. Certain localities may have reached their saturation levels as far as future development goes. If you pick a property that does not show an aptitude for profit in terms of a future sale, then it is best to avoid it. Start by looking up the Ready Reckoner rates for the city’s various areas, and speaking to realty experts about the projected increase in market rates.
#3 Assess your ‘investment cost’. The ‘investment cost’ is the total amount of money you will pay towards buying a flat for sale in Hyderabad. It includes:
- The price of the property
- Stamp duty and registration costs
- If taking a home loan, then the charges for application form processing, loan agreement stamp duty, pre-EMI amount, etc.
- Costs of renovation (in case of resale property)
Most people only consider the property cost – but these other costs will add up to a substantial sum as well.
#4 Check the amenities and project permissions. Once you find a luxury flat for sale in Hyderabad, take at least two thorough site visits to gauge your feelings about the project. Check the brochures for a list of promised amenities, and ask about the ones that you do not see featured in the completed project. Meanwhile, check the RERA credentials for that project – every new project must be listed with complete disclosure relevant to the developer and the project.
#5 Check the paperwork to be done. It is now time to start the paperwork prior to buying your dream flat in Hyderabad. Check the sale agreement – get it vetted by a lawyer before you commit to the purchase. If you have the entire sum of money with you, you can pay at least 50% of the house’s price and initiate the registration process. Or if you are borrowing a home loan, then you can pay at least 20% of the house’s booking amount and pay the stamp duty and registration costs. After you submit the registered property document to the bank, you can get the loan disbursed and paid to the developer.