Buying Process in NCR - Indian Real Estate Forum

ashu_ca · 28-08-07

Hi Everyone,

I wanted to know what the buying process was like for purchasing a flat in the NCR region. I am currently living in California and would like to do as much of the pre-work before heading out to Delhi. In particular, I wanted to know how long the process of purchasing would take when I'm in Delhi. Finally, who all are the parties involved in the transaction (i.e., Realtor, agent, loan officer, etc...)

Thank,
Aashish

gautam · 29-08-07

NCR comprises of Delhi, Gurgaon, and Noida etc. so you are talking about three different states that have different property laws. So, first you would need to shortlist the city of your interest.

Then, get in touch with a genuine real estate agent. You can also approach the developers directly. Though they would only be able to help you with new upcoming projects. In case you approach an agent, make sure you do the necessary cross check on the agent. It is always better to consult 2 or more agents and get the correct prices. Visit their office and ask for references too.

For a flat costing over 1 CR, the agent will charge 1% and 2% if the amount is less than 1 CR. This commission is generally accepted in cash as the agents don’t like to pay the 12.5% service tax.

In a general scenario, any reputed builder will ask for at least 65% as white and 35% as cash amount for the sale of the flat. It all depends upon your requirements. If you have more white money, you could always negotiate with the builder. If the flat is being purchased from a direct party (resale), it also depends upon what the seller wants.

As you are a NRI, try and close a deal with maximum white as it is easier to repatriate the money.

If you have a decent budget, try and focus on Delhi as Gurgaon’s infrastructure is extremely poor and getting worse; and Noida does not have that class to it, though it has better connectivity.

Though the choice would be limited in Delhi and heaps more in Gurgaon. If this flat is for investment purposes and not actually staying yourself, then you can be more flexible in your search.

Although, a lawyer is seldom engaged in the buying process, you can always consult one and have the papers and the property verified and do some background check on the property. Try and do some research on the internet too by using the keywords of the property you are after and look for related news.

If you are looking for a loan, contact the banks directly.

AbhishekGupta · 29-08-07

Dear Ashish, I think the best way to buy a flat in the NCR is to contact some reputed builder. Since you are least aware with the legal formalities, A builder will do all that for you. But be careful with whom are you going to deal.

But first you need to decide the location as NCR is quite vast. But I think you may think of either Noida or Gurgaon...

ashu_ca · 30-08-07

Thanks for all the valuable information.

I'm primarily interested in the Dwarka region and to a lesser extent Gurgaon. However, I don't really know who the reputed builders in these areas are. If people can suggest some builders or suggest ways to discern good developers from bad developers that would be great.

Thanks,
Aashish

spohar · 30-08-07

Gautum:
I am an NRI. What is white money and why should one use as much white as possible in a real estate transaction?

28-08-07	#1
ashu_ca New Member Join Date: Jul 2007 Posts: 3 Thanks: 0 Thanked 0 Times in 0 Posts Rep Power: 0	Buying Process in NCR Hi Everyone, I wanted to know what the buying process was like for purchasing a flat in the NCR region. I am currently living in California and would like to do as much of the pre-work before heading out to Delhi. In particular, I wanted to know how long the process of purchasing would take when I'm in Delhi. Finally, who all are the parties involved in the transaction (i.e., Realtor, agent, loan officer, etc...) Thank, Aashish

29-08-07	#3
AbhishekGupta New Member Join Date: Jan 2007 Posts: 37 Thanks: 0 Thanked 0 Times in 0 Posts Rep Power: 1	Contact Reputed Builder Dear Ashish, I think the best way to buy a flat in the NCR is to contact some reputed builder. Since you are least aware with the legal formalities, A builder will do all that for you. But be careful with whom are you going to deal. But first you need to decide the location as NCR is quite vast. But I think you may think of either Noida or Gurgaon...

30-08-07	#4
ashu_ca New Member Join Date: Jul 2007 Posts: 3 Thanks: 0 Thanked 0 Times in 0 Posts Rep Power: 0	Reputed Builders in Dwarka and Gurgaon Thanks for all the valuable information. I'm primarily interested in the Dwarka region and to a lesser extent Gurgaon. However, I don't really know who the reputed builders in these areas are. If people can suggest some builders or suggest ways to discern good developers from bad developers that would be great. Thanks, Aashish

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29-08-07	#2
gautam New Member Join Date: Sep 2007 Posts: 37 Thanks: 0 Thanked 0 Times in 0 Posts Rep Power: 1	NCR comprises of Delhi, Gurgaon, and Noida etc. so you are talking about three different states that have different property laws. So, first you would need to shortlist the city of your interest. Then, get in touch with a genuine real estate agent. You can also approach the developers directly. Though they would only be able to help you with new upcoming projects. In case you approach an agent, make sure you do the necessary cross check on the agent. It is always better to consult 2 or more agents and get the correct prices. Visit their office and ask for references too. For a flat costing over 1 CR, the agent will charge 1% and 2% if the amount is less than 1 CR. This commission is generally accepted in cash as the agents don’t like to pay the 12.5% service tax. In a general scenario, any reputed builder will ask for at least 65% as white and 35% as cash amount for the sale of the flat. It all depends upon your requirements. If you have more white money, you could always negotiate with the builder. If the flat is being purchased from a direct party (resale), it also depends upon what the seller wants. As you are a NRI, try and close a deal with maximum white as it is easier to repatriate the money. If you have a decent budget, try and focus on Delhi as Gurgaon’s infrastructure is extremely poor and getting worse; and Noida does not have that class to it, though it has better connectivity. Though the choice would be limited in Delhi and heaps more in Gurgaon. If this flat is for investment purposes and not actually staying yourself, then you can be more flexible in your search. Although, a lawyer is seldom engaged in the buying process, you can always consult one and have the papers and the property verified and do some background check on the property. Try and do some research on the internet too by using the keywords of the property you are after and look for related news. If you are looking for a loan, contact the banks directly.

30-08-07	#5
spohar New Member Join Date: Jul 2007 Posts: 6 Thanks: 0 Thanked 0 Times in 0 Posts Rep Power: 0	Gautum: I am an NRI. What is white money and why should one use as much white as possible in a real estate transaction?