Buying a house is one of the biggest financial decisions that you take in your life. It is not just a great investment option, but also offers you lifelong security.
But in a skyrocketing realty market things become very difficult for the home buyer. And your dream house may never become a reality if you are not careful.
Take Nandini Bose's (name changed upon request) example. Her dream of owning a home in a metro came true when she finally booked an apartment in a Mumbai suburb a few years ago. But her happiness was shortlived. The Bombay high court on March 24, while dismissing a petition, said that 1,000 acre of land in the suburbs of Mumbai, where many big-ticket building projects had come up, were illegal.
Around 125,000 flats worth about Rs 25,000 crore (Rs 250 billion) in the suburbs had come up on forest land and face the threat of demolition. This came as a big blow for Nandini and many others who invested their hard earned money in these apartments.
This is just a recent instance of how gullible investors get trapped. In times like these, you have to be very careful and must take wise decisions while buying a house.
Here are some tips to help you make a smart decision. . .
Text: Manu A B
Image: Hiranandani Apartments in Mumbai. | Photograph, courtesy: Hiranandani Website
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