In the last quarter of FY 2022-23, buying property has become expensive in 43 out of 50 big cities. According to the data released by the National Housing Bank (NHB), an increase of up to 11 per cent has been recorded in property prices in many cities of the country. Let us know in which cities the prices have increased the most-

In which cities the property became the most expensive?

There are many such metro cities in the country where a huge jump in property prices has been recorded. Kolkata is number one in this. A strong increase of 11 per cent has been registered in the price of property here. Whereas in Ahmedabad, 10.8 per cent, Bangalore 9.4 per cent, Pune 8.2 per cent, Hyderabad 7.9 per cent, Chennai 6.8 per cent, Mumbai 3.1 per cent and Delhi 1.7 per cent have registered an increase in property prices.

Affordable houses in these cities

On the other hand, the cities where a decline in property prices has been recorded include the names of Navi Mumbai, Kochi, Coimbatore, Raipur, Faridabad, Delhi, Bidhannagar and New Town Kolkata. The maximum property prices have declined by 6.7 per cent in Raipur. On the other hand, according to the data of home loan companies, in the fourth quarter, on an annual basis, an increase of 5.3 percent has been registered in the price of houses as compared to the previous year.

RBI did not change the repo rate-

The Reserve Bank of India’s Monetary Policy Committee has decided not to change the repo rate even during the second meeting of the financial year 2024. After this the repo rate remains stable at 6.5 per cent. In such a situation, it is a news of relief for the home buyers as the burden of EMI will not increase on them and this will keep the enthusiasm among the property buyers.

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In such a situation, it is important that before buying the property, you should know what kind of documents prove the property you are buying to be correct and authentic (Property Buying Guide). There are 10 such documents which give clarity about the condition of house, shop, land or any other type of property. If these documents (Legal Documents for Property) are checked before buying the property, then the buyer can avoid cheating or forgery.

Every state has a property regulator, RERA, to oversee the buying and selling of houses, flats or plots. This organization protects the interests of buyers and protects them from fraud or any other kind of loss, while monitoring builders or real estate companies and enforcing rules for them. Despite ignoring these rules, some builders or property sellers trap the low customers.

What to do before buying a property Customer
If you are thinking of buying any kind of property, first of all you should check the RERA registration and the documents related to the property.

If the customers check these documents, then they will be saved from cheating.
The original documents of the property, house etc., which they are going to buy, should be checked. Because these documents prove to be authentic of the related property and you are investing money at the right place. See the list below –

1. sale deed
2. title deeds
3. approved building plan
4. Completion Certificate (for newly constructed property)
5. Commencement Certificate (for under construction property)
6. Conversion Certificate (if agriculture land is converted to non-agriculture)
7. Account Certificate (Exclusively in Bengaluru)
8. Encumbrance Certificate
9. latest tax receipts
10. Occupancy Certificate

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