Buying your first home in India is one of the most significant financial decisions you'll ever make. The Indian real estate market, with its diverse options ranging from affordable housing to luxury apartments, offers something for every buyer. However, navigating this complex landscape requires careful planning and informed decision-making.
Start by assessing your financial health. Calculate your budget considering not just the property price but also stamp duty (typically 5-7%), registration charges, GST (for under-construction properties), maintenance deposits, and interior costs. A general rule is that your EMI should not exceed 40% of your monthly income.
Location is paramount. Consider factors like connectivity to your workplace, proximity to schools and hospitals, upcoming infrastructure projects (metro lines, highways), and the neighbourhood's safety record. Areas with upcoming metro connectivity often see 20-30% appreciation within 2-3 years of announcement.
Always verify the property's RERA registration, check the builder's track record, and insist on seeing all legal documents including the title deed, encumbrance certificate, approved building plan, and completion certificate. Using services like Panditji AI can help streamline your search and verification process.