WHAT 5 CHECKS TO CONSIDER BEFORE SELECTING A PRIVATE HOUSING SOCIETY?
Whenever a thought of buying a real estate property either for personal purposes or investment purposes comes to anyone’s mind, immediately some big question marks shoots in.
“Where to buy”? is the very first question that pops up in somebody’s mind.
A good location, a secure and green environment, a healthy and vibrant livelihood in a cost effective. A best price package which can prove value for your money, is everyone’s dream.
As the big metropolitan cities provide enormous growth opportunities. Being few in numbers they are getting crowded day by day.
Due to this it’s getting hard for the government management authorities to handle the load. Hence, they invite private bodies and professional organizations for the new area buildups. These bodies are called private housing societies. While these new areas usually remain in and around the vicinity of a big city.
Unfortunately, over the years as the corruption cancer spreads across the society, this area also remains no excuse and had seen some big scams and frauds.
We will try to summarize below some fundamental checks. Everyone should or must do before selecting a private housing society for putting his/her money in.
Approved Housing Society (LOP & NOC)
Whenever you interested about a housing society for real estate sale and purchase, the first thing to check is that whether it is an approved society or not. The easiest way to check is to visit the relevant approving authority website, in case of Islamabad it is CDA and in case of Rawalpindi it is RDA, and check the list of approved housing societies & un-approved or illegal societies. Cloud Villas proved as the trustworthy builders in Islamabad.
Once you found the housing society name in the approved list, the next step is to check their LOP and NOC, which means Layout Plan and No Objection Certificate. LOP is a map shows an approved land area and the town planning design of the society. Whereas, NOC certificate given to society by the CDA/LDA/RDA etc. to proceed for their operations and sales. Islamabad real estate companies consider it to be reliable.
Please note that both of these documents usually come hand in hand and no society allowed to start sales without obtaining these documents from the approving authority.
Management Body of the Society
Once you found the housing society name in the approved list, the next thing would be to check their Management Body, its credentials and what noteworthy deliveries they had under their belt.
This simple check would not only boost your confidence and enhance your satisfaction level but also lands you in a secure zone about your investment.
This check can be simply done by going on society website where you will be able to see who sits in the board of directors and what other projects were delivered by this management body. You can also check the personal profiles of the directors to see their professionalism and vision.
Land Acquired by Society
Once you have done the above homework, you are all set to buy any piece of land in that particular society.
However, you still need to remain vigilant at this point. There will be two types of buying or investments in the land. Either you will purchase a plot which presents physically on ground, demarcated, or you will purchase a file of a plot which has not yet demarcated on the ground as the area still under developed.
For the file purchase which is mostly done for investment purposes, best advice is to do your due diligence from the market. It colud be directly from the society about the area acquisition. It is only go for that area which falls in the LOP and is more than 70percent acquired by the society.
For the plot, best advice is to check the plot physically and make sure that it falls in the LOP area and well demarcated.
Utility Services Availability
Another check to focus on is the availability of basic utility services properly in society. A dedicated line of electricity and approval of gas pipeline must be verified. The ensured sewerage lines provisioning must be.
The water system is another major service to focus. As some societies arrange their water reservoir while other societies allowed boring on your own. So, checking water schemes thoroughly will prevent you from future troubles.
Market Value
The market value of a good housing society matters a lot. If you are going to invest in a society that has no market value or not successful in its previous projects, it will be a big loss for you to invest in as well.
Besides, before buying, it’s a good practice to check the market price of the area. Its for where the society is located as compared to that particular society. If the rates changed with just five percent, then it’s acceptable, otherwise, you must verify more to take further steps.
Besides, more connectivity and other big infrastructure development in the future will also have impact on the property you intend to buy. It can boost the return of investment (ROI) tremendously.
These are the simple steps which should be take before selecting a private housing society for your next investment