Buyer’s Guide

Your comprehensive resource for purchasing property in India.

Buying real estate is a significant milestone, and our guides are tailored for the Indian real estate market, providing timeless advice updated with the latest market context. Whether you’re a first-time homebuyer or an investor expanding your portfolio, these steps will help you navigate the process with confidence.

1. Assess Your Budget and Requirements: Start by determining how much you can afford and what you need. Review your savings, income, and financing options to set a realistic budget. Consider the type of property (apartment, villa, plot, commercial space) and the purpose (self-use or investment). It’s wise to get a preliminary loan pre-approval from a bank or financial institution to understand your eligibility and interest rate. In 2024, home loan interest rates in India have stabilized and are expected to ease slightly, improving affordability for buyers. Always ensure you have funds for the down payment (commonly 15-20% of the property price) and additional charges like stamp duty, registration, and taxes.
2. Research Locations and Shortlist Properties: Location is paramount in real estate. Identify the cities or localities that match your lifestyle, work commute, and investment goals. In 2024, emerging micro-markets in metro regions and fast-growing tier-2 cities are attractive due to new infrastructure and economic growth. Use BuilderLane.com’s advanced search to filter properties by location, price, size, and other preferences. Shortlist a selection of properties that meet your criteria. Pay attention to factors like neighborhood amenities, proximity to schools or transportation hubs, and future development plans in the area. Each BuilderLane listing comes with detailed descriptions and quality photos (and often virtual tours) to aid your research.
3. Verify the Property and Builder (Due Diligence): Once you have favorites, it’s critical to verify that the property is legally sound and the seller or developer is trustworthy. Check that the project is registered with the state Real Estate Regulatory Authority (RERA), as required by the Real Estate (Regulation and Development) Act, 2016. RERA registration ensures the developer adheres to certain standards and disclosures – a key safeguard for buyers. Verify the title deeds of the property to ensure the seller has clear ownership and there are no outstanding loans or legal disputes on the property. If it’s a resale property, you may ask for previous sale deeds or occupancy certificates. For new projects, ensure building approvals and permits are in place. BuilderLane helps by highlighting verified projects and providing builder profiles with track records. Nonetheless, always do your own due diligence or hire a legal expert to review documents before committing.
4. Plan Financing and Payment: Purchasing property usually involves a combination of savings and a home loan. Shop around for the best loan offers – even a slight difference in interest rate can save a lot over time. In 2024–2025, banks in India are gradually reducing lending rates, which is good news for buyers​. Compare loan terms, processing fees, and pre-payment charges. Once you select a lender, get a sanction letter (loan approval) in hand. Plan your payment schedule: for under-construction properties, developers often have construction-linked payment plans, whereas ready-to-move homes may require full payment upfront or in a short duration. Ensure you also budget for stamp duty and registration fees (varies by state, typically 5-8% of property value) and Goods and Services Tax (GST) if buying an under-construction property (usually 5% for residential). Being financially prepared will make the closing process smoother.
5. Visit and Evaluate the Property: Photos and online details are useful, but nothing replaces an on-site visit. Schedule property visits through BuilderLane – our platform lets you contact sellers/builders directly or via our assistance to set up viewings. During the visit, inspect the property thoroughly. If it’s a ready home, check the construction quality, ventilation, natural light, and maintenance of common areas. If it’s under construction, visit the model flat or site office; examine the layout plans and the stage of construction. Evaluate the surrounding locality for infrastructure (road conditions, water supply, security). Don’t hesitate to ask questions: inquire about the age of the property (if resale), any renovation history, the developer’s reputation, or timeline for project completion. It’s often useful to visit at different times of day to gauge traffic and noise levels. Tip: Make a checklist of your must-haves and questions before the visit, so you don’t miss any details.
6. Make an Offer and Negotiate: Once you’ve found “the one,” it’s time to negotiate the price and terms. Research recent sale prices of similar properties in the area (BuilderLane’s market data or agents can help with comparables) to ensure the quote is fair. Most sellers expect some negotiation. Start with a reasonable offer below the asking price, backed by your market research. Be polite but firm about your budget limits. If buying from a developer in a new project, check if there are any festive discounts, waivers on charges, or add-ons (like free parking or modular kitchen) that can be negotiated – developers in 2024 are often open to offering incentives in the competitive market. Clarify what furnishings or appliances (if any) are included in the sale. Once both parties agree on price and terms, you’ll typically pay a token amount (earnest money) to reserve the property. Make sure to get a written receipt or a Memorandum of Understanding (MoU) acknowledging this payment and key agreed terms, signed by both parties.
7. Legal Documentation and Registration: The formal paperwork seals the deal. The seller and buyer (you) will sign a Agreement to Sale or Sale Agreement outlining all terms, payment schedule, and completion date. For under-construction properties, this will include construction milestones and penalty clauses for delays. It’s usually drafted by the developer or seller’s lawyer, but have it reviewed by your legal advisor to protect your interests. Once you’re ready for the final payment, a Sale Deed (or Deed of Conveyance) is executed. This is the document that transfers ownership to you. The sale deed must be registered at the local Sub-Registrar of Assurances. At registration, you’ll pay the stamp duty and registration fees to the government. Both parties (or their authorized persons) will sign the deed, which then gets officially recorded. BuilderLane recommends using a trusted lawyer for the closing process to ensure all documents (like NOCs, tax receipts, completion certificate, etc.) are in order. After registration, don’t forget to mutate the property in local municipal records under your name for future tax records.
8. Post-Purchase Tasks: Congratulations on becoming a property owner! There are just a few more steps to wrap up. If you bought a newly constructed home, coordinate with the builder for the possession and handover of keys/documents. Conduct a final inspection with the builder to note any pending work or fixes (a “snag list”). For a resale property, ensure all utility connections (electricity, water, gas, society maintenance) are transferred to your name. Keep all your property documents safely, and consider digitizing them. If you took a home loan, the original title deed will be with the bank until you repay the loan; keep photocopies and loan statements safe. It’s also a good idea to update your address in important records (such as bank accounts, Aadhaar, etc.) to your new home address. Lastly, plan your move and enjoy your new home – and if you need any renovation or interior help, remember that BuilderLane’s construction services listings can connect you to reliable professionals to customize your space!

By following these steps, buyers can navigate the Indian real estate market with clarity and confidence. The process might seem complex, but with proper guidance and the right platform like BuilderLane.com at your side, your dream property is within reach. For more personalized guidance or queries, feel free to explore our additional guides or contact our support team at info@builderlane.com.