We all dream of owning our own bungalows. But, affordability is an issue when it comes to buying a plot or an individual house in an established neighbourhood. The other alternative is to buy a plot in upcoming areas or in the outskirts.
The big issue, however, with such purchases, is the protection of your interest in the land and guarding it against encroachments, dealing with obtaining permissions and clearances, getting power and water supply connections.
Gated communities that offer you either pre-built formats to choose from or allow you to build your own home, are becoming popular among buyers. Residents don’t have the trouble of dealing with various agencies for permits and clearances, and in addition, are offered amenities such as club houses, schools, shopping centres and well-maintained green spaces.
What is truly taking the pain out of owning homes is that the maintenance and upkeep of the gated area is undertaken by the builder/residents’ association. Given that the time now is ripe to go bargain hunting, if you are looking for that dream home to build or buy, there couldn’t be a more appropriate period to do so.
The few things you must note and be fully aware of are: The ownership of the land your home is built on, the responsibility of upkeep of your home (not the common area), the insurance cover for your house (covered under the policy for the gated development or not), your ability to make modifications to the structure without any fresh permissions/additional payment, etc. In a nutshell, do your homework, but don’t let that deter you from owning your dream home.
Former Editor, Outlook Business and Executive Editor, NDTV Profit, the writer is a personal finance expert. Mail him at propertyplus
@thehindu.co.in
