Realty check

Buying a house is a tedious, worrisome process, and it's not just financing that we are talking about. There are several things one needs to check: Is the title clear? Is the structure sound? Have all relevant regulations been followed? It's cumbersome and time-consuming. Now, however, your problems can be eased if you buy a property in the National Capital Region.

New Delhi-based Top Mortgage Brokers (TMB) has launched Proceed, a service that evaluates a property and provides a detailed analysis of its legal and technical aspects.

This is aimed at minimising the chances of fraud or misrepresentation of facts. The brokerage will verify the ownership, title documents, built-up area and carpet area, check if the property meets all the legal and regulatory requirements and has acquired all relevant approvals. This will also help assess the appreciation potential of a property.

To avail of this service, you will have to pay Rs 9,999 if the property is located in Delhi and Rs 6,999 if it's in the NCR. "The difference in fee is due to the variation in charges for accessing government records," says Rajul Shrivastava, director, TMB.

Trivia and Telling Figures

25% of urban Indians take loans from banks for buying property. Also, people pay for more than 60% of the cost with their own money. Rs 5,721 is the per square foot rental per year for office space in Mumbai, making it the fourth costliest in the world, after London (West End), Hong Kong and Tokyo. 58 million is the number of Indians who are expected to subscribe to direct-to-home (DTH) by 2020, over thrice the number of subscribers (17 million) last year. 18.85 million was the number of credit cards in circulation till August this year, about 3 million less than last year. However, the spending has increased by 27%, from Rs 4,932 cr to Rs 6,259 cr.

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