Are you dreaming of buying your first flat in Noida? A city like Noida is an epitome of modern infrastructure, connectivity, and an ever-developing real estate industry. So, indeed, buying your first flat in Noida is a dream come true for many. Your first flat should tick all the boxes of your dream home. The experience should be stress-free and joyful, isn’t it? A proper strategy can make this whole process a lot smoother and joyful for you.
This blog discusses all that you need to know to buy your first home. Let’s jump in!
Step Guide to Buying Your First Flat in Noida
Step 1: Define Your Budget and Financial Preparations
The first and foremost step towards buying property in Noida is assessing your finances. Buyers should take into account the savings that they have, their income, and all the ongoing liabilities to form an affordable budget range.
Also, keep a separate budget for taxes such as GST, registration fees, stamp duty, and maintenance. Keeping some funds aside is necessary to proceed comfortably.
Step 2: Research Ideal Locations in Noida
The second step involves searching for an ideal residential location. Look for the regions that cater to community or residential living. Some of the popular choices are:
- Central Noida – Sectors 50, 51, 52, 61, 62
This region has good metro connectivity and a well-developed neighbourhood
- The Noida Expressway – Sectors 93, 94, 137, 150
Has a range of modern housing projects and IT hubs to consider
- Greater Noida West (Noida Extension)
Get affordable residential options here with good connectivity.
Step 3: Select the Right Builder and Project
Now that your location is finalized, the next step is to find a trusted builder and project. A reputable builder provides timely delivery and good construction quality. To build trust, ask for the following documentation before finalizing the dream:
- RERA (Real Estate Regulatory Authority) registration of the project.
- The track record of the builder’s previously delivered projects.
- The additional amenities offered within the project society, such as parking, power backup, clubhouse, security, etc.
- The legal status of land and project approvals.
Step 4: The Choice Between a Ready-to-Move or an Under-Construction
Your pick between a ready-to-move flat or an under-construction flat is a matter of your preference and finances. There are both pros and cons in choosing either of them, including:
- Ready-to-Move Flats- These are for immediate possession, with no requirement for GST. The construction quality can be checked firsthand. However, they may be slightly more expensive.
- Under-Construction Flats- These flats are generally lower in price and have flexible payment plans. But involves waiting time and delay risks.
Step 5: Arrange Home Loan Pre-Approval
First-time home buyers usually depend on home loans from banks or financial bodies. If you are seeking one, pre-approving your loan is a good idea. The pre-approval ensures you have the eligibility for a loan disbursement, which also gives clarity on the maximum amount of loan you can seek. It builds your confidence to browse through options and strengthen your negotiations with the builder.
Other key factors that determine your loan approval are credit scores, employment status, monthly income, etc. Always compare different banks before making a decision,
Step 6: Verify the Legal Documents
A thorough legal check is mandatory before signing any agreement. Important documents to verify are:
- A title deed that proves the ownership of land
- RERA registration certificate
- Approved building plan and layout
- Completion certificate for ready flats
- Occupancy certificate
- Getting a No Objection Certificate (NOCs) from the concerned personnel and authorities
If feasible, hire a real estate lawyer who can help in carefully assessing these documents and safeguard the buyers from future disputes.
Step 7: Booking the First Flat
After choosing your ideal property, the next step is booking it. This step involves paying a certain % of the amount to the builder and signing the Allotment Letter to seal the deal.
Step 8: Registration and Stamp Duty Payment
Only after registration with the local sub-registrar’s office is a property purchase recognised legally. The buyer needs to pay stamp duty and registration fees as per the rates in Uttar Pradesh. The stamp duty varies from 7 to 10% of the purchasing property value.
After the registration process, the buyer officially becomes the legal owner of the flat.
Step 9: Take Possession
In case of ready-to-move flats, the possession can be taken over right after registration. But for the under-construction projects, property possession takes place only after the construction completion. It is advised to inspect the flat thoroughly before taking over.
Step 10: Move-In and Manage Ownership
Bravo! You bought your first flat in Noida now! The next and final steps include moving in, setting up the utilities, i.e., electricity, water, internet, etc. If there is a resident welfare association available, then join it. Being a part of society ensures a better management of community amenities and decisions.
Wrapping it up
Property to invest in Noida is a dream come true. And a complete stepwise guide is the wand to make it real. Small but important steps are necessary to help you get your humble abode. Steps such as selecting your ideal location, clearing out bank loan approvals, and making a deal with a builder add to this wonderful experience.
If you think similarly, contact Smart Key Realty to simplify this journey. We provide end-to-end services for a property purchase so that you can sit back and enjoy every part of it stress-free. Book your free consultation today and take the first step towards your first home.
