Investing in a luxury property like Krisumi Waterside Residences is a significant financial decision. The development offers a range of premium apartments with state-of-the-art amenities, ideal for both end-users and investors. Whether you're buying for personal use or as an investment, here’s a comprehensive guide to help you through the process:
1. Understand Your Investment Goals
Before diving into the investment process, clarify your investment objectives. Are you looking for a property for personal use, or is this an investment aimed at generating rental income or capital appreciation?
Personal Use: If you're planning to live in the property, you might focus on aspects like comfort, layout, and the long-term livability of the unit.
Investment for Rental Income: Look for high-demand units, such as those with 2-3 bedrooms, as they are often more sought after by renters. Additionally, consider the property's proximity to corporate hubs, transport links, and key amenities.
Capital Appreciation: If you're aiming for long-term capital gains, consider how the development’s value might increase in the future due to infrastructure developments, commercial hubs, and growing demand for luxury homes in the area.
2. Research the Development and Market Conditions
Before investing, thoroughly research both the property and the broader real estate market:
Krisumi Waterside Residences Overview: Understand the project’s details—its developer (Krisumi Corporation in partnership with Sumitomo Corporation), its luxury amenities, its target demographic, and its unique selling points (e.g., Japanese-inspired design, premium finishes, water-facing units).
Local Real Estate Trends: Look at current property prices in Gurgaon, particularly in the vicinity of Krisumi Waterside Residences. Understand whether the area is witnessing capital appreciation or if it's expected to grow due to infrastructural developments such as new roads, metro stations, or commercial hubs (like Cyber Hub and Cyber City).
Rental Yield: Investigate the potential for rental income. Properties with proximity to major corporate centers tend to offer attractive rental yields. Check the average rental prices in the area and compare them to the projected costs of the unit you're considering.
3. Define Your Budget
Determine how much you're willing to invest in Krisumi Waterside Residences. This will depend on the size and type of the apartment you’re interested in. Consider these factors:
Initial Cost: The price of each unit will vary based on size (2, 3, or 4 BHK) and floor. Take note of the price per square foot and how much you are willing to allocate toward the investment.
Down Payment: Typically, a down payment of 10%-20% is required at the time of booking. Make sure you have the funds ready for this initial payment.
Additional Costs: Be aware of any stamp duty, registration fees, maintenance charges, and service tax that will be incurred throughout the transaction. You should also account for any furnishings or customizations you may need for the property.
Loan Eligibility: If you need financial assistance, explore home loan options available from banks and financial institutions. Understanding your EMI capacity and loan eligibility is key to managing your budget effectively.
4. Visit the Property
It’s always a good idea to see the property in person before making a commitment. Here’s what to focus on during your visit:
Inspect Sample Units: The developer will usually have a sample flat or a showroom to show prospective buyers. This gives you a good idea of the layout, design, and quality of materials used in the construction.
Explore the Amenities: Visit the clubhouse, gym, swimming pool, gardens, and other communal spaces. Ensure these amenities meet your expectations in terms of quality and upkeep.
Check the Location and Views: Take a tour of the locality surrounding the development. Consider its proximity to essential services such as schools, hospitals, and shopping malls. Also, evaluate the view from the unit you're interested in—water views or garden-facing units are often more desirable.
5. Select the Right Unit
Once you’ve visited the site, you can start narrowing down the unit options based on your preferences:
Type of Apartment: Choose between 2, 3, or 4 BHK units based on your needs. Consider how much space you require and if the unit will be a long-term investment or a short-term rental.
Floor and Layout: Decide if you want a higher floor for better views and privacy or a lower floor for easier access. Review the layout to ensure it meets your needs.
Orientation and Views: Consider the apartment’s direction (north, south, east, or west-facing) to understand the sunlight and air circulation. Water-facing or garden-facing units are typically in higher demand and might offer better returns.
6. Check Legal and Financial Documentation
Ensure all necessary documentation is in order before finalizing your purchase. This will include:
Title Deed and Ownership Proof: Confirm that the developer holds a valid title for the land and that the property is free of any legal encumbrances.
Builder-Buyer Agreement: This document outlines the terms and conditions of your purchase, including the payment schedule, possession dates, and any additional responsibilities for both parties.
Occupancy Certificate: Make sure the project has received an Occupancy Certificate (OC) from the local authorities, indicating that it complies with all building codes and regulations.
RERA Registration: Verify that the project is registered with RERA (Real Estate Regulatory Authority), which ensures that the development is compliant with all applicable laws and regulations.
Loan Sanction Letter: If you're taking a home loan, ensure that the property is eligible for financing from banks or financial institutions and get the sanction letter for the loan.
7. Make the Booking and Pay the Initial Deposit
Once you’ve chosen your unit and confirmed all the legal aspects, it’s time to book the property:
Booking Process: The developer will require a booking amount (usually 5%-10% of the total property cost) to reserve the unit. Make sure you get a receipt for this booking.
Payment Plan: Understand the payment schedule that the developer offers. Most developers offer various payment plans, such as:
Construction-linked plans (paying in phases as the project progresses).
Down payment plans (paying a large portion upfront).
Post-Booking Documentation: Complete all formalities like signing the sale agreement, submitting identification documents, and finalizing your home loan (if applicable).
8. Finalize Your Financing
If you need external financing for the property:
Apply for a Home Loan: Once your booking is confirmed, proceed with the loan application. Compare loan offers from different banks to ensure the best interest rates and terms.
Understand Loan Terms: Pay attention to the EMI structure, the loan tenure, and the interest rates offered. Ensure you can comfortably manage the EMIs based on your financial situation.
Disbursement of Loan: Upon approval, the bank will disburse the loan amount according to the payment schedule agreed upon with the developer.
9. Handover and Possession
After completing the financial formalities, the next step is receiving possession of the unit:
Verification of the Property: Before taking possession, inspect the unit for any discrepancies or damages. Make sure everything is as promised in the sale agreement and check the overall condition of the apartment.
Possession Date: The developer will provide a specific date for possession, and you’ll be required to make the final payment or pay outstanding dues to receive the keys.
Registration of Property: You will need to complete the property registration process at the local sub-registrar office. This officially transfers the property title to your name.
10. Maintain and Rent Out (If Applicable)
Once you've acquired the property, keep the following in mind if you plan to rent it out or hold it for capital appreciation:
Property Management: If you’re renting out the unit, consider hiring a property management company to handle tenants, maintenance, and rent collection.
Legal Formalities for Renting: Draft a rental agreement that complies with local laws. Ensure the tenants are well-vetted and the property remains well-maintained.
Monitor Market Conditions: Stay updated on the market trends in Gurgaon, as the real estate market can fluctuate based on demand, infrastructure development, and other factors.
Conclusion
Investing in Krisumi Waterside Residences is a rewarding opportunity, offering a blend of modern luxury, high-end amenities, and a strategic location in Gurgaon. By following this step-by-step guide, you can ensure a smooth and informed investment process, maximizing your potential returns whether you plan to live in the property or rent it out. Happy investing!
