Investing in a residential project on Dwarka Expressway is an exciting opportunity, given its strategic location, excellent connectivity, and rapid development. However, like any major real estate decision, it requires careful planning and due diligence. To ensure your investment is both secure and profitable, here are ten common mistakes to avoid.
1. Failing to Verify the RERA Registration
The Real Estate (Regulation and Development) Act, 2016 (RERA) was established to protect homebuyers. One of the biggest mistakes is to invest in a project that isn’t RERA-registered. A RERA-approved residential project on Dwarka Expressway ensures transparency, timely delivery, and accountability from the developer. Always check the RERA website to verify the project and the developer’s credentials.
2. Overlooking the Developer’s Track Record
The Dwarka Expressway corridor has a mix of established and new developers. Before committing, research the builder’s history. Look for a developer with a proven track record of timely project completion and high-quality construction. This helps mitigate the risk of delays and poor build quality.
3. Not Considering the Future Connectivity
While the expressway is now functional, it’s crucial to assess the future connectivity of your specific location. Check for upcoming metro extensions, road widening plans, and flyovers. For instance, the proposed metro extension to Sector 103 will significantly enhance connectivity for properties in that area, making projects like AIPL’s highly desirable. A property in a sector with planned infrastructure upgrades is likely to see higher appreciation.
4. Focusing Only on the Flat Price
The quoted price of a flat is rarely the final cost. Many buyers make the mistake of not factoring in hidden charges like GST, stamp duty, registration fees, maintenance deposits, and club membership fees. Always ask for a detailed cost sheet to understand the total financial commitment.
5. Neglecting Social Infrastructure
A good investment is not just about the property itself but also its surroundings. Avoid choosing a location without adequate social infrastructure. Ensure the area has proximity to reputable schools, hospitals, shopping malls, and commercial hubs. The availability of essentials and entertainment enhances both the living experience and the property’s rental potential.
6. Skipping a Thorough Site Visit
Brochures and online photos can be misleading. A major mistake is buying a property without a proper site visit. Visit the site multiple times and during different hours of the day to get a realistic sense of traffic, ambient noise, and accessibility. This is especially important for commercial investments like shops for sale on the Dwarka Expressway.
7. Underestimating the Total Cost of Ownership
Beyond the purchase price, consider the long-term cost of ownership, including property taxes, maintenance fees, and utility bills. These recurring expenses can significantly impact your financial planning.
8. Relying on Verbal Promises
In real estate, only what is in writing is legally binding. Never rely on verbal assurances from agents or developers regarding amenities, possession dates, or prices. Ensure every promise is documented in the builder-buyer agreement.
9. Ignoring Legal Due Diligence
Even with a RERA-registered project, it’s a wise move to conduct your legal due diligence. Hire a lawyer to verify the land title deed, building approvals, and check for any existing litigation or encumbrances on the property.
10. Failing to Evaluate Your Investment Goal
Are you buying a home for your family or a property for investment? A common mistake is not defining this goal clearly. For an investment, you might prioritise rental yields and capital appreciation, while for a home, you might prioritise a larger space and community amenities. Whether you’re looking for flats in Dwarka Expressway or a commercial unit, knowing your purpose will guide your choices.
By avoiding these common pitfalls, you can navigate the market with confidence and make a secure and profitable real estate investment on the Dwarka Expressway