When I said it was the best time to buy a luxury residential house, many readers responded with legitimate queries. The one that interested me most was "how to choose the right residential property." 

This is a problem many buyers of residential property are contending with. On magicbricks.com, where I manage content, we have many users posting complaints that they invested money for a certain residential housing project which has either gone slow or nor taken off at all. This is a genuine problem with the way our residential property market is structured. Anybody can register a company, start the approvals process and launch the residential housing project. There is very little that buyers can do easily to check whether the housing project is genuine.  There is no mandatory third-party rating process that allows you to understand the viability of the residential housing project.

However, buyers have become de-ffacto regulators.

1. Please ask for the title of the land on which the residential housing project is coming up. Genuine sellers can show that to you.
2. Check the antecedents of the property developer who is launching the project. If he is asking you to spend with him, you are entitled to find out how he has delivered previous residential housing projects.
3. Ask for details of the money position. This is legitimate in the post-slowdown regime, where the best developers and market leaders were struggling for working capital.
4. If you want to be sure that you get the housing project on time, go for residential housing projects projects that are about six months from completion. That ensures that bulk of the work is done and completion is in sight. But the closer the housing project is to completion, the more expensive it gets.
5. Most importantly, buy for today. If you are just a couple with child, buy a home in a housing project in a location that is liveable today, even if it has only two bedrooms. Gone are the days when buying a property was a on-time activity. Today you can sell out and buy what you need as your need arises. 
6. A good barometer of the property developer's intentions is the financiers who do vouch for the property developer. When I bought my house, that was a guiding factor. If the financier is comfortable, it is a feel-good guiding factor.
7. Go for site visits again and again before making your choice. If other projects by te developer have seepages and weak quality, the most common defect in residential buildings in India, it is better to rethink.
   Cheers, go ye forth and check out before you buy.