Buying a residential plot in India? 10 points to know before investing
Buying a residential plot in India has always been a good option for investors. Demand for land has increased and has always been going up due to low investment costs and high returns. However, before investing, there are certain things to be checked. Here are ten points that will help you to buy a residential plot in India.
- Legal rights
Know the legal rights of the property. Check with the builder if they have legal rights to sell the property. Sometimes builders and landowners jointly enter into an agreement. Verify before buying.
- Bank loan
If the builder takes a loan from the bank, it’s a good sign because that means they will spend the entire amount for the development of the land.
- Floor Space Index
If the floor space index is 100 %, the entire land will be used to construct the building. If it is 75%, then a portion of the land will be used to construct the building.
- NA Order
Check the NA order. In India, the land falls under the ‘Agriculture land’ category. Therefore, knowing whether the land you are buying has the necessary NA order is crucial.
- Sale Deed
Legal ownership of the land does not solely depend on getting an ‘agreement to sell.’While entering the agreement only 35 -40 % of the costs are paid. Hence, it is necessary to check the sale deed.
- Extract document 7/12
7/12 document contains the information of all the property owners from the beginning. You need to acquire this document from the builder.
- Credibility of the builder
Make an informed decision by checking the credibility of the builder and their other projects in the city.
- Annual maintenance
Knowing about annual maintenance costs will help you assess the amount of money you need to invest for the upkeep of the property, security, electricity, and water bills.
- Basic Amenities
Amenities like electricity, water, and security are the basic needs. Availability of the same is necessary for any land property.
- Slope or flat land
An important aspect to check before investing in a residential plot.
Why choose Genuine plots?
Genuine plots help you with the loan process and ROI calculation in land investment and give guidance on paperwork while investing in the land. Contact us to get more details about residential plots in Maharashtra and Goa.
