Check following factors before buying a property in Nagpur
The real estate sector in Nagpur is showing a promising trend. Nagpur is considered the next IT hub of Maharashtra. However, before buying a property in Nagpur, keep these things checked before signing the deal.
- Verify if the builder has the legal rights to sell the land or not. Ask for the document which clearly mentions the builder’s legal rights to the property.
- Check whether the builder has taken a loan from the bank for the plot scheme. If he has taken a loan, it’s a positive sign as the builder is serious about developing the plot. A bank loan also assures that a thorough verification has been done from the bank’s side before granting a significant amount.
- In India, all lands are “Agricultural Land’ by default. Agricultural lands are for farming purposes only. However, convert the land into NA if you want to use it for another purpose. Only NA status does not mean one can use it for residential purposes because of various types of NA land like commercial, warehouse, resort, and IT. For building a home in the plot, you need to look for NA- residential. Ask for a copy of the NA order ( from Maharashtra)
- Beware of proposed NA schemes -The proposed NA scheme means the seller has started converting the land into a NA scheme. While there are chances of conversion, in most cases, these are gimmicks to sell cheap land at higher prices. Don’t fall for these lands, as converting agricultural land to non-agricultural land might take 10-15 years.
- Floor Space Index (FSI) for the plot- FSI means how much construction can be done on the land. FSI depends on the location of the plot. Suppose the plot size is 1000 sq ft and FSI is 100%, then you can use 1000 sq ft for building the house. If the plot size is 1000 sq ft and FSI is 75%, then you can use 750 sq ft of the land to build a home.
- Per annum maintenance after buying the plot.
- Flat land or slope- If the land is on a slope, either you need to fill or cut the slope or build the house while taking the slope into account.
Essential tips to follow before buying a plot
Do not hurry
Make multiple visits to the plot
Check the neighborhood and its development
Bargain for the price
Do online research on the plot scheme or the area of the land.
