Take note of the following points before buying a plot in India
For many of us, buying a home is a dream. However, when it comes to choosing a plot or a residential property, we always get stuck in choosing the best option. Investment in a plot is always considered a better option as compared to buying a flat in residential property because of its high resale value. However, certain factors should be taken into consideration before purchasing a plot in India.
Value of the plot
Buying a plot in haste won’t bring the desired result. The property you are eyeing should be researched enough before plunging into the deal. Research the value of the land and its advantages, or consult real estate brokers for the task before you make an informed decision.
Area of the plot
If you want to make your dream home on the residential plot, check the built-up area, topography, and texture of the plot’s soil.
Verification of the builder
Cross verify the seller, whether the plot you are wising to buy is under litigation or embroiled in any other issue. In addition, you can check the seller’s credibility by posting queries on online forums.
Title deed verification
While buying a plot or a land property, you need a title deed. This document ensures the seller’s undisputed legal ownership of the land. In addition, a clear title deed helps investors own the property through an authentic process. Therefore, the title deed of the plot, be it agricultural land, residential plot, or commercial investment, you should scrutinize thoroughly.
Encumbrance certificate
The encumbrance certificate, also known as Bhar-Mukt praman in Hindi, is an important document for a buyer as it represents the property’s financial and legal links. Also, it is important for a buyer who wants to apply for a loan against the property.
Verify the following documents
- Sales Deed – Procure the sales deed from the seller.
- Tax Receipt and Bills – Ask local authorities and the government for all property tax clearance.
- Agreement – Make an advance payment or write an agreement on Rs. 50 stamp paper, once you settle down on all financial and legal matters.
- Pledged land – Ensure that the land you buy is free from all debts.
- Registration – Under the provisions of the Indian Registration Act, 1908, register the agreement.
Take the approval from the local body.
Take the necessary approvals from the local body or the city development corporation with the help of a lawyer.
If you are planning to buy plots in Goa and Maharashtra, get the best deals with the help of Genuine Plots. At Genuine Plots, we do the background check of the property and guide you to verify the documents related to purchasing a residential plot.
