Many of us dream of owning a piece of land where we can live our dreams. Purchasing a chunk of real estate is a huge capital investment. But if your land purchase plan is not well-navigated, it can be a harrowing experience. The plot purchasing process has to be well planned with critical aspects like approvals, licenses and locality analysis.
Acquiring your dreamland is a tricky affair. Fake documentation, forgeries and manipulation can land buyers into a deep pit of flaws. Prospective buyers are recommended to practise extra caution while examining and analysing property documents.
This article will be your torchbearer to your investment plan for buying a new plot. The following criteria will help you map the purchase plan of your plot.
1. Document verification
The first and foremost criterion of the plot purchasing process is the scrutiny of the documents of the plot you are interested in investing. We recommend buyers spend a good amount of time at this step to avoid hassles later on. The following aspects should be given attention while you analyse the paperwork:
Buyers should insist on a clear Title Deed from the seller. You should also keep a tab on the rights of the owner to sell the plot. Keep a check on the sole ownership of the land or plot. When you receive the copy of the Title Deed, do not forget to cross-verify with the original documents.
Scrutinize the deed and cross-verify it on the website of the state government as well. Do not miss to meet a lawyer to be double sure.
• ENCUMBRANCE CERTIFICATE (EC)
EC is the next most critical document that needs attention in the plot purchasing process. We recommend you scan the EC for a minimum of a decade. If you check for more than 10 years, you might find some data on the web and some manual data. Before you proceed any further, make sure you have scanned the EC well. The Sub-registrar’s office is the right place to approach this document. The EC will give you a clear picture of whether the land is disputed or free from any mess. Any unpaid dues and clear ownership of the document will also flash while you analyse this document. If you discover that the person is not the owner of the land, learn who will be the signing authority of the purchase agreement and the possession of the power of attorney. In some cases, the person who possesses the power of attorney authorises another resource to sign the agreement. If so, is the case, it is illegal. Only the person in whose name the EC is created, only that person is the authorized signature.
• PROPERTY TAX RECEIPTS
The previous tax receipts like a vacant land tax of the property should be checked. Do not hesitate to ask for the original receipts to ensure all payments are clear. This will help you untangle any legal issues arising in the further process of plot buying
• RELEASE CERTIFICATE
The Release Certificate needs to be checked upon while you are in the process of plot
buying. The RC is issued by the bank and gives a clear picture of any pending loans.
- LOCAL APPROVALS
Ensure that the local authorities have given approvals and an all-clear nod for the plot you wish to buy.
- NRI SELLER
If the owner of the plot you wish to buy is a Non-Indian Resident, ensure you get a Power of Attorney. (POA)
- NA (NON-AGRICULTURE) ORDER
The NA Order needs to be given equal importance in the process of plot buying. In India, the entire stretch of land is agricultural by default. Before you plan any type of construction on the plot, you must first convert the land into non-agricultural land (NA). Many types of NA are existent of which you should gain detailed knowledge from the local authorities:
- NA – Commercial
- NA – IT/ITeS
- NA – Residential
- NA – Resort
- NA – Warehouses
- Verification of the seller’s identity
Like the Title Deed, the identity of the seller should also be verified as it is an important stage of the plot purchasing process. If the buyer is interested in purchasing the plot through an agent, you should double-check the identity of both the agent and the owner. You should also ensure whether the owner of the land has the right to sell the plot or not. You can ask for the following requirements of the owner of the plot:
- Proof of residence and nationality.
- Identity of the owner of the plot. If owners are more than one, then the identity of all the owners.
- A duly authorised seller should execute the tasks of a sale deed.
- In case, the owner of the property is a minor or an NRI or of an unsound mind, acquire the Power of Attorney. Ask for the same from the seller.
- Checking the measurement of the plot
Conduct a thorough survey to know the exact dimensions of the plot. This will facilitate the stoppage of unauthorized entries into your property after buying. You can set the boundaries of your property after you learn the measurements of the plot.
- Floorspace Index
The Floorspace Index might vary from locality to locality. Ensure you opt for a land that has good FSI (Floor Space Index) to get maximum benefit. This will help you construct maximum space on your plot.
- Drainage Connectivity
Checking the drainage connectivity in the locality of your choice is an integral part of locality analysis. If your plot does not have any connection, then you will have to build a septic tank or a water recycling tank which adds an additional cost to your construction.
- Distant Electrical installation
It is an imperative stage of the plot purchase process to analyse the distance at which the electricity has been installed. When you need the electricity connection in your constructed home, you might spend extra money to get wires transporting the electricity from the pole to your home.
- A new locality or an old one?
Another crucial stage of the plot purchasing process is the dwelling of the locality. If it’s a new one, newly developed roads and a fully constructed network will be a great foundation for your future. Moreover, if the land level is low from the low level, you will need to raise the level of your plot by spending an additional cost. Remember, to lay the foundation of your plot with natural soil for a strong base. And then raise the construction plan on it to build your home.
- Quality of soil
If the quality of the soil on the plot is clayey, heavy breeding of mosquitoes is certain as the rainwater will not be absorbed. The soil bearing capacity has to be optimum to have a clean atmosphere around.
- Groundwater level
A scientific check of the water level will help you plan your water supply system and consumption. Mingle with the neighbourhoods and ask for reviews or solutions which have been implemented. Different seasons have different situations for the water supply. Ensure you gather all the data in the plot buying process.
- Growth of the locality
Do your homework well before buying a plot. What are the perspectives on the growth of the locality that should be of great concern to you? You can get a good deal in an underdeveloped locality and save money from investing in fancy ones.
A well-researched groundwork will not only give you a clear picture of your plot purchase but will also save you from many frauds and fake sellers.
We at The Heena Realty Makers focus only on customer satisfaction. Our client reviews have motivated us to deliver nothing less than the best. Our accolades are proof of our consistent dedication to transparent delivery of service. For any concerns on plot approvals and licenses, locality analysis and floor space index, click on https://theheenapropsolution.com/contact-us/. You can drop your query at email@example.com.