Things to consider while buying plots in India
Buying a plot is considered to be much better investment than buying a flat or an already built property. Price of plots bought in developing areas can increase up to 5-10% in the future. You can buy a plot for construction or for investment purpose. Whatever is the reason of buying the property, there are several things that you need to know and consider while buying the plots for sale in India. This is because there have been several fraud cases related to buying and selling of plots in India. Hence, it is extremely crucial to consider some important things while buying plots in the country.
Important information to know while investing in plots
The location of the plot you liked may be in the middle of a developing area with good surroundings, but do you know whether it has any legal issues or perhaps it is an area given to the government for some development purposes? Buying such a land can cause you to lose a lot of money. Moreover, you may not be able to sell it or may have to sell it at a really low price. All these reasons make it important to take a look at some crucial things before investing in plots for sale in India.
Documents: The documents of the property or plot should be verified thoroughly before you go ahead with the plan of buying it. Ask for 7/12 document which consists of information regarding name of the land owner, exact area of the land, layout and such other crucial information. You should also ask for 6/12 document which gives the names of the previous owners and explains how it has changed hands over the years.
The encumbrance certificate is another important document that you should check. This certificate is issued from the Sub-registrar’s office and explains whether there are any legal disputes over the property. You can ask for a certificate of the past 30 years.
It is also important to check whether all the taxes over the plot have been paid till date. You have every right to ask for the tax receipts and bills. Another crucial document that you should have is the release certificate from the bank which states that there are no pending loans against the property.
Lawyer’s help: Asking for the documents is not enough. You have to get it checked by a good lawyer. In the times when property frauds are quite common, making fake documents is no big deal. Hence, it is always better to get a lawyer to check the documents rather than doing it on your own. Always insist on the original documents rather than the copy.
Additional important things to consider
Apart from the above given things, there are some more things that you need to know while buying a plot. They are:
- Get the plot measured to check whether its area is the same as that mentioned in the document.
- Check whether the plot has been allotted to the central or state government for some project.
- Verify if the plot has all the approvals for construction. This is important because you would not be able to construct anything on the plot without the required permissions.
Buying one of the plots for sale in India involves lot of research as well as paper work. Take the help of a good lawyer who can guide you properly and also save you from illegal or fraud situations.