Buying a plot and constructing home over it in our own way is preferred by most of the home lovers. Also buying a plot is seen as a preferred investment as it gives huge returns in comparison to other investments.
But buying a plot is not like cutting a piece of cake. It needs lot of research about the authenticity of the owner, approval of various municipal authorities etc. Therefore we have summarized below few points which you should consider before buying a plot.
- Authenticity of seller: This is the first and the most important point to check whether the seller has the right to sell the property. In order to check the authenticity, you should carefully read the title deed of the plot. It is always advisable to get the original deed examined by a lawyer.
- Clearance: The second step is to check if there are any legal dues like Property tax etc. over the property. To confirm it, you may ask for the Encumbrance certificate for last 30 years, which is issued by the Sub-registrar office. This certificate confirms that the title deed has been registered and there are no legal dues or complaints over the property.
- Verification: Before buying the plot from any developer you should verify whether the layout has been approved by the City Development Corporation and the local body. Also the land-use zone as per master plan for the plot should be verified. Besides these, there are other legal documents which need to be verified before buying the plot.
- Accessibility: The plot should be accessible enough so that during the development or construction process there should not be any problem in reaching the materials straight to the plot.
- Reputation: The reputation of the developer matters a lot as because the whole process of buying and selling a property is based on the mutual trust. Therefore you should check the history and reputation of the developer before buying the plot.