Taking buying decisions is always tough, investing in real estate is a huge challenge, especially because of the emotional and financial decisions involved. A piece of land is a piece of earth that you can call your very own. So this big investment requires you to check everything in great detail.
Investing in real estate is a great deal of money and one miss in the documents or a clause in the agreement could spell disaster. Here is a comprehensive list of things you must not overlook while buying land.
– Verification of the ownership rights of the seller – The seller of the land must hold required documentations which entitles him as the owner of the property. He must possess the title document of the land with designated nature of title i.e. leasehold, freehold or development right. In case if the land has development rights the seller must possess the development agreement and power of attorney in his name.
– Fact Check about the Seller – Verification of personal documents of the seller is as important as the ownership rights. One must look closely at the details of the seller like his nationality, residential proof, documents of all the owners (if the property is held jointly), check if the seller is a company or trust or is bound under a partnership firm, etc.
– Ascertain Land Usage Permissions – Understanding why the land is being sold and what purpose does it serve either as an agricultural land or a commercial space, you must know what the property stands for. You need the required land usage permissions.
– Seek Construction approval from the seller. The person selling the land must provide you with approval for construction if it is allowed or not. The occupancy certificate again is important. If you miss the occupancy certificate for the fact that the property does not abide by by-laws, there is a risk of the demolition of the property.
– Pending House & other tax payments – check for the tax payment defaults if the seller has failed to pay any of the taxes. If you buy such property it is your responsibility to pay all dues.
In short, it is better to be safe than sorry. You must not shy away from asking for proper documentation of the seller to keep safe later in the future. Not only will this keep you at peace but will also help you with a sense of complete security. If you are on the lookout for great plots that have an extremely high rate of return of investment.
Located in an up and coming part of South Bangalore, Mantri KNS Carica is a mega residential project offering residential plots for sale in Kengeri, just off Mysore Road. With prices starting at just Rs 20 lakhs, these BDA sites for sale in Kengeri come with luxurious lifestyle amenities such as an amphitheatre, a wellness zone and a senior’s lounge. Mantri KNS Carica has BMRDA approved sites for sale in Kengeri. https://www.mantricarica.in/
(Visited 191 times, 1 visits today)