A land any day is an asset for everyone. Owning a land is a difficult task in itself. Having said that it is still a feel good factor, dreaming of buying a plot or home, although the latter process demands lots of effort to make it come alive.
Find a land, arrange for cash and invest. There; you own a plot. Hold on! It’s not all that simple; there are rights-wrongs and implementation procedures that need to be taken care off. The credibility of the real estate market is not so simple to understand. However, it definitely is not rocket science.
Here are few factors that you need to take care of before buying a plot, consider these points and consult a real estate professional to get the clear picture of procedures involved before buying a plot.
• Location: Sit with your family and determine the location you want. You might have a dream of staying midst the IT corridors or even in close proximity to some of the best educational centres or malls. Be considerate enough when choosing the location. Do not fall for less priced land in out-skirts of the city.
• Size of the land: Calculate how much land you would like to use as built up area. Think whether your dream house will fit into that land. Topography and soil are the two vital factors that you should consider before buying a plot.
• Type of land: Majorly two type of land exists, one is developed and the other un-developed. Developed land has all the facilities like proper sanitation, water supply and power supply. Whereas, when you choose un-developed land you will have to bring in all the basic facilities to it. So, choose wise!
• Check for “Title deed of the property”: Title deed of the property includes basic information like; name of the owner, location and other such details. Being a buyer you should ask for title deed papers to know complete information of the property.
• Encumbrance certificate: This certificate is available at the area sub-registrar’s office wherein the deed of the land is registered. This is very important as this certificate will reveal the prevalence of legal disputes, if any. Also the history of land transactions can be known through verifying these certificates.
• Value of land: Consult real estate experts; know the exact value of land instead of rushing blindly. After all these initial checks are done, you can negotiate on price of the land.
• Prepare documents: Consult an advocate or you can get the land documents ready with the help of a document writer (one who has a government licence). Make sure all the details are accurately mentioned in the document.
• Plot registration: Make sure fresh documents are written and do not pave way for duplicity of documents. The land will be registered in your name at the sub-registrar office. Land rate and the registration expenses should be registered in the document.
Remember never battle with land buying in the beachfront and finish the deal. Always get into the depth of it and understand the standards involved. Be wise when you are buying a plot!