Falling in love with the beauty, serenity and tranquillity of a plot in India is a dream come true. A piece of land that is often referred to as the lap of nature. A perfect space to put up your dream home. However, before you rush to purchase a plot in any part of India, you should consider some fundamental concerns and issues related to buying land there.
Land rates in the country are rising. As per a survey approx 50% of Indians prefer to invest in land as they believe it is a good place for long term investment. With rising land prices, we feel that many people are looking for options like plots in India to invest their hard earned money on. So here are 3 things you should check before buying plots online or offline.
3 Things To Check Before Buying Plots in India
So, you have decided to buy a plot. Great! All you need is to figure out the right location, the right size, and the right price. But wait! There are a few other things you need to check before buying LDA approved plots in Lucknow, India. A thorough research of these things will help you close the deal without any legal hassles later on.
Here Are 3 Things To Check Before Buying Plots In India:
1. The documentation
Before buying a plot of land, you need to check the documentation. In most cases, the documentation is not checked properly by home buyers and they had faced some problems. So, before buying a plot of land, it is necessary to check the documentation. So, make sure that all the papers are in place before finalizing the deal. Investing in land/plots can be a risk if proper legal documentation is not available for inspection. Gift deeds, affidavits, and sale deeds are some of the important documents that must be checked before buying land/plots in India
You can check the documents with your lawyer and real estate agent. They can help you in this matter. You should also ask for the legal documents from the seller. The legal documents that are needed to buy a plot of land are.
- Title deed
- Sale deed
- Power of attorney
- Sale agreement
2. The seller
In case there are multiple co-owners of a property, it is important to verify their credentials and ensure that they all agree to sell their share of the property. It is also important to check if any bank or financial institution holds a charge on the property being purchased as this may cause problems at a later stage. It will be wise to get NOC (No Objection Certificate) from all existing charge holders like banks before finalising any deal on land/plot
3. The Builders Reputation:
The developer’s reputation is one of the most important things that you should check before buying plots in lucknow. You can analyse this by checking its previous projects and their current status. Also, you can read reviews about the developer and its completed projects to get an idea about it. In addition to this, it is also important to know whether your potential developer has been involved in any court case or not.
Here are few more things to check
1-Sales Agreement: A sales agreement is a legal document, signed by both parties that outlines the terms and conditions of a real estate transaction
2-Allotment Letter: The allotment letter is issued by the builder after you have made payment for your property.
3-Receipts: Receipts are proof of your payments to the builder.