In this blog, we will discuss the 12 important things to check before buying a plot.
Buying a plot of land in India can be a good investment. As the prices of land are increasing day by day it’s a good option to invest in it. Nowadays most people are interested in investing in plots & lands but are unaware of the important things that should they check before buying a plot.
Here is the list of 12 important things to check before buying a plot:
To ensure you make a correct decision here is the list of what to check before buying a plot.
1. Location and Accessibility:
Location is an important factor to take into consideration while planning to purchase a residential plot in Uttarakhand, India for residence or investment. One should examine the plot location carefully. Considering the proximity to schools, hospitals, markets, and transportation facilities.
2. Licensing and Approvals:
Ensure the property has been approved by the local development authorities and has proper approval.
3. Title Deeds:
It is a document that defines inheritance, ownership, allocation, and transfer of property by government regulations. Must check seller of the property has full rights and is the only owner of the plot. You can take the help of a lawyer if you don’t have much knowledge of it.
4. Check the FSI (Floor Space Index):
Verify if the property adheres to the local Floor Space Index regulations. FSI regulations dictate the maximum permissible construction on a given plot, and non-compliance can lead to legal issues. Considering the FSI is important because it not only affects the space you can utilize for your home but also impacts the overall construction and design possibilities.
5. Size of the plot:
Measure the area of the plot before building your dream house. You can also appoint a surveyor to do this. Read this full checklist before buying a plot.
6. Check the value of the plot:
One important point to consider before finalizing the deal is to check that the price you are expected to pay is appropriate. Figure out the prices of nearby properties to estimate the cost. If you can’t do it on your own, think about hiring a real estate agent or property dealer.
7. Availability of Water and Electricity:
Check the water source and supply reliability. In some areas, water can be a major issue. Also, ensure that the locality doesn’t suffer from frequent power cuts.
8. Parking facility and Other Amenities:
Confirm the availability of parking space, especially if you own a vehicle. If you are buying property in a complex, check the amenities provided (like gym, swimming pool, security services).
9. Builder Reputation:
You must have heard news about land frauds so it’s important to check builder credibility. Research the builder’s reputation, completed projects, and customer reviews to measure their reliability.
10. Property tax receipts:
To buy your plot without any hassle make sure you’re free from taxation issues. Ask the property dealer for previous property tax receipts and other bills to ensure that you don’t have to deal with them in the future.
11. Verify the Land use:
Ensure that the land is designated for residential purposes according to the local development plan. Different zones (residential, commercial, industrial land) have specific regulations. Purchasing property in an incorrectly designated zone could lead to legal issues and limitations on how you can use the property.
12. Registration and documentation:
Check Encumbrance certificate – This certifies that the land does not have any legal dues, allotted by the sub-registrar’s officer. Sales deeds, Power of Attorney, Mutation Registration Extracts, and Khata Certificate are some important documents required. These are the last and the important things to check before buying a plot.
Read this full checklist before buying a plot. And if you are interested in investing in plots in Uttarakhand you can contact Square foot investors. If you want to know about the document Checklist before buying a plot in detail then click here.
Here Are Some of the Land Investment Benefits:
Investing in plots has gained significant traction in recent times and for good reasons. It offers a unique set of benefits that not only promise financial gains but also align with diverse personal aspirations.
- Appreciation in Value- Investing in plots often leads to substantial appreciation over time, making it an ideal choice for long-term investors. The value of land tends to increase consistently, ensuring excellent returns on your initial investment.
- Limited Maintenance Costs- Unlike properties with structures, plots typically have lower maintenance costs, as there are no buildings to maintain.
- Flexibility for Future Development- Owning a plot grants you the flexibility to develop the land as per your requirements. Whether it’s residential, commercial, or agricultural purposes, you have the freedom to utilize the plot according to market demands and personal preferences.
- Tax Benefits– Landowners may benefit from property tax deductions and potential tax breaks.
- Steady Passive Income – Besides the potential for appreciation, plots can generate passive income. You can lease the land for farming, parking, or other purposes, ensuring a steady stream of income without active involvement. These are some of the benefits of investing in plots hope you understand it.
I hope this article helps you to understand the 12 important things to check before buying a plot. For any queries regarding property sales & purchases, you can contact us or you can visit our website.
Frequently Asked Questions (FAQs):
Is it necessary to hire a lawyer for the property purchase process?
Absolutely. A legal expert ensures all documents are in order, protecting you from potential legal complications in the future. Their expertise is invaluable during property transactions.
What documents should I receive after purchasing the plot?
After purchase, ensure you receive the sale deed, property tax receipts, and all approvals from local authorities. These documents validate your ownership and legal standing.
What are the common mistakes to avoid when buying a plot?
Avoiding thorough due diligence, ignoring future development plans, and neglecting to validate documents are common mistakes.
List of documents to be verified before buying a plot in Uttarakhand
Before buying a plot in Uttarakhand, a buyer must obtain the following documents-
1. Duly signed original documents of the property
2. Encumbrance certificate
3. Identity proof
4. Address proof
5. Power of attorney
6. Valuation certificate of the property