Are you planning to invest in a plot in 2021? If yes, this blog post is apt for you. Please note that the process of buying a plot is quite different from buying a house. Everything ranging from documents to risk factors differs in both cases. Today in this blog post, we will discuss the crucial things you must check while investing in commercial plots in Bagru. Let’s dive into the details.
Watch Out For
Here is a list of factors that you should examine before finalising the papers:
- The Deed Title – Make sure the plot title deed is in the name of the seller only. Moreover, he should also have the complete right to sell the plot. Don’t forget to check the original Title Deed and not just its copy.
- Encumbrance Certificate – You can get an Encumbrance certificate from the Sub-Registrar Office. It states that the plot does not have any unpaid dues or due legal proceedings. Apart from this, also, check if all the loans on the land are repaid. Doing a formal property valuation from a professional is also a good idea.
- Property Tax Bills and Receipts – Ensure you check all the legal property bills and receipts before finalising the plot papers. Any lapses can land you in a legal soup. You can also consult a real estate professional for the best guidance.
Documents
Seller’s Documents:
- Bank Release Certificate saying that all the property loan has been repaid.
- Original Land Deed of the current owner along with the previous owners.
- Original property tax bills and receipts
- An Encumbrance Certificate for the last 30 years.
Buyer’s Documents:
- Stamp Duty Charges Receipt.
- The original Title Deed once it is transferred to the buyer’s name.
- Construction plan approval. The architect needs to submit a building plan as per the State Municipality Act along with a prescribed fee to get the approval done.
Factors of Construction Cost
- Labour cost
- Contractor / Architect Fees
- Interior expenses like tiles, lighting, etc.
- Building material costs
Other Factors:
- Particulars of land
- Any advance paid by the buyers
- The total cost of the plot agreed by both the seller and buyer
- Contract cancellation clause
- Time and date on which property sale has to be taken place
So, this is all about buying plots in India. Trust the most reputed sources to know everything about the latest plots for sale in India. Experts recommend collaborating with a market professional for a safer deal. They can also help you in case you are missing out on some important documents or processes. Good luck.
