The trend of buying plots in India has become increasing over the years. However, before making this investment, you need to carefully determine the budget, location, and documents required. No matter whether you are planning to buy a plot of land for sale in Pallavaram or Porur, you need to do your research and keep certain factors in mind before making the investment.
Establish the identity of the seller
Prior to buying any property, it is vital to check and verify the identity of the seller.
- You need to check the nationality and residence certificate of the seller and whether the consent of the authorities is required to sell the land
- If the plot is sold by a company, you must verify its ability to own and sell a property
- In case the property is held jointly, the identity of all the sellers must be established
Documentation
Paperwork is vital to the process of property purchase in India. After you have finalised a plot, it is better to make sure that the following documents are in order to avoid conflicts in the future.
Title deed
Checking for an unambiguous title deed of the plot is important for an undisputed transfer and legal ownership of the land. Buyers must make sure that the original documents are available with the seller and that all the relevant documents are duly stamped and registered at the sub-registrar of assurances.
NA order
In India, every land is classified as agricultural land by default. Hence, before buying a plot, you have to make sure that it has the ‘NA- Residential’ order.
Encumbrance certificate
This certificate verifies that the property is free from all legal dues. Checking the encumbrance certificate is important to make sure that there are no pending dues or litigation on the property.
Release certificate
If you are buying a plot that is being resold, then there might be a chance that the property has been pledged to get a bank loan. After the loan is repaid, then the bank provides a release certificate confirming that all the dues have been cleared. Hence, it is better to procure a copy of this before proceeding with the investment.
In addition to the documents mentioned above, checking the Floor Space Index (FSI) of the property would also be important when buying a plot of land for sale in Thandalam, Madhavaram, Thirumazhisai, or some other locality. FSI refers to the ratio of the covered areas allowed to be constructed on the plot to the total area of the plot.
