For most people, owning a piece of land is their biggest dream and lifetime achievement. A handy land buying checklist can save you from a lot of unnecessary trouble in your quest for owning a plot, be it for resale or to construct your own home. In India, land prices keep increasing every day and it makes sense to invest soon if you have made up your mind. Before you take action, you need to be aware of a few basic and important facts related to land buying in India. For many, the lack of understanding of the basic procedures to acquire a piece of land is what makes them fall prey to illegal deals.
In this blog, we will be focusing on a few points that will make your journey towards owning a piece of land easier and hassle-free.
Here is a checklist you can refer if you are planning to buy land in 2020:
One must be extremely careful when it comes to buying a piece of land. Many property agents in the market thrive on conducting false business deals. Make sure that you don’t be a victim to these rackets by verifying the land ownership documents. The first thing you must ensure before buying a piece of land, and the most important part of this ‘land buying checklist,’ is to figure out if the seller actually owns the piece of land. Ask for all the relevant details regarding the plot and whether he/she has procured the legal rights to own and sell the land. If you have any doubt regarding this, then there should be no hesitance in getting legal help.
In India, a majority of the people purchase plots to build their dream home. If you are among one of them, then make sure that you understand the concept of FSI (Floor Space Index). By definition, Floor Space Index is the amount of permissible area on a piece of land that could be used for construction. Even if you manage to get your hands on a vast piece of land, the FSI regulations for that particular region would determine the footprint of the structure that could be put up. FSI mainly depends on the location of the plot. For example, if you bought a plot size of 2000 sq ft and the FSI is 75% then you can build a house with an area 1500 sq ft.
You may not be aware that, all land plots in India are categorized as agricultural land by default. Agricultural land can be used for agricultural purpose, but if you want to use it for other purposes, then you have to get a non-agricultural (NA) order from the government. So a piece of land is either agricultural or non-agricultural (NA). Now non- agricultural land falls into different categories depending on the purpose allotted for it such as for commercial use, for residential purpose, IT parks, resorts, etc. So when you are searching for a new plot for housing, you should verify whether that particular plot has a NA order which permits it to be used for residential purposes.
‘Sale Deed’ is a legal proof of sale and is an important document which proves that you are the owner of the land. Unless you have a registered sale deed, you do not have legal ownership of the land. Once you have reached an agreement with the seller/owner of the property, procure your sale deed by applying for the same at the sub registrars’ office. It is a legal document and proves that upon successful completion of all the required paperwork and payment, you’ll be the actual owner of the land. So always ensure that you have the sale of the property in your name registered at the sub- registrar office.
The location is one of the vital factors that determine the worth of your plot. You should always choose a property which is easily accessible from the town and has good road connectivity. Whether you are planning to build a house in the plot for yourself or purchasing the plot for investment, it should be located close to all amenities like shops, schools, hospitals and transport stations. Also check if the plot is located on flat land, slope or hilly terrain. If the plot is uneven, then you might face issues while constructing a house later on. It is always advisable to personally visit the location and then make a decision.
It’s always good to be prepared for the future. The resale value of the land is highly dependent on the location and developments around the area. As mentioned in the opening paragraph, land rates are sky-rocketing on a daily basis. To get the best value for your piece of land, if and when you decide to sell it in the future, it would be a good idea to have a basic understanding of the nearby localities and the upcoming facilities in that region. You wouldn’t want to invest in a piece of land that doesn’t get you maximum resale value in the future, would you?
Once you own a land, you will have to spend some amount annually to maintain the plot in good condition. If you are buying a plot in a gated community, there will be common maintenance charges for cleaning, security, etc. It is better to list down the type of maintenance work required for the plot on an annual basis and calculate the approximate amount. This will help you in making an informed decision. This is especially beneficial if you are living in another country and planning to buy a plot for investment. Generally, the maintenance cost is calculated based on the size of the plot.
If you planning to get a piece of land in the outskirts of a city, or in other words, a spot that is still undergoing transformation, making it a point to check if all the basic civic amenities like water, electricity, roads, etc. are in place. If the seller claims that all these aspects are in the pipeline, it is your duty to check with the local authorities to verify the claim. So always ensure the availability of these most necessary facilities before making the final decision.
If you have the basics covered, then owning a piece of land in India is not as difficult as it seems. Follow this land buying checklist and you should face no issues whatsoever in your journey to becoming a property owner.
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