Real estate in Pune is buzzing with opportunities for home buyers. An emerging real estate investment hotspot, Pune not only offers homes to buy but also land for sale. Buying land in Pune has in a way become a premium thing these days. In big cities, the land is a scarce commodity and it gives immense pride to have your plot where you can build the house as per your wish.
Owning a house is a dream of every person and is very important in one’s life. However, you need to be careful while buying any kind of property, so that you may not fall into any legal trouble. Before deciding to buy a piece of land, there are several things you need to analyze. There are various options for plots of land in Pune, but before closing on one, you must know what you are betting your money on.
Here are some things, which you should keep in mind while investing money in buying land and avoiding legal hassle.
Ensure that the seller owns the land. It should be in the name of the person selling you that property and he should also possess the right of selling that property without the consent of any other person.
Get the original deed checked by the lawyer for legal confirmation. You can also ask for the previous deeds of the land for your verification. Before registering ensure that you get a release certificate from all the other persons owning that land in partnership.
Do not forget to take a sales deed from the seller. With this document, you can ascertain that the property you are buying doesn’t belong to any society, builder, development authority, etc.
Before making the final payment make sure that the previous owner has cleared all dues like property tax, electricity bills, water bills, etc. and there is no outstanding payment. Make an inquiry in government and municipal offices for assuring that all the tax receipts and bills are duly paid.
You need to check with the owner to see if they had taken a loan to build the project on the piece of land. Don’t worry! If they have, that’s not a bad sign. The project has gone through legal checks and that’s why the bank would have granted the loan. Ensure that the seller has paid back all his loans and also ask for releasing certificate from that bank, which is required for releasing the land against all the debts.
It is advisable to get the land measured before making a registry in your name. You can also take the help of a reliable and authorized surveyor for measuring the land accurately. A survey sketch of the land can also be taken from the survey department for comparing its accuracy.
Once you settle down all the financial and legal matters with the other party, then it’s the right time to give an advance payment or write an agreement. With this, you ensure that the owner does not change his previous commitment regarding the cost of the property and also doesn’t sell that property to someone else for more money.
Write the agreement on Rs.50 stamp paper that should state the actual amount, advance given, the period within which the actual sale will take place, and also how to proceed in the situation of any default from both the parties. It’s better to take the services of a lawyer and both the parties should sign the agreement with two witnesses. In case of any default made by any of the parties, legal action can be taken.
Registration is proof of the transaction that has taken place between the two parties. Registration must be done within four months from the date of execution of the document. All the previous deeds, house tax receipts, original title deeds, etc. along with two witnesses are required at the time of registration.
Before starting the construction of your house, you must know how much land you can construct. For that, you need to enquire about the Floor Space Index (FSI) of the plot. Even if you buy a large plot of land and the FSI is less for that location, you won’t get to construct much and will end up wasting a lot of your precious plot space.
In some states, you must check the ownership of the land in the past decade. The ownership should have been properly passed on and there should be no gaps in between. This will help ensure that there are no disputes over the land in the future.
You need to pay for the maintenance of the plot/building. It is better that you calculate them beforehand.
You might consider reselling the plot in the future. To get a good resale value, the plot needs to be well located.
Before signing the sale deed, you must check if all the basic amenities are available or not. These include water, electricity, the roads around, security, and fencing of the plot. You want your future house to have a reliable power supply and good connectivity to the city.
Buying Land is an important decision because it involves a lot of money unless you’re filthy rich and don’t care about spending a bomb! Even if you can afford it, you would want to invest carefully. It can be quite complicated if you don’t know the basics. Following these steps will not only assure that the land you are investing in is in good shape as well as officially yours but also restricts the chances of any kind of legal chaos in the future.
This checklist makes you fully equipped to take the plunge. All the best!
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