Things to Consider Before Buying a Plot
Looking for healthy ROI (Returns on investment)? It is a well – known factor that plots score good over other types in terms of returns. Therefore, if you control to get a good or rather secure deal, purchasing a plot can be challenging when considering the climbing property prices.
But before taking the right decision, it is important to consider some essential factors to make sure that you are handling with the right property holder and investing in a plot that is properly approved by the concerned department or the authority.
Things to consider before purchasing a plot
The most important factor to consider is its proximity to the important areas within a city. Don’t get allured by low priced land that is located in far away areas with minimal development.
Check the original value of the land
Rather than buying a chia plotting service it is advisable to buy the one that is suggested by a real estate expert, or do some basic research to find out the original value of the plot. You can also negotiate the price later with the seller after all the basic checks are done.
Size of the plot
If you are looking for MIDC plots sale later, it is recommended to understand the requirement first. Make sure that you go through the build – up – area you need to build your dream house. Another two vital factors to consider while purchasing a plot is to consider the soil and topography.
Check the builder
You may hear the word “the land is under ligation” often or some other problems. Hence, it is suggested to a cross – verification about the builder. You can also verify the current and previous projects of the builder or even post your questions and doubts on the forums. This can give some great ideas about the builder reliability and credibility.
Check title deed
Verify whether the builder has right over the plot. This is the first step to check. Confirm whether the land is in the name of the seller and it lies completely with him and no other person. It is suggested to get the original deed inspected by a good lawyer.
Verify liability certificate
Before purchasing a plot, it is essential to check that the land is free from legal dues. To check this, you will ask the seller for a liability certificate for at least thirty years. This should be offered to the sub – registrar’s office to check that the plot does not have any legal complaints and dues.
Approvals by local body
Check whether the whole plot is approved by the corporation and the local body. For example, if you buy a MIDC plot in Mumbai the key authorities will be related to it. Also, consider asking for the approval documents and if possible ask a lawyer to verify it.
Ask for a certificate
In many cases, the plot might have been pledged to a bank to get a loan. In such scenario, you must have to get a release certificate.