Real Estate has always been a favourable option when one is looking to invest his/her money. While owning a plot of land is a popular choice in big cities like Mumbai, Delhi and NCR, finding a lucrative piece of land has become a far-fetched dream. So, if one spends on a premium piece of land, it is not just about owning a valued asset but also a matter of social status and financial security. An ownership of a plot gives one the flexibility and choice to build a home as per one’s wish.
However, not everyone is aware of the risks, complexities and nuances of buying a piece of land, given that it is not the same as buying a flat. Regardless of the location of the plot, here are some factors that one should keep in mind while making the decision:
- Close scrutiny of paperwork is extremely critical, even though it might seem like a time consuming and an extreme task.
Title Deed: Whether it is agricultural land, residential plot or land for commercial use, one must make sure that there are no deeds uncleared . Any deeds where the transfer of the land is questionable must be addressed, well in advance.
Release Certificate: If the property has been put up for resale, it is important to make sure that the bank has released a certificate, indicating that the loans on the property have been paid, if any.
Property tax receipts: An essential caveat, when buying a property it is essential to procure and verify previous tax receipts from the sellers.
Encumbrance Certificate: This is of utmost importance as it ensures that the plot or land is not tied down by any legal debts.
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- Along with the location of the plot, one must also look into the viability of the plot purchase. The plots should be suitable for the aimed purpose for example, if you want to construct a villa, the plot must be suitable for one.
- Another important question to enquire the seller is about the FSI (Floor Space Index) of the plot. FSI simply means how much construction can be done on a piece of land which depends on the location of the plot too.
FSI of 100% means if you have a plot of size 2000 sqft, you can build a house of 2000 sqft on that. If the FSI is 75% , then you can only build 1500 sqft of house on that 2000 sqft of land.
- Last but not the least, it is very essential to ensure the credibility of the builder. Closely examine and study the other projects that are already under their belt, customer reviews of those projects and their quality of construction.
Even though there is a myriad of other considerations to go through meticulously before making the final purchase, some brands which have stood the test of time, like Experion Developers, can be trusted with the purchase. The Westerlies, located in Sector 108, Gurgaon is one of the premium residential plots making news in NCR. It is 0 km away from the Delhi border which makes it a very sought after project to invest in.
So, whenever you decide to invest in a plot, meticulously evaluate the pros and cons after thorough research to ensure a tension-free land purchase.