Looking for buying a plot or a piece of land? If not today, perhaps you have this imagine owning a storyline sometime in the future.
Buying land or storyline has in ways to become premium thing nowadays especially in big places because the land is scarce commodity and the take great pride in is associated with having your own storyline where you can build the house according to your wish.
buying land or Prestige City Plots
If you eventually visit any real estate exhibition, you will come across many plots jobs along with the residential apartment plans. These plots are usually within 20-100 km of the location radius and frequently marketed as another home or getaway home.
Together with it, the costing is of interest (often within 5-20 lacs) and addititionally there is the service of installments which makes it too easy to possess a plot. The offer is often paying a token amount and pay the rest amount in parts (EMI).
However, the man is often unaware of the risks associated with buying land and the complexities involved in it. Buying a land is an extremely different kind of ballgame totally in comparison to buying a flat (which is a lot safer), now I am wanting to make things easy for you to understand.
MY OWN Experience
This article will mainly help a newbie with the simple checklists that they should check out before buying a storyline or when each goes to go to a system or if they are getting together with the salesperson (this is a checklist for buying apartments).
Note that this informative article is mainly remember plot schemes or gated communities, but almost all of the things will also obtain a standalone piece of land.
1. May be the land on the name of the constructor?
The first question you should ask the salesperson is that if the constructor has rights to market the land or not. Uncover who is the current owner of the land? Could it be a contractor himself or not?
A whole lot of contractors either buy the entire land from the previous owner or enter a joint arrangement with the owners to sell or develop the land and sell the story scheme. No real matter what, make sure that this part is clear. Require the documents which obviously show the constructor has legal rights on the story himself.
Here is a story on how small contractors do frauds
2. Has the designer taken a loan from Standard bank for the job?
Builders often have a mortgage for the Story plans and even personal schemes. It’s a sign that the constructor is much more serious about the project and it’s also a positive sign, because when there is the amount of money with builder which is specifically used for the project development.
The constructor is not centered totally on the progress money the home buyers. It implies that there is a cash flow focused on the job and the problem of cash crunch will be reduced.
It’s not necessarily the situation the scheme has a bank loan, but still check into it. If mortgage will there be, it’s evidence that the bank has done thorough verification off their area on the legalities and only then granted a major amount (often in crores)
3. Where is the NA order?
By default, all the land in India is ” AGRICULTURE LAND”, unless it’s defined for some other goal by the govt. So a bit of land is either agricultural or non-agricultural (commonly called as NA in real estate business)
Agricultural land can be utilized for Agri goal, whereas if you wish to do anything else other than agriculture the other has to first convert that Agri land to non-agricultural (NA)
However wish land offers NA status, will not mean that you can begin using it for personal purpose, because there are several types of NA like
NA – Commercial
NA – Warehouses
NA – Resort
NA – IT
NA – Residential (this is the one where one can build a residential house)
So when a parcel is type NA – Holiday resort, that means that that one may build a resort there, but can’t make a home scheme. If the story is NA – warehouse, the other can create a warehouse there for commercial purposes, but can’t make domestic plans and sell to the normal man.
Which means you need to look for “NA – Residential” Plot
So, the point is that you’ll require to ask the builder/salesperson, if the plot of land you are planning to buy is “NA-Residential” or not? Inquire further for a copy of that. A whole lot of other varieties of NA plots can be purchased as “NA story, collector approved” which is a misleading thing.
5. What are the other projects done by the contractor?
You must ask the salesperson about the other tasks done by the constructor. Check if indeed they did other similar jobs before? What was the respond to it? What’s the grade of those projects? Have there been any legalities with those plans? Are the buyers pleased with the contractor work there?
6. When will the Deal Deed happen?
You will most likely notice about the “agreement to market” which is performed when you reserve the toned/plot and clear your primary obligations (around 35-40%). This is the time when you pay stamp responsibility and sign up charges. After the agreement to sale is completed, a whole lot of buyers think that the even/plot is documented on their name and now they are legally safe.