Buying Land or Plot in India? – Here is a 10 point Checklist Which You Should Know Before Purchasing Any Property in India
Investing in land or a plot is always the right thing to do as it will give you a good return on the investment. Especially if you are planning to buy one of the Dholera Sir Residential plots, you are going to reap a lot of benefits.
The best time to buy a Dholera Residential plots is now. Dholera Sir is in Ahmedabad District, Gujarat and is the first smart city in India. Many people do not know what exactly they need to check when purchasing a plot. Here are some tips that will be of great help to you:
1.Legal Rights of the Builder
Yes, this is the first thing that you want to check with a builder. You want to see if they have the legal authority to sell the plots.
In some cases, a builder buys the property from another person, and they have all the legal rights to sell the land. In some cases, builders enter into a joint agreement with a landowner. You need to have a clear understanding of this aspect.
2. Loan From Bank
You must learn if the builder has any loan from the bank. If yes, that is a good sign because they are not going to rely on the advance that comes from home buyers. It is also an indication that they are going to spend the entire loan amount on the development of the Dholera Residential plots project.
3. Check the NA Order
In India, almost all the land that you see falls under ‘Agriculture Land.’ Only if the government designates it for other use, people can use it for other purposes. NA is an acronym for non-agricultural. Here are all the categories that fall under NA.
• NA – Commercial
• NA – IT
• NA – Resorts
• NA – Warehouses
• NA – Residential (You need to check for this category when you are going for Dholera Sir Residential plots.)
4.Floor Space Index
You may need to check the FSI to decide if the land is appropriate for your needs. In some areas, if the FSI is 100%, the developers can construct the building on the entire location. But, if the FSI is 75%, they can use only a portion. For example, if a plot size is 1000 ft and the FSI percentage is 75%, you can develop only on 750 ft.
5.Other Projects of the Builder
It is wise to check with the builder to see what other projects they did in the city. It will allow you to check the quality and to see if they are any legal issues. You can make an informed decision after considering these aspects.
6. The Sale Deed
You need to check when the builder is planning to do the sale deed. When you enter into ‘agreement for sale,’ you will have to pay somewhere around 35 to 40% of the costs. Getting an ‘agreement to sell,’ does not give you the legal ownership of a property. Hence you need to check when you will get the property on your name.
7. Extract Document 7/12
It is one of the most crucial documents that the revenue department maintains in some states. It contains information of all the owners from the beginning. You need to check with the builder to see if you are going to get that document.
8. Per Annum Maintenance
You need to check the per annum maintenance costs of the property that you are purchasing. It will help you understand how much money you need to invest in security, lawn, water, and upkeep of the property.
9.Flat Land or Slope
Now, this is one of the most crucial aspects that you need to check before investing your money. Because the builder is selling a huge chunk of land, some Dholera Residential plots may be on the slope while others on a flat piece of land.
10. Water and Other Basic Amenities
Ask questions to under what are the builders doing to get water and other amenities like electricity and security. It will give you a fair idea of whether you should invest your money in buying that land.
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