Owning land is an invaluable asset. Though a challenging procedure, the idea of getting a plot is an ever-recommended opportunity. Buying land is also tedious since you must find the ideal place for your property, invest a good amount of cash over it, submit certificates, and finish the authorization!
Adding to the said, you must also double-check the key factors before buying a plot of land. The following pointers come handy for the same.
Buying a Land? The 13 Key Parameters to Assess
Here are the elements that one must focus on before getting land. Also, note that there might be many other internal/external aspects that influence your buying behaviour. However, the below-given will help you generically, accounting land purchase.
- Location: Whether you want to reside next to some IT parks, hospitals, shops, and more or go for a peaceful, serene place, depends on the geography you pick. Discuss with your family & friends, and decide on a location that is both cost-effective and much accessible to neighbouring cities.
- Land Size: The type of soil and the overall topography of the land are 2 main components to measure and evaluate. Check if your decided built-up area matches your architectural preferences.
- Land Type: Go for developed land. As the name says, you will have all the essential commodities and resources needed to sustain a comfortable lifestyle. This applies to personal and commercial land properties too.
- Encumbrance Certificate: EC is an official document that informs you about all the legal touchpoints of the land you are buying. Say that you are looking for plots in Mysore region, you must get the EC assurance, for any past updates such as uncleared loan, mortgage, monetary liability, etc.
- Land Value: The value of a piece of land is not only estimated for its actual property value but includes additional development and improvement. You must consult with experienced dealers or plot brokers and get the exact value of the land beforehand.
- Seller Identity: Let’s take our Mysore land example one again. If the properties in Mysore are jointly managed by individuals, then get all the legal documents verified, with concerned signature. For sole properties, ask for a nationality & residence certificate. Because establishing the seller’s identity is crucial.
- Documentation: Upon line of discussion with the seller, you must start with the important step of documentation. You have to submit original documents such as Release Certificate, Plot FSI, NA Order, Title Deed, EC, Property Tax Receipt, and more as per the seller’s requirement. This helps avoid conflicts in the long-run.
- Construction Approvals: You must get approval from the seller, to verify if the local municipal facilities, including sewage treatment, water supply, electricity, etc. are properly-devised and managed in that land area.
- Connectivity: Before the installation procedures begin, check if the proposed connectivity options are employed. Suppose, you want properties in Mysore for sale, ensure that your location is well-connected to metro, bus, & train stations. Be aware of its resale value for the future!
- Physical Verification: Visit the land physically before even starting your documentation. Site visits are paramount to acquiring land, as deceptive brochures will make you feel disappointed, upon visiting the land in person.
- Maintenance: To avoid cost shocks later, know your annual pay maintenance value beforehand. This is an amount to be paid for managing/improving the basic amenities of your land.
- Plot Registration: At the end, you will get your land registered officially at the sub-registrar! But note that you must submit original documents only and never duplicate your paperwork.
- No Hurrying: Finally – when it comes to owning land, never fasten your procedures. Buying land is financially and emotionally a stressful, critical work, that is worthy at the end! So, move it calmly and precisely.
