Purchasing a plot and then constructing a house of your own on that plot is a different feeling altogether. Although, living in a ready-to-use flat is a very convenient and cost-effective option, constructing a house of your own is a different level thing.
I always wanted to build a house of my own. Although I live in a metro city, I managed to purchase around 2 Cottah of land for home construction.
But, a few years down the line, I realized the land was not at the right location and it will not suit my future needs. Finally, I ended up buying a flat and dropped the idea of constructing a house.
And that plot of land is still with me.
And I plan to use this as a good investment for my future.
The thing is, buying a perfect plot requires adequate planning. From the size of the plot to the neighbourhood, location, price, approach road and whatnot, there is so much to think about before purchasing.
After all, you don’t want to invest in land that has some existing litigation or a plot not located conveniently. Luckily, I have been there and done that and I can help you get it right.
Consider this when buying a plot for home construction
Below are a few imperative factors worth considering when buying a plot for home construction.
Verification of the Title Deed
Checking the title deed of the land is very important before you buy the plot of your dream. The key to doing this is by ensuring whether the seller is entitled to that property or not. After going through that document carefully make sure that the seller’s name is there in the deed for sure apart from anyone else’s including his or her entitlement to that plot as well.
Verification of the Seller
At times, we get to hear that a certain strip of land has been embroiled in a couple of issues or that it is totally under litigation. Therefore, it is very important that you cross-verify the seller as many times as possible.
Simultaneously, it is also necessary that you scrutinize the ongoing as well as the previous projects of the person from who you are buying the land. If need be, post a couple of queries online as well and see what reviews are coming instead.
This way you can attain a clear understanding of the builder, subsequently purchasing the plot from him or her.
Scrutinizing the Encumbrance Certificate
When buying a plot, make sure that it is free of any legal disputes or obligations because it’s always better to be safe than sorry. In this matter, it is pertinent to mention that land with an Encumbrance Certificate for more than 30 years is a viable option to go with. Conventionally, you can access this document in the Sub Registrar’s office which states that such a strip of land has not been affected by any unwanted legal hassles or complaints until recently. So, keep this aspect in mind.
Perhaps the most important factor to consider, pondering over the area of the land or plot is the stepping stone towards building your dream home successfully. While doing so, verify the dimension of the built-up area for sure including its pertinent topography and soil as well. Always remember, you are spending your hard-earned money on a plot and not buying chocolate or something. So, ensuring its nitty-gritty is absolutely necessary before you finalise a deal.
While choosing the plot size, consider the local building code carefully. You will have to leave some space on the sides, front and back and therefore the plot should be sized appropriately. Or else, you may not get enough build area and thus run out of space. You may like to consult a local architect for further guidance.
Inspection of the Release Certificate
As a matter of fact, the land that you are buying may be owing a particular bank loan. In such a situation, obtaining a Release Certificate from the bank is of paramount importance. And with this document, you can prove that the loan that applies to your plot has been repaid completely. However, if multiple people were involved at the time of purchase, make sure that you glean the release certificate from every one of the individuals who were a part of this activity.
Even if the plot seems really attractive to you, don’t make a decision in haste. Hence, doing intensive research on the value of the plot and its potential benefits is indispensable before you buy the land of your dream. If need be, you can also take the assistance of a professional real estate agent in this matter and he or she will guide you accordingly.
Property Tax Bills and Receipts
You never know if the plot you are buying is inflicted by any tax disputes or not. In case it is, then you need to free yourself from that predicament first. So, to go about it, you must ask the seller to provide you with all the tax receipts and other related bills he had paid for this property before. When you have these credentials handy with you, getting over any intrusive tax-related problems will be a matter of minutes.
Location of the Plot
Where you are going to stay after building your dream home plays a huge role in making or breaking the decision when it comes to buying the plot of your choice. As a matter of fact, the area of the plot you choose must be in close proximity to the convenient areas of your city. However, amidst this process, don’t get enticed by cheap offers that are situated at distant locations. So, first and foremost, factor in the location of your residential plot and then do everything else if investing in a lousy piece of land is the last thing you want.
Conduct research individually
Doing intensive research is very important if a clean and undisputed property is what you are looking for. To do this, you can join a couple of online real estate forums and scrutinize any unexpected future events that the plot might be susceptible to. Alongside, also ascertain that the area is integrated with all the facilities and infrastructure you need to build the home of your desire. On top of everything, your plot must certainly have a deed that shows complete access to the land as well as the authority to build a public road without facing any abrupt legal issues or worries.
Get information about ‘’Land-Use’’
As per the master plan of the city where you live, obtaining information about the ‘’land-use circumference’’ and its nitty-gritty is absolutely necessary. To get a bird’s eye view of your vicinity, ask the local body office to provide you with the ‘’city master plan’’ as you skim through the document with a great deal of care and attention. This way, you can devise a ‘’home-construction design’’ that lets you optimize your plot in the best way possible.
Essential approvals by the local body
Before buying a plot, make sure that it has been approved by the City Development Corporation and the associated local body (e.g. Municipal Corporation, Panchayat or Zilla parishad office in India). Alongside this, it is also necessary that you get the essential documents approved by a qualified lawyer. On top of everything, if the size of the plot is exceptionally large and the builder wishes to subsequently develop it, then both the planning and the building approval must be obtained from the local authorities in advance.
Buy a residential plot with confidence now
As easy as it may seem, buying a residential plot in India is not an easy task at all. However, by considering each of the factors mentioned above, you too can buy the strip of land of your desire, that too with full-on confidence and efficiency.