Home > Follow These Tips Before Purchasing Residential Plots in Gurgaon

Follow These Tips Before Purchasing Residential Plots in Gurgaon

Residential Plots in Gurgaon
Residential Plots in Gurgaon
Buying residential plots in Gurgaon might seem like a simple exchange of money and land between you and your seller. But the actual scenario is a bit fuzzy because of the widespread corruption. So, buying a plot in Gurgaon can be a complicated matter and thus, needs due attentiveness to ensure a safe investment. Here is a guide you must check things you should follow before making any investment – Explore the Identity of the Seller:
  • Before purchasing a residential plot, you must check and verify the identity of the seller.
  • Ask and check for the nationality and government id proof of the seller
  • Check for the consent certificates of the authorities for selling the plot
  • If the plot is held jointly, check for the identity of all the sellers
  • If you are purchasing a plot from a company, verify its legal certificates and ability to sell land.
Documentation: After finalizing the plot, the next vital step is paperwork and for this, you must check these documents keenly to avoid any future conflicts.
  • The Title Deed – Check for an unambiguous and clear title deed of the plot for an indisputable transfer and legal proprietorship.
  • NA Order – By default, plots in India are categorized as agricultural land. Hence, while purchasing land for residential use, make sure that you have the “NA-Residential” order.
  • Encumbrance Certificate – This certificate verifies that the plot has no legal dues. So, the document is necessary to ensure no litigation or pending dues on the property.
  • Bank Release Certificate – If you are purchasing land from the reselling market, there are probabilities that the land owner may have been pledged for getting a bank loan. In this scenario, the bank provides a release certificate, confirming that the loan is cleared. Ask for a copy of this release letter before proceeding with the purchase.
  • Floor Space Index (FSI) of the Land – it suggests the ratio of the total constructable area on the land to the total area of the land.For example, if the FSI is referred as two on a land sized 1000 sq. ft., the covered area structure can be 2000 sq. ft. which means double of the land size.
Construction Approvals: You must check the building and layout plan as sanctioned by the municipal body. Before purchasing, check for the government-sanctioned amenities such as electricity, water, sewage treatment, and parks. Check Connectivity Problems: Before buying land, it is important to check for the present and proposed connectivity possibilities. The functional public transport connectivity with the buses, metros and other modes of transport will enhance your property’s livability and future resale value. Always Do Physical Verification: Always physically verify your residential plots before spending money on them because sometimes it might look perfect in the brochure but might not look like the way in reality. Also, check and verify the authorities’ documentation to avoid any kind of misconception or dispute while proceeding with the purchase. Check for the Maintenance Issues: After buying a plot, you have to pay an annual amount for the maintenance of the basic amenities of your land. Always check the annual maintenance in advance so that it doesn’t come as a surprise in the future. Never Hurry: Buying land is a hard decision emotionally as well as financially. Never believe the landowner or the broker completely. Always visit the land physically and verify it twice to avoid trouble in the future. Conclusion: Apart from the verification and pending diligence, take advice from experienced real estate developers so that you can come in handy before spending your money on a plot. An experienced broker will suggest you visit your plot multiple times because you must not believe in the photocopies. In a nutshell, never purchase land hurriedly because several fraud companies and sellers might not provide you the legal documents. So, it is suggested to research your plot before investing your money because an investment for life deserves patience and research.

Important Link