THINGS TO CHECK BEFORE BUYING A PLOT IN CHANDIGARH AND MOHALI
Buying plots/ or land is an ancient tradition in India if you are looking forward to investing in a property. It is a good asset as well as a perfect option to invest in yourself and your future. The decision of buying a piece of land/ or simply a plot puts people in a dilemma as to whether buy a residential or official apartment/ plot or whether to buy a gated community plot (for this we have a detailed article written on this particular topic which what are the benefits of gated community you can have a look at it).
These questions can be very confusing and cause instability between you and your dream house. To take you out of this confusion and dilemma, this article is a must-read.
This article aims at taking all the factors into consideration while buying a property and especially if it’s a resale plot. So, this article not only focuses on what things to check before buying in Chandigarh or Mohali (or usually wherever you are planning to invest in the land) and what things you should consider before buying a resale plot.
THINGS TO CHECK BEFORE BUYING A PLOT IN CHANDIGARH AND MOHALI
The things which you need to check or keep in mind before buying a residential plot or a resale plot are as follows
Location Advantages: this is not new.
How much a location can be beneficial while buying a property is not something to be left unconsidered. Location advantages are a must check before buying a plot. Location advantages in Chandigarh and Mohali would include its connectivity with the major hospitals, malls, convenient stores, schools, national highways, railway stations, bus stops, transportation facilities, if it is nearby the international airport, it is a must-buy for sure.
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Don’t fall for a cheap aka affordable or lowest price flat/ apartment/ plot while it is situated in a faraway location with no connectivity at all. Especially if you are buying a plot for living in a home after building you would not want to live in a remote area with no connectivity to the city facilities and amenities and advantages.
Do not get lured by the price.
Do check the location of the plot (be it a resale or brand new) very well before buying it.
It is the biggest factor while buying the plot. This is also responsible for the increment in the invested value of the plot if you are buying it to simply resale it. You would not want to suffer loss in a deal.
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Value of the Plot
before buying a plot, you must do a detailed fundamental analysis of the property/ plot. Do not rush into a deal just because the offer is too good to deny.
Do not buy it just on someone’s advice but do proper research on your own. Most of the time the deal looks great on the outside but the inside could be the exact opposite. Spend a good deal of time researching about it. What do you need to research about is instructed further below in this article itself? So read it to the full before you are lured to commit a mistake buying a plot without proper research. Research about its value addition per year/ or annually and other advantages (discussed in the article itself).
But if this task seems tiresome to you can seek the help of the financial advisors and real estate agents to assist or help you in this research, so that you will be able to make an informed decision. Invest in a plot/ land with good returns in the future. Check the appreciation potential of the plot, you can also check an undervalued plot in the stock market and buy it and wait for it to appreciate.
Floor plans/ flooring etc. (in short, the area)
As you might have come across the term floor plan while searching about a property, the floor plan is a well-detailed diagram in the general language of a plot. It includes carpet area of the land, super built-up area, and the open space, etc.
It describes the area which is going to be covered while constructing a house with the dimensions of all the rooms, kitchen, washrooms, and everything. Yes, every single detail. Measure the land if you can or find a surveyor to check the dimensions of the plot (be it for resale or a fresh deed) for you. Along with it, you can also check the quality of the soil and topography of the land to ensure your safety and the value check of your property.
Or in other words, check the FSI also- FSI stands for the Floor Space Index of the land. It determines the extent of the construction on the land/ plot. For example, if you want to buy a plot of 4000 sq. ft. with an FSI of 100%, then a house of 2000 sq. ft. can be built over this piece of land.
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Verification of Builder’s Company
before you buy a plot in Chandigarh or Mohali or India in general you must cross-verify the identity of the builders and their company. Make sure the builders must be trustworthy builders and must have a good image in the real estate market and prestigious face value in the real estate market would be a bonus.
This is to check that the project or plot of which you are to buy is not stuck under any litigation or embroiled in other kinds of legal issues. Online forums play a vital role here while you need to check these details about the builders and their company. You can check past and current projects of the company and how many projects it has completed successfully. In this sense, you will get a rough idea of the credibility of the company and then you can buy a plot or a resale plot after checking it all.
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Verification of the Title Deed
it is one of the most important factors to look at or check before buying a plot in Chandigarh or Mohali or simply anywhere in India. Check if the seller from whom you are buying the property has sole right over the property to sell it. Confirm his name and that the full right to sell the plot/ land lies with him and no one else.
This ensures that the seller has an undisputed legal claim aka ownership of the land. After getting the original title deed, make sure to scrutinize it from reliable sources and people. You can take the help of a legal advisor. The sole ownership of the seller is the most important factor to check before buying it. To be even more vigilant take a smarter step and check if there are any previous title deeds of the land. The last 30 years’ details should be enough.
You can always check these title deeds on the official websites of the state government or visit the registrar’s office yourself for verifying physical documents. This might be tedious and technical. That is why there is another detailed and well-informed article on our website where you can check the name of the owner of a property in Chandigarh or anywhere in Punjab. Each state has its separate website for this purpose.
Necessary Approval by the local municipality or governmental body
Before buying any land or plot area in Chandigarh or Mohali make sure to check if the project has been approved by the city’s government officials or city development corporation. Double verify it with the opinion of a lawyer. Also, you need to check if the building approval and planning permission has been obtained by the builders from the local authorities. It shall have all the requisite permissions and approvals before you buy it. In case, if the owner is an NRI (Non-residential Indian), you will have to check the PoA (Power of Attorney) from the seller.
Encumbrance Certificate should also be checked: the next document on the list is an encumbrance certificate or simply EC. This is a legal mechanism from which you can ensure that the property you are going to buy is free from any kind of legal dispute. Thus, the land should be undisputed (legally). Now you must be wondering where do I get the EC from? Well, it is easy, you will have to visit the registrar’s office again to obtain the last 13 to 30 years’ papers of the sale deed of the property before buying.
Do, Checkout 9 THINGS YOU MUST KNOW (BEFORE BUYING A FLAT IN CHANDIGARH)
NA Order
You must know that all the land in India is agricultural land until and unless it is designated by the government for some other purpose. So, the land must be converted to NA Land (Non-agricultural land) before buying it for other purposes. There are various types of NA Land which are as follows:
- Residential land (NA)
- Warehouses (NA)
- IT/ITeS (NA)
- Resort (NA)
- Commercial (NA)
Therefore, you must check the copy of the NA residential order of the land from the seller before investing your money in it. Check also Tax Receipts/ Bills of the land asking from the seller, unless you want to be on the wrong side while buying it.
Now, we are done with the document verification and all the groundwork before buying the plot/ land in Chandigarh or Mohali (frankly anywhere in India). Now comes the final and actual process of buying it. This can be technical but it is the most important factor here.
Others: RERA No., occupancy certificate, construction approvals, and land-use approvals are equally important to check before buying the land/ plot or a resale plot. These are all the cautions you need to check before proceeding.
The Final Step: before proceeding to buy a plot or a resale plot in Chandigarh and Mohali make sure to arrange all the documents (that as a buyer you must have) for the registration.
RELEASE CERTIFICATE (this is the certificate for a resale plot)
You must have a release certificate of the land/ plot if you are buying it from a resale category that is a resale plot. This certificate is valid only for the resale plot buyers. This is to make sure that the resale property which you are going to buy is clear from loans (if any the previous owner had).
Sale Agreement
Draft a sale agreement between you and the party from which you are going to buy it to avoid any legal dispute further and read and involve every clause carefully. The agreement must cover the particulars of the land, the price for which both the parties have agreed to buy and sell respectively, the advance amount of money paid by the buyer, the time period when the sale will take place finally (concluded and complete), and cancellation clause.
Title Deed
Now you will have to get the title deed from the government office in your name. With the payment and receipt, you can get it registered in the registrar’s office and the deal is yours. You will need a pan card for a deal over 5 Lakhs and two witnesses for any kind of plot deal. The registration charges will apply, you will need to pay the stamp duty.
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