When buying an open plot near Bangalore with the intention of constructing a house, several safeguards should be taken to ensure a smooth and secure investment. Here are some key safeguards to consider:
Clear Land Title: You have to verify the land title and ownership records to ensure they are clear and legally sound. This means to verify the rightful ownership and authority of the seller to sell the property.
Encumbrance Certificate: The Encumbrance Certificate is provided by the local sub-registrar’s office. This helps you to check for any existing legal claims, mortgages, or property encumbrances.
Land Use and Zoning: You need to check whether the land for sale is for residential use and complies. This safeguards your investment in land that may be prone to future government acquisitions or development projects.
Land Measurement: Verify the accuracy of the land’s measurements and boundaries through a licensed surveyor to prevent boundary disputes in the future.
NOC from Local Authorities: Obtain a No Objection Certificate (NOC) from the local municipal or planning authorities, confirming that there are no legal objections to constructing a residential property on the land.
Property Tax and Dues: Ensure that property taxes and other dues (like development charges or maintenance fees) are up to date and that the property is free from any outstanding financial obligations.
Physical Inspection: Personally inspect the property and its surroundings to assess factors such as access to roads, water supply, electricity, and drainage facilities. You need to double check whether the land is useful for residential construction.
Builder/Developer Reputation: If you plan to engage a builder or developer for construction, research their reputation and track record. Ensure they are reliable and have the necessary approvals and licenses.
Legal Agreement: Draft a clear and legally binding sale agreement that outlines all terms and conditions, including the purchase price, payment schedule, possession date, and penalties for any breaches.
Environmental Clearances: Ensure that the land is not near any environmentally sensitive areas. If so, check for proper environmental clearances and ensure compliance.
Financing: It is better to avail pre-approved financing which is the only guarantee that the property is eligible for the loan.
Resale Value and Appreciation: Make a study about the property appreciation in the location and also assess the resale value of the land.
Consult Legal Experts: Take the advice of legal experts and real estate dealers for information on land transactions, the process and safeguards to be taken.
Taking these safeguards into account can help you make an informed and secure investment when buying an open plot for residential construction near Bangalore. Additionally, it’s essential to stay updated with local real estate laws and regulations and seek professional advice to navigate the complexities of land acquisition.