Investing in a home plot to construct a home is a dream for all. And you are going to embark on that dream. But such an investment can prove to be extremely costly, and thus requires one to lay the important groundwork prior to taking the jump. Read on to know the 7 things you must do before making your investment.
1. Check The Seller’s Right To That Land
After zeroing in on a plot of land, you must confirm the seller’s right to that land by asking him to get the first title deed and get it verified by a lawyer. If the land has multiple owners, make sure all of them are accounted for and that they are on board with making the purchase.
2. Verify All Relevant Land Documents
There are numerous land-related documents which you’ll need to accumulate and authenticate before choosing to purchase the property. Request for a certificate clearing the property of legal disputes and loopholes. In fact, ask the seller for the parent document, as well.
In addition, collect other important paperwork, like the purchase deed, land revenue receipts, the stamp duty document, and a release certificate from the lender. The very best thing you could do is ask your legal counsel to list out each of the documents you have to obtain residential plots for sale in Bangalore.
3. Check The Land Zone As Per The Master Plan
Ensure that the plot of land which you’ve chosen does not fall under the agricultural zone. Also ensure that the plot does not fall in a reserved land area, because in that event the responsible authorities will ask you to evacuate the land afterward.
4. Inquire About The Land Approvals
Find out everything about the blessings the property has received in the past, be it from financial institutions or local body companies. However, you should not only rely on bank approvals for your land. Check for sufficient approvals by the appropriate city development corporation.
5. Check into the general availability of the land via the connecting roads. Ideally, there should be a deeded right-of-way, which gives you the ability to build a connector road afterward, should you want to. Additionally, ensure that these streets are officially under the body, therefore it may manage the plot’s upkeep.
6. Have Out An Elaborate Site Visit
Visiting the plot site in question would be the best way to discover about the general status of the land. You have to check if the soil is strong enough to support structure later on. Additionally, find out the condition of the plot as well as the nearby regions during the rainy season.
7. Once you are happy with your cross-examination of the land in question, you are able to apply for a land loan with your bank. Land loans have the exact same interest rates as housing loans, but require a larger down payment to be made for it.