Everyone wishes to have their own house. Either purchasing a dream home or purchasing a plot of land or building your own dream home on it. However, with increasing real estate prices, finding a suitable plot is difficult, and if we do, it is typically so expensive that it is unaffordable. When it comes to real estate investment, the land is the most common type of property. However, when purchasing property, there are a few key considerations to keep in mind, without which your purchase might not be as sound an investment as you hoped.
When purchasing property, there are a few key considerations to keep in mind, without which your purchase might not be as sound an investment as you hoped. Regardless of where your plot is located, keeping the following considerations in mind will ensure that your investment is a sound money-making decision. So, if you find a decent piece of land to build on or invest in, you can consider the risks to ensure you don’t end up buying a non-existent property or one with legal issues.
Things to ensure when buying Plot in ECR
APPROVALS AND LICENSES
Verify Paperwork. Paperwork should be in the name of the owner. Do NOT fall into the trap where the seller assures you the documents are in the name of a previous owner.The following documents are required if you want to avoid a splitting headache in the future.
A clear title deed is needed if you want undisputed legal ownership of land for sale. Often check for unknown deeds, whether it’s an agricultural plot, a residential plot, or a commercial investment plot. Any deeds involving the transfer of land to you that are dubious must be resolved ahead of time. It would be beneficial if you could speak with a lawyer about the title deed.
Certificate of release:
This is especially true when purchasing a resale home. Check to see if the bank has released a release certificate, meaning that any outstanding loans on the property have been settled.
Certificate of encumbrance:
The encumbrance certificate is another one to add to the list. It guarantees that a plot or land is not encumbered by any legal debt.
Taxes on real estate:
Nobody wants to get in trouble with the tax. When purchasing a property for resale, it’s a good idea to ask the seller for past tax receipts.
Get the local government Approval:
Check to see if the plot of land has been granted the green light by the local authorities.
Having a plot for sale that is free of encumbrances is the secret to making significant capital gains from land acquisition. That typically means land with all of the necessary documents for your peace of mind.
TAKE A LOOK AT THE OVERALL INVESTMENT PICTURE
When purchasing a plot, it is important to be aware of the financial environment and to see the big picture. After all, you’re looking at capital gains. Do some little research and look for plots that have a strong current value and appreciate significantly in the future. This is known as value investing in the stock market, which involves selecting undervalued stocks and waiting for them to appreciate.
As a result, while properties within the city limits have a higher escalation value than properties outside the city limits or on the periphery, this might not always be the case. Outlying areas begin to appreciate as cities grow.
EXAMINE THE POTENTIAL OF THE PLOT
Aside from the plot’s position and potential for development, another important consideration when buying a plot is the potential of the plot in question. If you intend to build a villa on the plot you’re buying, for example, the plot must be in an area appropriate for the villa building. It’s possible that the land along the beach is too marshy to be called a villa site. Similarly, if the land is adjacent to a hilly landscape, it should not be too uneven to limit the property’s construction. Check to see whether the plot is on level ground or on a hill. Often, make sure there are enough water and other essential necessities.
IF THE PLOT IS WITHIN CITY LIMITS
See if the CMDA (Chennai Metro Development Authority) has approved it and the local body has authorized it. A copy of the CMDA-approved layout can be obtained for a small fee. Often consult a lawyer, architect, or licensed surveyor to see whether a plot is suitable for construction.
IF A PLOT IS LOCATED OUTSIDE OF THE CITY LIMITS
It must be approved by the District Town and Country Planning (DTCP). A DTCP-approved layout would adhere to minimum requirements for road width and public areas such as parks, among other things. Check to see if the plot is located outside of the Coastal Regulation Zone (no construction within 500 meters from the sea).
As a consequence, before making a purchasing decision, it is vital to determine the plot’s potential. If you have a particular plot project in mind, use it to assess the property.
You’ll be in for a fantastic investment on a plot for sale if you take care of the above-mentioned points!