When making this investment, there are some basic steps to be followed which include survey of the local area and legal checks
Though owning a plot is everybody’s dream Property in Delhi NCR, many hesitate to do so fearing the prices. But not all plots are unaffordable.
Most of these are gated communities or villa projects, thoughtfully planned and offering opulent lifestyle, are located among the best residential options in Greater Noida and along the Yamuna Expressway.
At an average, they come at a basic sale price of around Rs 3,500-4,000 per square feet with prices starting from Rs 33 lakh and going up to Rs 1.25 crore for sizes such as 900, 1,350, 1,800 and 2,400 square feet.
When making this investment, there are some basic steps to be followed which include survey of the local area and legal checks.
“When buying a plot, people need to understand that they have a right to ask to see the originals of the government approvals that the developer has,” says Ruchi Gupta, a senior advocate and founder of Ruchi Gupta & Associates. “All registered builders and developers have these documents.
Some of these include:
Title deed: This needs to be checked for evidence of right to ownership. The thing to be checked here is if the deed title is in the name of the person who is selling and whether he has the rights to sell it. All the owners and co-owners should have signed agreeing to the sale of the said property.
“In case the current owner has inherited the property, then the plot gets classified as ancestral. In this case, it is essential to ensure there is no minor who has right to this property,” says Gupta.
Encumbrance certificate: This relates to dues such as taxes that need to be paid for the land. “Builders procure encumbrance certificate to show their buyers that the land does not have any legal hassle and unpaid dues. This certificate is issued by the sub registrar where the deed is also registered,” says Gupta.
Non-agri and protected area
Certain lands are classified as secluded or protected for many reasons. These include those close to sensitive installations, defence establishments or come under the penumbra of the environment protection act.
“It is essential that the buyer ensures these clearance certificates are got and the location of the plot is not close to any such areas,” says Gupta. “In case the property was classified as agricultural land, a conversion certificate is provided in case it has been re-allotted for residential development. This too needs to be checked.”
Documents showing the property is a debt-free asset also need to be checked. This document states that the property is free from all debts from the seller-end and he/she has paid all taxes on time.