Things to Check Before Buying a Plot
Buying land for building your home is an irreversible decision. What this means is that once you make this purchase, it becomes a commitment that you cannot undo or have to face a lot of trouble to undo
SO, CONSIDER THESE 6
THINGS BEFORE PURCHASING LAND:
1
Is the land you are buying free of legal dispute? Do a thorough background check to get a confirmed legal status of the land and obtain a release certificate from all owners (in case there are more than one) to save yourself a lot of heartburn and headache later.
6
Know your Floor Area Ratio (FAR). The Floor Area Ratio tells you how much space you can actually use to build out of the total area of the plot. In certain places like cities and municipalities, FAR is determined by the Urban Planning Department in order to maintain zoning and planning regulations.
5
Does the land have access to important facilities? It should be easily connected to the main road, hospitals, schools, water, electricity services etc.
2
Does the person(s) selling you the land have the legal right to do so? Can he provide all the required legal documentation confirming this? Verify all documents before making the final decision.
3
Are you taking a bank loan? Keep in mind that some banks would require you to start building your home within six months of the land purchase. Understand all the conditions stipulated by the bank beforehand and choose an EMI Plan that is suits your repayment capacity
4
Have you tested the water in the soil? Do not forget this step; hire a licensed civil engineer to carry out this test to ensure that the land itself is suitable for building your home.
5
Does the land have access to important facilities? It should be easily connected to the main road, hospitals, schools, water, electricity services etc.
6
Know your Floor Area Ratio (FAR). The Floor Area Ratio tells you how much space you can actually use to build out of the total area of the plot. In certain places like cities and municipalities, FAR is determined by the Urban Planning Department in order to maintain zoning and planning regulations.
4
Have you tested the water in the soil? Do not forget this step; hire a licensed civil engineer to carry out this test to ensure that the land itself is suitable for building your home.
6 LEGAL DOCUMENTS
YOU MUST HAVE BEFORE PURCHASING LAND
8 DOCUMENTS YOU NEED
FOR BUILDING APPROVAL
PLAN
SANCTION
LICENSE
POWER
OF
ATTORNEY
ACCOUNT
CERTIFICATE
NON
OBJECTION
CERTIFICATE
(NOC)
LATEST
INCOME
TAX RECEIPT
LAND
OWNERSHIP
CERTIFICATE
AFFIDAVIT
AND
IDENTITY
BOND
SANCTIONED
PLAN
REMEMBER, THE LAND ON WHICH YOU BUILD IS AS IMPORTANT AS THE HOME ITSELF. PLAN PROPERLY AND MAKE AN INFORMED PURCHASE.
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