Are you looking to buy plots in Pune? Most of us want to buy a land and build a dream house. There is a sense of pride when you own a land and live in your dream house, the way you always wanted it to be. You can decide the type of construction, design, and paint scheme and build an uncompromising house on your piece of land. However, there are some important things you need to know before buying a plot.
Below are the 6 important things you should know before buying a piece of land.
1. Check the Title Deed
A Title Deed is a legal document that proves the ownership of the property. Ask for the original title deed by the landowner and get it reviewed by an expert. A Title Deed will include the name of the seller from whom you’re buying the land. You should also verify that the owner has the full right to sell the land. It’s advisable to get the Title Deed reviewed by a trusted lawyer so that you have a peace of mind.
2. Review Encumbrance Certificate
Encumbrance Certificate helps you to know that the plot is not under any legal dispute. An Encumbrance Certificate keeps a track of all the registered transactions related to the property. You can obtain this certificate from the Sub-Registrar’s office, where the property is registered. You’ll easily come to know if there is any monetary or legal liability, such as an uncleared loan, or mortgage on the land. An Encumbrance Certificate will have all the transactions listed that are related to the property for a specified period of time.
3. Release Certificate
Check for the Release Certificate. A Release Certificate indicates that the loan taken from the bank is fully paid, which is issued by the bank. This certificate shows that the landowner has no debt towards the bank.
4. Property Tax Receipts and Other Bills
Take a look at the Property Tax Receipts and Other Bills. These bills are paid annually by the landowner to the local government or the municipal government.
5. NA Plot
Check whether the plot is NA plot. NA plot means Non-Agricultural plot. If you want to build a house in a land, then the plot must be an NA plot. All lands in India are considered as agricultural land unless they are certified as NA plots. An agricultural land is used exclusively for agriculture purpose and it’s illegal to construct residential or commercial buildings on an agricultural land.
6. What Is FSI?
FSI stands for Floor Space Index. It’s the ratio between the area of a covered floor (Built up Area) to the area of that plot (land) on which a building stands. The meaning of FSI can be simplified as how much construction can be done on a piece of land. This depends on the location of the plot.