Ownership of a house/ farmland/ land is an important thing in one’s life. Although, one needs to be conscious while buying a property to avoid falling into a legal nuisance. Prior to buying a land, a number of checks need to be done to be sure that the land has a clear and marketable title. The legal status of the land is one of the first affairs that should be addressed before purchasing a property.
Basic Documents Required to Buy an NA Plot in Pune
Purchasing property needs to be well-informed decision always. There is a lot of legal procedure involved when it comes to dealing with properties. Owning a property is risky but carelessness can lead to greater losses. Therefore, being cautious is vital. With correct property papers and identity proofs, you can take a more informed decision regarding your land. The first thing is to know the basic documents required to buy a land?
- Verification of title– Verify that the documents you are having a look at are duly signed and stamped by governmental authorities.
- Search the identity of the seller– It is mandatory to pay attention to the seller’s residential stature and also nationality as well. Land investment is a crucial investment and requires consciousness.
- Check for the required permission– the process of converting of property for non-agricultural use is significant. If you are a buyer you must examine the plan beforehand.
- Construction approval-The layout plan of the property should be sanctioned by the municipality or other concerned governmental bodies.
- Non-agricultural-Agricultural lands are not meant to be taken under construction. Have a look through the necessary documents and procedures and be confirmed that your land is non-agricultural.
To ensure all things are at place, you need to understand the checklist in details.
What if I Am an NRI?
For an NRI purchasing a piece of land in India is more than an investment. Many Indians have gone abroad to stimulate their career. This factor may sometimes make people homesick for staying away from their parents.
Here is a checklist for NRI’s looking to buy a plot in India:
- Purpose-Your purpose should be clear.
- Transactions-All transactions should be done in Indian currency.
- Power of attorney-It is possible for a POA to any relative or friend who is living in India.
- Taxation-If the price of the property is more than 50lakh, then the buyer must pay 1% tax on it. This is only for the first purchase.
Transferring the Property
It is mandatory to have property documents while transferring a property. Transfer of property can take place for reasons like gifting, selling, etc. The Memorandum of Understand (MOU) is the first document that is required during this process. The transfer deed is used for transferring the existing title to someone else. The relinquishment deed is required when there is more than one owner of the same property and this deed relinquish all the share in that property to another partner. There are majorly 5 things you need to know about property transfer.
Who Can Help When Looking for an NA plot in Pune?
Due to the increase in IT and manufacturing companies have been coming up every day. This results in a huge demand for residential plots. Purchasing NA plots is the best solution for residential needs. There are a number of real estate business companies and trust which will help you find your ideal residential plots. Amongst the reliable developers available, SVB Realty is one of the prominent real estate development companies in Pune.