Things to look out before buying a residential plot

Q: What is Dakhil kharij ??? what are the mandatory things to keep in mind before purchasing residential plot, especially in Dehradun. My cousin is planning to buy a land near Shimla bye pass.

Raaj Rauthan,

30th September 2015

Buying property in Dehradun

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Thanks Lekshmi for sharing wonderful information. I really like your posting.. I think in addition to your posting I would like to add few point that I think it is necessary to look before buying:
1. Property Tax Receipts & Bills.
2. Verify the land-use
3. Do your own research

Vibhor, Delhi

2nd October 2015

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3. Necessary Approvals by Local Body: Verify whether the plot or the entire layout has been approved by the City Development Corporation and the local body. For instance, in Bangalore the key authorities are BBMP and BDA. Ask for the necessary approval documents and if possible get it verified by a lawyer. In case of a large layout where builder plans to develop the plot, ensure that the planning permission and building approval has been obtained from the City Development Corporation.

4. Release Certificate: In some cases, the land may have been pledged to obtain a bank loan. In such a scenario, you will have to get a release certificate from the bank, which ensures that the loan on the land has been completely repaid. But if there are more than one owner, do take the certificate from all the people involved.

lekshmi.sanjeev@ymail.com, Delhi

2nd October 2015

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Key document that you must check before buying a plot....

1. Verify Title Deed: Check whether the seller has a right over the property. The first step is to see the title deed of the land which you are going to buy. Confirm whether the land is in the name of the seller and that the full right to sell the land lies with him and no other person. It is always better to get the original deed examined by a reputed lawyer.

2. Check Encumbrance Certificate: Before buying a plot, it is important to confirm that the land is free from legal dues. For this, check Encumbrance Certificate for at least 30 years. Given at the Sub-registrar's office, this states that the said land does not have any legal dues and complaints.

lekshmi.sanjeev@ymail.com, Delhi

2nd October 2015

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Thank you friends. I will be happy if anybody share me related to my query. Is bank will provide loan for land project which is approved by local authorities?

rahul kirmani, Delhi

1st October 2015

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Hi rahul, There are many Banks and financial institutes offer Land Loan or Land Purchase loan. A land loan is a financing option that is meant to be used just for the purchase of land.Banks usually insist that the land you are buying, whether it is for your house or for commercial purpose, should be from a development authority or from a society, implying that it should be a legally safe land.

ajit pandey,

1st October 2015

There are various Key factors that you must check before buying a plot:

1. Location
2. Check the real value of land.
3. Size of the Plot/land.
4. Verify the builder
5. Check document and agreement paper.

david.m,

1st October 2015

Comment

Hi Raaj, I think you are really taking the good decision to buy plot project.It has been a well-known fact that plots score better over other property types in terms of returns. Thus, if you can manage to strike a good or rather safe deal, buying a plot can be a rewarding purchase considering that rising property prices.

V. Victor,

1st October 2015

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Yes you are right!!
You could possibly verify the past or current projects of the concerned builder or even post your queries on the online real estate forums. This will give you some idea about the builder credibility and reliability.

Rakesh, Bangalore

1st October 2015

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