Purchasing a plot of land is a significant decision that requires careful consideration and due diligence. It’s an investment that will shape your future, so it’s crucial to ensure you’re making an informed choice. Here’s a comprehensive checklist that should be ticked off before you finalize your decision:
Verify the Ownership and Title:
- Verify the title deed to confirm ownership rights.
- Check for any encumbrances or legal disputes associated with the plot.
Scrutinize the Location and Surroundings:
- Assess the plot’s location in terms of accessibility, proximity to amenities, and future development potential.
- Evaluate the neighborhood’s infrastructure, safety, and suitability for your desired lifestyle.
Understand the Land Use and Zoning Regulations:
- Confirm that the plot’s land use classification aligns with your intended purpose, whether residential, commercial, or industrial.
- Review the zoning regulations to determine the permissible construction type, floor space index (FSI), and height restrictions.
- Ensure the developer complies with all local authorities’ regulations.
Inspect the Physical Condition of the Plot:
- Conduct a physical inspection of the plot to assess its topography and drainage.
- Verify the availability of essential utilities, such as water supply, electricity, and sewerage connections.
- Check for any encroachments or boundary disputes that may affect the plot’s usability.
Review the Documentation and Approvals:
- Request copies of all relevant documentation, including the title deed, conversion order, approved layout plan, and RERA Registration Certificate.
Negotiate the Terms and Conditions:
- Evaluate the plot’s market value, potential for appreciation, and any additional costs involved.
- Clearly define the payment terms, including the deposit amount, installment schedule, and mode of payment.
- Ensure the sales agreement clearly outlines all terms and conditions, including the responsibility for stamp duty and registration charges.
- By diligently following this checklist, you can make an informed decision and avoid potential pitfalls when purchasing a plot.