Buying a property is and always will be an attractive long-term investment option. However, when it comes to investment, the biggest dilemma is deciding whether to buy a residential plot or a gated apartment. Whatever you choose to invest in, there are several complexity and risks that you may not be aware of.
Buying plots in Bangalore is like a dream. Don’t let it turn into a nightmare and take these steps before making the big move:
Be Thorough With the Documentation
When it comes to buying property, having legal paperwork in order is of the essence. So, to accomplish that, verify all the documents to save yourself from the troubles later. Here’s the checklist of important documents you must have in order:
Title Deed
Do check the title deed document for an undisputed transfer and legal ownership of the land. Also, get the original documents duly stamped and registered at the sub-registrar.
Encumbrance Certificate
An encumbrance certificate is issued to ensure that the land is free from all legal dues. So, keep this document handy to go through a legally sound deal.
NA Order
In India, by default, every land is classified as agricultural land. If you’re purchasing land to build a house, make sure that it has NA-Residential order. That way, you’ll ensure your property’s not getting built on fertile land. Plus, it also saves you from getting trapped in environmental board issues.
Release Certificate
Before proceeding with any purchase, do check the release certificate issued by the bank to confirm that you have no dues pending.
Property Tax Receipts
To avoid getting entangled in tax non-payment issues, do check if the previous owner has fully paid all the tax payments.
Check the Potential of the Plot
Before you decide to purchase a property, especially a plot, it’s important to check the potential of the plot. Based on the kind of project you plan to build, evaluate the land and check if you can build the desired property there. Also, check details like the inclination of the plot with the architect, especially if you’re looking to construct a house on the plot.
Check for amenities like water, sewage treatment, electricity, and internet accessibility approvals issued by the government. If you buy a property from a developer, you won’t need to worry about all these amenities as they’re part of the package. Also, since the cost is shared by the community of buyers, it effectively reduces your cost and saves your money.
Past Projects by the Builder
Before purchasing from the developer, check the operating history of the builder by enquiring about previous projects they’ve constructed. Also, if possible, get in touch with buyers who have already purchased property or land from that builder.
If you don’t have any contacts, don’t worry! You can get information about the builder, his/her credibility, and past projects online through various reviews. We also recommend you check the developer’s website to assess their credibility.
Property Location – Why Is It Important?
No matter why you buy a property, you need to pick a plot that’s close to all the lifestyle amenities like shopping malls, schools, colleges, hospitals, etc. Getting a plot in an up-and-coming locality is the best way to ensure that happens. Especially if you’re looking through the lenses of long-term profitability in real estate, consider the location to be a crucial factor.
Whether you buy a property in South Bangalore or buy a property in North Bangalore, ensure it’s accessible to prominent areas of the city. Owning land far away from the city might be tempting due to cheap rates but it’s not recommended at all.
Final Thoughts: Small Investment Can Yield Big Returns
Nowadays, investing in land is not just reserved for super-rich people. Through affordable loans and other options, it’s something the middle-class can easily achieve. Though the process might seem long and complicated, getting help from an experienced and credible developer will save you time and effort.
If you’ve never purchased land before, we recommend picking a plot that’s small in size. That way, if the land’s value does not appreciate much and you don’t get the expected returns, it’ll be easier to sell it. In the future, you can buy additional plots if your financial capability increases.
If you’re planning to buy plots in Bangalore, you have excellent options at your disposal. Just make sure to do proper research before you make a big move.
