Buying a plot — things to remember

Invest­ment in plot is one of the dif­fi­cult invest­ment deci­sions for any investor. The rea­son why it is con­sid­ered as dif­fi­cult owing to the amount of invest­ment required. Apart from huge money invest­ment, own­ing a plot has an emo­tional aspect. Hence you should be very care­ful and cau­tious before you pur­chase a plot.

Before you buy a plot, check these -

• Whether the plot is non-agricultural(N/A) and has a clear title.
• Check whether the seller has a right over the property.
• Ver­ify whether the lay­out has been approved by the City Devel­op­ment Cor­po­ra­tion and the local body. (Copy of approved lay­out can be obtained from the City Devel­op­ment Cor­po­ra­tion CMDA for a nom­i­nal fee)
• Ver­ify whether the plan has been pre­pared accord­ing to the devel­op­ment con­trol rules.
• Check whether the details of approved plan have been dis­played at the site.
• Ensure that plan­ning per­mis­sion and build­ing approval has been obtained from City Devel­op­ment Cor­po­ra­tion from the local body concerned. It is always advis­able to hire a lawyer to ver­ify all the above points before you pur­chase a plot. 

• But if you are tak­ing a bank loan for buy­ing plot, in that case the bank always does a due dili­gence and ver­i­fi­ca­tion before grant­ing a loan. This is always a bet­ter option as the ver­i­fi­ca­tion done by a bank is very robust and reli­able. You can still go ahead and ver­ify the doc­u­ments with a lawyer for your own confirmation.