Follow These Guidelines!
Buying a plot of land and building a house on it is a dream for a lot of people. Buying a plot of land has become a very tricky affair, especially when considering the blatant corruption surrounding the deals including creating fake documents, demand for half payment in cash and also issues of disputed land sales. It is hence important that you choose the right plot vendor for this purpose. So, if you are ready to buy a piece of land to build your first home, it is advisable to be very cautious and thorough.
For example, the Hiranandani Parks offers great plots in Oragadam that are completely DTCP approved!
Hiranandani Tierra Premium Plots in Oragadam, Chennai
Also, the steps and procedures are quite different from purchasing a flat and hence these aspects require a careful analysis before setting out on the path.
Getting a Loan
Plots really are scarce in big cities, though you can still get a good piece of land in smaller towns or even the major areas of the cities. If you are planning on taking a loan for this purpose, then a land loan can be availed that are offered by banks for the purchase of residential plots. Some banks have a clause that requires the buyer to start construction within six months of the land purchase. So, it would be advisable to plan your future course beforehand. You may procure a personal loan, but that might be a little more expensive.
Look out For
In India, the real estate sector is often secure with the law governing it. However, it is advisable for each and every land buyer to check for the following factors thoroughly and even get them examined by a legal expert like a lawyer before making the actual purchase:
The Deed Title: You should check if the deed title is in the name of the seller and whether he or she has the full right to sell it. Insist upon looking at the original and not just a photocopy.
Encumbrance Certificate: This document can be obtained from the sub-registrar’s office where the deed is registered. It declares that the land is free of any legal hassle and/or unpaid dues.
Property Tax Receipts and Bills: You should be asking for the originals again and ensure that all the payments have been made as this could potentially lead to legal complications and more expenditure in the future.
Apart from these factors, you must also be sure to check that the loans on the lands are repaid with a release certificate issued by the bank and get the property valued for the exact land measure.
Documentations Required
To purchase a piece of land, the following documents are required to be furnished from the seller’s end:
- → Original Land Deed of the current owner, known as the 7/12 document and also the previous owners’ information with the proper names on the title.
- → An Encumbrance Certificate from the Sub-Registrar’s office furnished for the last thirty years at least.
- → A Release Certificate from the bank, which states that the loan on the land has been completely repaid.
- → Original property tax receipts and other bills that are related to the plot.
For the buyer, the documents that are required to be furnished include:
- → The Title Deed after it has been transferred to the buyer’s name written by a Government licensed Document Writer.
- → Receipt from payment of stamp duty charges: Now, you can get your land registered in the sub-registrar’s office or have your name added in the village office records, as may be the case.
- → House Plan Approval: The State Municipality Act requires that a prior sanction be obtained by a person who wants to undertake construction activity for building a new house or modifying an existing one. The process has been made automated in most states and isn’t time consuming. Your contractor, engineer or architect needs to take care of this. The architect needs to submit the Building Plan along with a prescribed fee for getting the building plan approval done by the government.
- Factors for Construction Cost
The construction cost involved in the project includes the following factors:
- → Architect/ contractor’s fees
- → Building material costs
- → Labour cost
- → Interior fittings such as light fixtures, bathroom fittings, tiles, et cetera.
These will be the actual costs that should be involved; however, there are cost escalating factors that will depend the choices you make such as the construction plan itself, and the material required for building your house will vary according to your plan, the material quality and etc. Sometimes, it really does make sense to pay extra at the time of building and save potential maintenance and repair expenses later.
Smart Ideas to Save your Money
Outstripping your budget plan is inevitable while constructing your own home and there are very rare unheard of cases where this hasn’t happened. You can apply the following tricks to cut some corners though:
- → Keep your construction plan simple and don’t make too many changes once the construction work starts to happen.
- → Get materials and fittings with long term savings in sight.
- → Pick the right materials when prices are low even if you require them at a later stage.
Finally, get what you need and not what you want. This will really help you in the long run. Cost cutting is very important from your end as there will be many unforeseeable expenses that will crop up. Sticking to the original construction plan as much as possible is the best way to finish the project early or on time.The Hiranandani Parks offers excellent plots in Oragadam, that are very much affordable. Apply these practices when you buy a plot of land there! You get to choose from a range of sizes that start from five-hundred square feet, and goes up to six-thousand square feet! Plus, you get access to a wide range of facilities like a tennis court, a golf-course, and even a cricket ground that is truly full-sized in every sense!
We hope you had fun reading this article! However, we do realize that some queries may pop up! Do let us know them in the comments section down below!