Buying a plot in Pune has gained added momentum since the pandemic provided a reality check on how important it is to own a house that offers the utmost privacy yet fulfils all essential needs. Building a home as per your requirement and aspiration has become quite necessary for homebuyers given the new normal of work-from-home, which has given them an opportunity to cater to their professional needs in an environment they are most comfortable in without compromising on the quality of the output.
Hence, customized homes have become a trend and are in rising demand amongst suburban homebuyers. That is why the need for residential plots has increased, and people have started to show interest in the horizontal way of living.
Plot investment in Pune has seen a new light, especially in emerging areas of the city. However, before investing, you should consider a few things that will help you make an informed decision. You need to identify the right location, appropriate budget, and the suitable documents required to register yourself as the legal buyer.
Top 8 Important Plot Buying Tips in Pune:
Apart from focusing on the budget, location and documents, there are other comprehensive things you need to be careful about. Here is a complete plot-buying guide for you to explore:
1. Verify the credibility of the seller:
The buyer must check and verify the identity of the seller or developer before purchasing a land parcel. The seller’s nationality and residence certificate, as well as whether the authorities’ consent is required to sell the land. If the property is held jointly, the identities of all sellers must be clearly established. If the seller is a corporation, confirm its ability to own and sell real estate.
2. Verify documents (Title Deed, NA Order, Encumbrance Certificate, Release Certificate, Receipts Of Property Tax)
Paperwork is an essential component of the land purchase process in India. Once you have finalized the plot, you must look for a clear and unambiguous title deed (also known as a 7/12 document in some states) of the land to ensure an undisputed transfer and legal ownership of the land.
A deed with questionable ownership should be viewed with caution, and consulting a property lawyer is advised in this case. Check with the seller to see if the original documents are available. Make sure that all documents are properly stamped and registered with the sub-registrar of assurances.
Every land in India is classified as agricultural land by default. If you are buying land for a non-agricultural purpose, make sure you have the ‘NA- Residential’ order. The encumbrance certificate certifies that the land is free of all legal encumbrances. The document is required to prove that there are no outstanding debts or litigation on the property.
If you buy a plot in Pune from the resale market, the plot may have been pledged to obtain a bank loan. When the loan is repaid, the bank issues a release certificate confirming that all outstanding debts have been satisfied. Before proceeding with the purchase, make sure you obtain a copy of this certificate.
To avoid problems with the tax authorities, request property tax receipts for the previous months. This assists in establishing that there are no outstanding tax obligations on the property.
3. FSI of the plot:
The Floor Space Index (FSI) is the ratio of the covered areas allowed on the plot to the total area of the plot. For example, if the FSI is two on a 1,000-square-foot plot, the covered structure’s area can be 2,000 square feet or twice the size of the land.
4. Conversion & land use approvals:
With the growing urban population and the consolidation of revenue land in urban areas, it is critical to convert agricultural land to non-agricultural use. However, many state laws prohibit the practice; the buyer must, therefore, check the city’s master plan and ensure that the property is in accordance with the city’s zoning plans. Before signing the dotted line, the R zone/L zone of the chosen property must be clearly identified.
5. Construction approvals:
A buyer must inspect the municipally approved building and layout plan. Check for government approvals for providing amenities such as water, electricity, sewage treatment, and parks before proceeding with the purchase.
6. Connectivity:
Before purchasing an NA plot in Pune, it is advisable to investigate the existing and proposed connectivity options. Functional connectivity to the metro, buses, and other modes of transportation will improve the property’s livability and resale value in the future.
7. Physically verify the land parcel:
What looks good in a brochure, or a picture may be different. It is a must to physically inspect the property before investing in it. It is also necessary to physically inspect the documents and have them verified by the authorities
8. Maintenance limitations:
After purchasing the plot, an annual fee is required to be paid for the upkeep of basic amenities. Know the yearly maintenance fees ahead of time so that they do not come as a surprise later. Purchasing land is an emotionally and financially taxing decision. Do not blindly believe the salespeople or sellers. Visit the plot and double-check everything that could save you from serious trouble later.
All You Need to Know About Plots
Buying an NA plot in Pune is trending now, and most of you would like to capitalize on this. With the tips mentioned above, you can make the right decision that will help you gain an upper hand over other buyers in the market. Even so, it would help if you had clarity on the basics of the plot-buying process. For starters, there are different types of plots available in the market you should know about, namely, agricultural land, residential plots, and commercial plots.
Since many commercial plots must be developed as vertical structures, local zoning laws regarding development should be considered. Commercial plot financing is also costly. Before finalizing the purchase, it is best to confirm the funding requirements. Fractional ownership is a popular commercial asset ownership concept. In layman’s terms, fractional ownership is a model in which a group of people contribute funds to purchase an asset or property, such as plots.
Institutional plots are plots reserved for specific purposes, such as establishing a college, school, or the headquarters of an organization. A local government authority authorizes such plots and allows for their sale or transfer in accordance with the rules. Industrial plots are typically developed by government authorities to promote industrial corridors in a region.
These plots are intended for warehousing and logistics, factories, and cold storage facilities, among other things. This is everything regarding the plots and the steps required to buy a plot in Pune.
If you are interested in buying a residential plot in Pune, you can visit any of the plotted developments offered by Eden Landmarks. Eden Group has a variety of projects to its name, like Escape City, Vintage City, and First City.
Hope this information proves helpful to you!