Buying a plot in Tamil Nadu considered to be the greatest part of living and a great aspect in saving huge money. Once you have a vast amount of money in your hand or else you have decided to invest the saving in some scheme then the right choice is to invest it in the piece of land that would get popular and increased value in upcoming years.
What needs to be checked before buying a plot?
Size of the plot
When you decide to buy a plot don’t blindly believe the salesperson or broker. Visit the land and check the size of the plot by referring the documents. The direction of the plot
The shape of the land
It is better to buy a square-shaped plot for any purpose usage. Don’t go for unshaped plot it may cause some problems in the future.
Uniformity of the plot
Ensure the neighbourhood plots are in same size of yours, and your plot has a separate way that connects the road to your plot.
Location of the plot
Locality of the plot is more important for social connecting. If you are going to buy in low budget, then location is not a big factor.
Your plot must be located such that the place has all essential needs nearby.
What the legal documents required for buying a plot?
Ensure the identity of the seller. Verify the residential ID/proof of the seller to avoid future troubles. If the land has joined owners, look over its ability to own and sell a property.
Title deed is a documentary form, which is a legal statement that confess the title on the seller. After you purchased the land, registration is carried out, you(purchaser) would receive a sale deed in a document form, which will give out the title of the property.
Encumbrance certificate (EC)
Encumbrance refers that any charge created on any asset. An encumbrance Certificate or EC is a certificate of assurance that the property is free from any legal or financial liability like debt or an uncleared loan
NA (non-agriculture land)
For any type of construction, it is allowed only when the property is non agriculture land. It can be done in collector office.
Tax receipts of the property
Ensure the property owner has paid tax for the land and get a copy for your references.
FSI of the property
FSI (Floor Space Index). FSI means the ratio between the area of a Built-up area to the area of that land on where the building stands. FSI value gives the total amount of area you can build on the plot (includes all floors).
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