One of the best ways to enjoy the perks of gated community living and get to build your home according to your own needs is by investing in plots within gated community projects. This way, you get to build your home at your own convenience. You could even use it as an investment and sell it off after a few years, as such plots are always in high demand. With land becoming scarce in the cities, it’s more lucrative to buy plots in the suburban areas where it is cheaper. As the city expands year on year and pulls more peripheral areas into its folds, the value of your plot will only go up.
However, you do need to be very alert during the plot buying process as no one wants any nasty legal surprises down the line. Take the time out and learn about all the documents involved in the purchase of residential plots and move forward accordingly. Of course, the best way out would be to buy plots from big brand developers who have their premium reputations to maintain and can be relied on to be clear-cut and transparent in their sale processes. Here’s a look at some of the documents needed for buying plots:
Check the original land ownership deed of the seller and verify whether the seller is the actual plot owner and has full rights to sell the plot. You can also verify the ownership by logging on to the state government’s land registration website. It would also be wise to consult a property lawyer at this point.
This document provides details of previous ownerships and is not required in the original form. However, it becomes mandatory when the plot falls under Gram Panchayat jurisdiction.
This important document is used when the person involved in the purchase or sale of the plot isn’t available and has deputed an ‘agent’ to oversee the transaction process on behalf of himself (‘principal’ or ‘grantor’) – the buyer or seller of the plot. Power of attorney documents usually come into play when the buyer or seller is an NRI.
An encumbrance certificate is a mandatory requirement when it comes to transferring property ownership from one owner to another. It provides proof of free ownership and evidence that there are no pending loans or legal cases associated with the property. Do note that this certificate issued by the sub-registrar, is only valid for a specified period of time.
A sale deed denotes clear ownership of the title of the plot and needs to be in its original form. It is important in sale transactions and needs to be registered in the local Sub-registrar’s office. This document is different from the sale agreement paper which deals more with details and terms and conditions of sale and is needed for applying for a bank loan.
Finally, ensure that all property taxes have been paid in full by the previous owner. You can ask for tax receipts going back up to three years to confirm there are no pending dues, as well as prove the legal status of the plot.
If you are on the lookout for residential plots for sale in Trivandrum, then the ‘Emerald Hills’ in Venkode are your best option. Located amongst soothing green vistas on a hillock, it offers amazing views of the city. Owned by Prime Property Developers (PPD), this 11-acre tract of land has been neatly divided into 63 residential plots, with the smallest plot size being 4.5 cents. The bustling Technopark is just a breezy 15km drive from here and the Kowdiar junction in the city center is around 9km away.
These plots are located within a gated community project setting, with each plot already having an underground electricity connection along with Corporation and well water connectivity too. There is a well-planned internal network of roads with attractive avenue trees already in place. Amenities include manicured green spaces, a clubhouse, children’s play park, multi-games court, unisex gym, etc.
With so much on offer, Emerald Hills is your best option for investing in residential plots.
Whether you are buying a residential plot in Trivandrum or a ready-to-move-in apartment, you do need to be very careful and vigilant throughout the whole process. Aside from ending up investing in the wrong type of property, there is always the danger of getting duped into buying a property that Read More
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