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Buying a plot for sale in Pune and building your perfect home on it is a dream for many of us. However, buying a plot of land has become a highly tricky affair. Due to the industry corruption, fake documentation, cash demands, legal disputes of land and many such problems, it is important for first time land buyers to be overly cautious of their decision. Primarily, it is important to check that the plot is residential N.A. so that you get an easy loan and you have permission to use it in long term. The steps and procedures of buying plots are quite different from buying a flat and hence, careful analysis is required on the part of buyers to ensure a good deal.

Land and Loans

It is rare to find good land in big cities but you will find reasonable residential plots near Pune available in smaller towns and cities. Pick a location that has a good scope for development in the next 5-10 years. If you need a loan, many banks are now offering loans for buying residential plots. Some banks have a clause that buyers must start construction on the plot within 6 months from purchase. Therefore, you must have a ready plan in mind for the future. You can also opt for a personal loan while buying land, but that can be a little more expensive. Even if you do have cash money, it is wiser to take a loan of at least a small amount, preferably from nationalized banks. Banks usually verify titles and other legal aspects before they sanction the loan. It may take some time, but it will be worth the wait.

Stay Cautious

When buying property in India, it is important to check the following factors thoroughly and get them examined by a legal expert before you make the actual purchase:

1. Deed Title: Confirm if the deed title is in the name of the seller and he has the right to sell it. Make sure you check the original copy and not a photocopy.
2. Encumbrance Certificate: This document is a declaration that the land is free of any legal disputes and unpaid dues. You can get it from the sub-registrar’s office where the deed is registered.
3. Property Tax Receipts: Request original bills and receipts and check that all payments have been made to avoid excessive expenditure in the future.

Documents required for buyers

• The Title Deed – Generated after the transfer on the buyer’s name, written by a licenced document writer
• Payment Receipt – A receipt of paying the stamp duty charges after registration
• House Plan Approval – If you intend to undertake construction construction activity at the plot, you will need a prior sanction of the same.

Documents required for sellers

• 7/12 Document – This original land deed of the current owner of the land should be obtained from the respective revenue office. If there are multiple owners, ensure that all of them sign on this document as this is one of the most common cause of subsequent lawsuits.
• Encumbrance Certificate – This should be availed for the last 30 years at least
• Release Certificate – This is the bank’s certificate stating that there are no loan dues pending on the land and it can be sold
• Bills – Original tax receipts and bills of the property

Buying a residential plot near Pune is definitely a rewarding investment for long-term. However, proper research and analysis must be done before you process the deal. Always buy from reliable and trustworthy sellers and ensure the plots for sale in Pune offer good infrastructure and great return values.

If you are looking for a great land buying opportunity, Remonesa offers residential NA plots at Asawali with their new plotting project – Shubhyog. Spread over 28 acres of serene bliss, this project has all the legal documents and proofs to ensure a transparent and lucrative deal. Plus, you can enjoy more than 60% returns!
Happy investing!