Having a plot/land of your own is a dream come true!
Are you planning to purchase land for building your dream house?
Wow, congratulations but hold on!
There are certain important documents to check and things to keep in mind before purchasing land for building your dream home and for making your dream come true without any problems. With the help of an advocate in Navi Mumbai, you can get these documents verified.
Buying land is a big decision. Buying land is a high-involvement decision especially because of the increasing prices of land. So, before investing so much money in buying land, it is advisable to first check the related land documents. After all, it is the question of our hard-earned money! We can't be careless with it. We need to ensure that we are investing them in the right place, and they are safe. So, it is essential to check the necessary land documents before investing your valuable money in buying land.
What are the documents that one needs to check before buying land in Maharashtra?
- Original Title Deed 7/12: This is one of the most important documents that need to be verified before purchasing land in Maharashtra. It is crucial to check that the seller/owner's name is mentioned outside the brackets. On the right side column of the document details such as whether any loan is taken on the land or any third party rights are involved etc are mentioned. We need to verify all these details with a property lawyer.
- Mutation Records: There are some numbers in the 7/12 document commonly known as mutations. By these reference numbers, mutation records of the past 30 years should be ideally obtained and we can get a record of all the past transactions relating to the land like in what capacity the current owner holds the land, etc.
- Minimum Area: If you are buying land, it is mandatory to buy a minimum number of gunthas ( गुंठा ) of the plot as per the prevailing law to get a good title to your land. As per the recent GR in 2021 the Inspector General IG of registration and stamps has banned the direct registration of plots of land up to two gunthas in size unless the land is ratified by the district collector. For commercial land use, RERA registration and NA order are necessary. Buying less than the prescribed gunthas of land poses difficulties in registration and it is difficult to include the name of the purchaser in the 7/12 title document.
- RERA registration is mandatory for plots that are more than 500sq. meters. For RERA registration, NA is compulsory. NA is of different categories like NA commercial, NA residential, etc. It is important to know the purpose of NA.
- It is essential to check the regional and development plan before buying land in Mumbai. It is important to know the land-use pattern of the land.
- Ensure that you ask your seller for original tax receipts and bills and check whether he has paid the taxes and bills.
- It is essential to check whether any loan is taken on the land. If a loan is taken, you need to ask your seller for a release certificate from the Bank from which the loan is taken and cross-check with the 7/12 document to know whether the charge entry is cleared.
- After the verification of the documents, it is advisable to request your seller to give public notice in any regional newspaper that has a large enough circulation so that in case any third party rights are involved or any person has any objections to the proposed deal they can be resolved at an early stage rather than problems and complications in the future.
- It is essential to read and understand the agreement clauses in detail by consulting a lawyer expert in property matters.
- It is essential to know the maintenance cost of land, the background of the builder, source of water supply and electricity meter, etc.
- The location of the plot plays an essential role. Locations like visible infrastructure like a National Highway, Metro or railway station, Airport, proximity to the Business Centres, etc. give a good return on investment on the plot.
- It is better if the seller is physically present during the transaction for doing the registration procedure etc.
- As an investor, if it is not possible for you to visit your plot often, you can appoint a caretaker or estate management agency and also build a fence around the plot to avoid illegal encroachments.
In this article, we learned about the documents that we need to check before buying land. We also got to know the important points to keep in mind before buying a plot in Maharashtra.
So, do check the documents mentioned in the article and keep in mind the things mentioned in the article if you wish to fulfill your dream of having your land and build your dream home without any difficulties and complications.
This is all the more important if you want your valuable and hard-earned money to be invested and spent correctly and expect a high return on investment in future!