Certifications and Approvals that you must Check Before Buying a Plot of Land

residential plots in mohali

Real estate investment is considered to be one of the best forms of investments available and investing in a land in Mohali can be quite a good option. There have been a lot of infrastructural developments in Mohali and there is also a lot of employment opportunities present in this city. So, if you invest in a land in Mohali now, you can build a house at a later stage or you can also sell the plot later and get assured returns from the investment.

But before investing in a land here, it is important that you check certain things, so that you do not have to face problems at a later stage. So, when planning to invest, make sure that you go through the points discussed below:

  • It is very important that the land that you buy in Mohali should have all the valid approvals and licenses. It is important to have the environment clearance certificate and also the commencement certificate ready. You also need to find out if the builder from whom you are buying the property has the development rights to the property. Make sure that you check the title deed of the land and also ensure that the land has a release certificate. You also need to check the Encumbrance certificate to ensure that the land is free from all the legal dues. Make sure that the land bears all the necessary approvals from the local body along with the relevant property tax receipts.
  • After checking all the relevant certificates and approvals it is important that you check the number of banks that are ready to finance it. Since buying a land in Mohali may require quite a big investment, it is necessary to confirm if you will get the required finance from the bank.
  • The brokers may not always tell you about the total cost involved. As such, it is important that before buying a property, you check the preferential location charges, the internal and the external development fees, the parking, club or the statutory charges and also the service charges and then calculate the total cost of the land.
  • Make sure that the plot available for sale in Mohali is not under any litigation. For, this you have to do an extended verification of the builder. It is recommended that you check the current and the past projects of the builder, in order to make sure that the builder has a good reputation in the market. A reputed builder will always have a reputation to keep and will also ensure that their clients are able to get good value for their money. You can also hire a lawyer to get legal searching done so you can check the past records of the transactions done involving this property.

Thus, it is quite clear, that investing in a land in Mohali, can be a good investment decision, provided you keep the above things in mind before you buy it. This will help you to get an undisputed land, and at a later stage, if you want to construct a building here or even sell it, you will never face any issues, at least with the authorities in regard to the paperwork.

(Source: http://articles.org/certifications-and-approvals-that-you-must-check-before-buying-a-plot-of-land/)

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