Am I really secure when I m buying a Non Agriculture plot in India?
98% of the times people who are buying a plot or buying commercial feel insecure while buying a plot& they always postpone their decision to buy the plot.
But friends let me tell you there are very few things if you understand those ,your decision to buy a plot & get real appreciation in the land is really possible so lets understand what are the basic 4 points :
1.Bank loan facility available o Project:
Now by having bank loan facility I don’t mean you don’t have enough money but its third party security which has already done the entire legal check on your plot before you are buying a plot .
The Bank is taking guarantee you are in safe hands now by bank.
I mean most of the times different bank approve different projects.
If there are out of city limit areas there are different banks which approve those so the best thing to know whether this project has bank loan facility or not. If you get APF No of that particular project that means project has bank loan.
2. Immediate Sale Deed:
If you ask developer can you give me individual sale deed that is a registration docs immediately.
If I pay you today entire amount if developer says yes I will do that means project is somewhere legally clear titled.
3. individual 7/12:
7/12 is basic docs you get in Maharashtra which qualifies that you are the owner of plot.As per Govt regulation once the registration is completed within 45 working days it has to be updated.This 7/12 thing means the basic tiltle has to be on your name.Once the registration is completed in 45 days this 7/12 is uploaded on the website of Maharashtra https://mahabhulekh.maharashtra.gov.in
4.No EMI Option :
imp & critical point is that whenever you go out & see there is plot where you can buy 1 guntha or 2 guntha plot whenever there is word comes “gunthwari” that means it is not actually approved by any of legal authority.If project is actually approved or taken all types of approval,then developer can give sale deed immediately.
If developer is giving some kind of EMI Option if he is saying pay me 7000 Rs per month for next 3 /4 yrs then I will give you documentation on your name.You just ask him if I pay you 100% amt today can you give me registration entirely on my name .
Generally developer who don’t have legally clear title plots they give EMI Option just to showcase I m giving you payment facility but at the same time meantime my plot will be converted into Nonagriculture.In pune most of the people have cheated their money has been pending with the developers just because the project is not getting converted from agriculture to non agriculture .
Most of the people have might paid 100 % of amt in 4 years time span & by giving 5000/6000 EMI but still they are not getting documentation on their name because the project is not converted. There have been projects in the areas like Wagholi, Hinjewadi,Chakan,Lohgaon where people have just bought it for the name sake but from actual point of buyer there is no significant documentation which is showing his ownership for what he paid apart from just received from the developer.So be aware whenever you are buying plot.
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