Last Updated:
Buying a plot on installments may seem like an easy way to fulfill the dream of owning a house. But a decision taken without investigation can create problems. Know which things you can pay attention to so that you can invest safely.
New Delhi. Nowadays many people think of buying a plot on installment, so that their dream of building their own house can be fulfilled without paying a huge amount. But haste in this process can prove dangerous. While purchasing a plot, definitely check the credentials of the promoter, land documents, government approvals and details of the agreement. If these precautions are not taken, you may have to face legal problems or financial losses in the future.
It is necessary to check promoter and land documents
First of all, find out who is the promoter or developer selling the plot. Check his past projects, experience and credibility. Many times land is sold through Power of Attorney (POA), from which the original owner can take back the rights at any time. Therefore, it would be better that you yourself get the legal verification of the real owner of the land and the documents done by a lawyer. It is very important to check the mother deed, succession and documents bearing signatures of all the owners.
Understand the terms of the agreement and payment
While purchasing a plot on installments, make sure to make a written agreement with the promoter. The total price, monthly installment, plot number, area and date of registration should be clear in this. Keep in mind that if the plot rate increases, no additional amount should be charged from you. It is better to register this agreement on stamp paper of Rs 200. Always make payment through bank transfer or check and keep receipt of every installment.
Don’t forget government approvals and site visits
Many buyers invest without visiting the site, which is a big mistake. Go and see for yourself how the facilities like roads, schools, hospitals and transport are in the area. Check whether the plot has CMDA or DTCP approval or not. Do not trust claims like ‘Applied for approval’. If the land was agricultural land, also ensure that it has been converted for non-agricultural use. Buying a plot can prove to be a safe investment if done correctly. But a little carelessness can put your dream in trouble. Therefore, take every step thoughtfully and take advice from an expert.
