Buying land or farmhouse is not an easy task. There is a list of things that has to be checked prior to it. You also have to check through the authenticity of the land and its builders. If you want to buy Farm Land in Rajasthan and you happen to visit any of the real estate exhibitions, you will come across many plots and projects that might gather your attention. These are generally along with the residential apartment schemes. These plots are generally present within the 20-100 km of the city radius and these are often marketed as the second home or vacation homes.
The pricing of the plots is very attractive lying between 5-20 lakhs. Not only this, but there are other facilities as well as paying for the home on a monthly installments basis which makes the buying of the plot easy for the customers. There is a usually a token amount you have to pay in order to seal the deal and after that, all the rest of the amount is paid in Equated Monthly Instalments (EMI).
However, if you are interested in buy farmhouse in Jaipur the land, there are a few risks that you must be aware of. These are basically the complexities associated with its buying. For people who think that buying land is similar to buying a flat, it is not. There are several questions that you must ask before you buy any property or farmland from anyone. Here in this article, you will understand the most important things to consider before you buy a land or farmhouse in India.
Does the builder have the legal rights to sell the land?
Never go for buying land before getting any proper information about the builder and the owner of the land. The first question you should ask the salesperson is that if the builder/owner has the legal rights to sell the property to someone else. Also, get all the details about the owner if you are in conversation with a builder. Generally, in India, a lot of builders buy the entire land from the previous owner or they enter into some sort of joint agreement with the owner where he has the right to sell the land or property in return of some compensation or brokerage. You should all this information cleared by the salesperson before you set your path over it. You have the full right to ask for the documents as well in order to see if he has the legal rights on the plot or not.
Is there any loan taken from the Bank for this project? The execution of these projects requires a huge sum of money which is generally granted from the banks. If your builder has taken some sort of loan from the bank for the same, then do not worry, it is a good sign. This means that the builder has money for project development as well. Also, a bank loan saves a builder from depending on the advance payment of the home buyers. This shows that there is cash inflow for the project and so there is a minimal chance of cash crunch issue to be handled by the builder. A bank loan also indulges in some verification from their side on the legal terms and then only they grant such a big loan. However, as a responsible buyer, go with an inquiry about the status of the land before you buy it.
Does the land have its NA order: All land in India is agricultural land by default unless it’s defined to be used as something else by the Government of India. So you should ask before that is the land an agricultural one of a non-agricultural one (NA). Even if the land has an NA status that does not mean that you can do anything over it or start using it as a residential property.
What is the floor space index of the plot? The FSI or the floor space index defines the amount of construction that can be done on a piece of land. This depends on the location of the plot. A 100% FSI index means that if you a plot size of 1000 sq ft then you can build a house of 1000 sq ft on it.
Any other projects are done by the builder: You should be assured that the builder holds some reputation and is not a newbie or a fraud in the market. This you can find on your own over the internet as well, that what are the other projects the builder has been a part of. If you get some locations, then do visit them and engage in a conversation with the residents.
When will the sale agreement be signed: You should know when the sale deed can happen? An ‘agreement to sale’ is an agreement between the buyer and the seller on the initial points and terms under which it tells when the sale can happen in the future.
Will you get the 7/12 extract for yourself: A 7/12 is a document that is maintained by the revenue department of the country. This mentions that how much has the land moved from one person to another in the recent 30 years.
Always go for a proper check before you buy any land in India so that you do not have to face any legal issues later.