If you’ve ever attended a real estate exhibition, you’ve likely encountered numerous plot projects alongside residential apartment schemes. These plots, often located within 20-100 km of the city, are marketed as second homes or vacation properties, boasting attractive pricing, ranging from 5 to 50 lakhs, with instalment payment options (EMI) that make owning a plot seem effortless.

However, buying land/plot is a different ballgame compared to purchasing a flat, and it comes with its own set of complexities and risks. As someone who has explored plot schemes near Pune, I aim to simplify the process for you and provide a checklist for first-time NA plot buyers.

1. Ownership Verification

Is the land in the name of the builder?

Begin your quest by confirming the builder’s legal rights to sell the land. Determine the current landowner—whether it’s the builder or not. Ensure that the builder possesses clear legal rights to the plot and request the necessary documents to verify this.

2. Financial Security

Has the developer taken a loan from a bank for the project?

Builders often secure bank loans for plots and residential schemes. This indicates their commitment to the project and a dedicated cash flow for development. While not all schemes involve bank loans, it’s a positive sign, as it implies thorough verification and substantial investment.

3. Land Classification

Where is the NA order?

In India, all land is initially considered “Agricultural land” unless designated otherwise by the government. Non-agriculture (NA) status is crucial for residential use. Different types of NA land exist, such as commercial, warehouse, resort, IT, and residential. Ensure that the plot you’re interested in is “NA-Residential,” as other NA designations may not allow residential construction.

4. Floor Space Index (FSI)

What is the FSI for the plot?

FSI, or Floor Space Index, determines the extent of construction allowed on a plot and varies based on location. It’s a critical factor for building size and resale value. Understand the FSI associated with the plot you’re considering, as it can significantly impact the potential size and cost of your future home.

5. Builder’s Reputation

What are the other projects done by the builder?

Research the builder’s track record. Have they completed similar projects in the past? What is the quality of their work? Are there any legal issues associated with their schemes? Buyer reviews and online forums can provide insights into the builder’s reputation. If possible, visit their past projects to assess their work firsthand.

Here are some additional pointers to keep in mind –

  • Don’t rush: Take your time; buying land is an emotional decision. Avoid falling for high-pressure sales tactics.
  • Visit the plot multiple times: Make several visits to the plot, even unannounced, to gather as much information as possible.
  • Verify nearby developments: Confirm claims about nearby infrastructure and amenities independently.
  • Talk to locals: Connect with people living nearby to understand the area and any potential issues.
  • Negotiate the price: Don’t hesitate to bargain; prices are often negotiable.
  • Research online: Explore information about the project, builder, and buyer experiences online.

Buying a plot is a significant undertaking that requires careful consideration and thorough research. Be cautious, ask questions, and seek professional advice when necessary. By following above checklist and additional tips, you’ll be better equipped to make an informed decision when purchasing your dream plot. Remember, owning a plot can be a rewarding investment, but only when approached with diligence and prudence.

If you are looking for NA villa Plots near Pune connect us now and explore the serene NA bungalow plots in Pune offered by Trident Spaces, your trusted real estate partner.