The importance of legal documentation while buying plots

THE IMPORTANCE OF LEGAL DOCUMENTATION WHILE BUYING PLOTS

Imagine waking up to the sounds of birds chirping as gentle rays of the sun brighten your cozy little garden. You sit with your family enjoying a morning breakfast in your very own sit-out. All of this is possible only when you own a plot, and that’s why it is often considered a dream investment. Buying a plot is also an emotional investment. Owning a piece of land has several long term benefits from a returns perspective. But at the same time, buying a plot of land calls for a higher degree of precaution as the legal documentation is a little different from that of buying a residential property. This increases the risk of duplicity and in some cases, even fraud. The best way to safeguard oneself against such unfortunate occurrences is the ‘7/12 extract’. It is document that provides complete information about a land property including details like:

  • Name of the owner
  • Survey number of the land
  • Size of the land
  • Type of the land – N/A or not
  • Location of the land with respect to infrastructure facilities like water bodies and roads
  • Loan extended to the land owner

The 7/12 extract is important because it serves as a proof of the land title. It can be used to check any previous conflicts associated with the property. Buying a plot from a reliable plotting project developer instead of an individual is more advisable as it simplifies the process and smoothens out the hassles. In case you are buying a plot from an individual, it is important to check if the property is free from any litigation or not. Even in such cases, the ‘7/12 extract’ comes handy as the Court may require the land record proofs in case of any civil litigation and the document is also useful for sale transaction at Sub-registrar’s office. The document can be availed from the revenue department of the government against a nominal fee. In case of mutation (transfer of ownership) the document is to be submitted with the name of the new owner. Transfer of property title is done through sale deed.

In addition, if the owner wants to raise a loan from the bank, 7/12 extract is essential. Thus from a buyer’s perspective, it is imperative to scrutinize the documentation with a fine-toothed comb to avoid any hassles at later stages. Another factor is the availability of good infrastructure and easy accessibility. Buying a plot within a plotting project gives you the benefit of well planned basic infrastructure such as paved roads, electricity and recreational amenities as well. Even a large plot bought cheap would be difficult to develop and live in if these basic requirements are not fulfilled. Buying a plot that is RERA Approved or HDMA Approved where applicable, usually solves your basic governmental clearance issues. When it comes to certain parts of Hyderabad, having a DTCP approved layout is always preferred as it comes with a host of infrastructural advantages. That’s why you should always go for a plotting project that offers both RERA Approved plots and a DTCP Approved Layout.

If you are looking forward to invest in land in Hyderabad & Telangana, TMR Group can help you achieve your goals of prosperity with the best plotting projects. Rooted in 16 years of trust, transparency and ultimate customer satisfaction, our projects have helped our ever-growing customer base enjoy amazing returns on affordable investment. With RERA & HDMA Approved projects featuring DTCP Approved Layout, our fully clear title plots at prime locations in Hyderabad & Telangana are your opportunity to rise with your land, your prosperity.

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