Sunday 29 July 2012

Tips to Buy a Plot in Devanahalli Area

Devanahalli is one of the promising area for growth and investment and the second round of buyers are looking to invest after the 2008 dip and global recession. It's a good idea to invest in this area for the next 5 to 10 years but with little caution, afterall your hard earned money should be invested wisely.

All the development projects in Devanahalli Taluk comes under BIAPPA jurdisdiction. so If you are looking to own a plot in secure gated communities in Devanahalli, then read below steps.

a) First identify the community in which you want to invest in a plot.
b) Check and confirm that community in which you want to invest has been approved by BIAPPA. This can be verified online or by visiting BIAPPA office.
c) Once you have confirmed that the community is BIAPPA approved, the next step is to visit the community and see the development.
d) Get the developers initial brochure during the launch and see what all promises were made to the first round of investors and then compare with the actual work done at this point. This exercise will definitely guide you to make investment decision.
e) If there is a huge gap between proposal and actual deliverables it is better to walk away from that community and look for other communities for investment.
f) Once you are satisfied with the community, now is the time to hunt for a plot in this community. Search various real estate portals or even approach local property consultants to identify any prospect who is ready to sell the plot in this community.
g)The next step is to negotiate a price for the plot. Negotiating and determining the Market value is out of scope of this post for now.
h) Once you have agreed to buy the available plot for agreed price, HOLD ON!! Now is the real work. Advance some token money to the seller and get from him all the required papers like Community Plan, Community formation documents Together which is called mother deed.
i) Legally verify these documents through a qualified lawyer and ensure that the plot in which you want to invest has a clear title and no litigation.
j) The lawyer may ask additional documents like RTC and MR which you should ask your seller to provide. In most of the cases the seller may not have this but you can direct him to get from the Devanahalli Taluk office records. Your lawyer will ask for 30 year Encumbrance Certificate (EC) which clearly establishes the record of ownership of that plot from last 30 years.
k) The other important document you need to check is KHATA. The khata should reflect the seller's name, plot no and survey no as in sale deed. without this small piece of document the ownership is not established. You might also want to check to which gram panchayat the khata belongs and better to check their records to match the data reflecting in the khata.
l) Additionally you can even approach bank for a loan availability for this plot even if you don't care for one as bank's legal department will legally verify the documents before sanctioning the loan.
m) Finally, After getting go ahead from your lawyer and/or bank, you can enter into agreement of sale as mutually agreed.

Note: I am not a legal advisor. please consult a qualified legal advisor before making your real estate investment decisions..

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