Offlate people have started thinking about investing their money in lands. I too think that to be a wise decision only! As most of us know buying a land in chennai (for that matter any where in the world) isn't an easy affair.
I was just wondering what all one needs to look at before deciding to purchase a land. I thought I would put down what ever I know about this subject here.
[Guys pls free to correct me if I my understanding is wrong somewhere. That way, it would help me understand as well as others who might read this in future].
Here we go ...
1. One should not buy farm lands if they want to build a residential house sometime later there. Because to my knowledge its illegal to build residential houses on lands meant for irrigation.
2. Encumberance Certificate -- This is what is shortly refered as "EC". One needs to get an EC from local sub registrar office (i guess we need pay a small amount for this). From this we / our lawyers :) can find out whether the guy who is planning sell the land to us is the "complete" owner of that land. If at all he is not the single owner of the property then he should have proper "Power of Attorney" granted by other co-owners.
3. One should verify the patta. This document would have details about property (length, width etc.,) and the survey number of the property.
4. Before buying a land check whether it has CMDA approval? (I am not sure what sort of approval one would get if they buy it outside chennai limits? May be Panchayat!?!)
Fyi, CMDA - Chennai Metropolitan Development Authority
5. Always better to involve a good / genuine lawyer in these process. Lawyers normally verify the EC, patta and cross check whether the copy of documents he have matches with that of the original document OR has it been tampered by somebody :). If the lawyer is satisfied we can be rest assured that we have choosen a good land only!
6. Now-a-days i think there are banks which lends loan for purchasing lands too. For ex: State Bank Of India, HDFC and Sundaram Finance. If possible its better to purchase via a bank loan; that way, bankers would be doing the background check and based on that only approve it.
7. You might want to do a soil test OR get an expert advice from some good civil engineer. Who know some 5 or 10 yrs back that land could have been a small pond :) So you might want to check before buying on whether this is suitable for constructing a house or not.
ppl i am done with my points. Now I am looking forward for your comments to know whether I have missed out something.
Technorati Tags: Real Estate, Investment, Chennai
I was just wondering what all one needs to look at before deciding to purchase a land. I thought I would put down what ever I know about this subject here.
[Guys pls free to correct me if I my understanding is wrong somewhere. That way, it would help me understand as well as others who might read this in future].
Here we go ...
1. One should not buy farm lands if they want to build a residential house sometime later there. Because to my knowledge its illegal to build residential houses on lands meant for irrigation.
2. Encumberance Certificate -- This is what is shortly refered as "EC". One needs to get an EC from local sub registrar office (i guess we need pay a small amount for this). From this we / our lawyers :) can find out whether the guy who is planning sell the land to us is the "complete" owner of that land. If at all he is not the single owner of the property then he should have proper "Power of Attorney" granted by other co-owners.
3. One should verify the patta. This document would have details about property (length, width etc.,) and the survey number of the property.
4. Before buying a land check whether it has CMDA approval? (I am not sure what sort of approval one would get if they buy it outside chennai limits? May be Panchayat!?!)
Fyi, CMDA - Chennai Metropolitan Development Authority
5. Always better to involve a good / genuine lawyer in these process. Lawyers normally verify the EC, patta and cross check whether the copy of documents he have matches with that of the original document OR has it been tampered by somebody :). If the lawyer is satisfied we can be rest assured that we have choosen a good land only!
6. Now-a-days i think there are banks which lends loan for purchasing lands too. For ex: State Bank Of India, HDFC and Sundaram Finance. If possible its better to purchase via a bank loan; that way, bankers would be doing the background check and based on that only approve it.
7. You might want to do a soil test OR get an expert advice from some good civil engineer. Who know some 5 or 10 yrs back that land could have been a small pond :) So you might want to check before buying on whether this is suitable for constructing a house or not.
ppl i am done with my points. Now I am looking forward for your comments to know whether I have missed out something.
Technorati Tags: Real Estate, Investment, Chennai
Comments
1. The land value will be very less in the patta but we will pay more than that. So we will get load only what we have mentioned in the patta.
2. We have to check the actual path and it measurement for the land what we are buying.
3. Then regarding loan in SBI we have to give only the Sales Deed.But in nother banks we have to give the patta itself.
There is something called Sittadal. I think u will have to go the the VO office to verify the validity of your land.
Also if u r planning to go for a Loan be aware that the bank will provide 85% of the loan amount only on the GUIDE LINE VALUE (Govt rate).
Some areas may appear neat when there is no rain... but during rainy season we may not be able to see the land
I never believed in investing anyway. Long-term is scarier!
I was quite searching for a long time for such kind of this information. Now i have got it, thanks a lot for the info. Awaiting some interesting topics like "How to choose an area where we can buy a land/house" also "Should we choose to buy flat or independent house". Hope I am pulling your legs :-).
rgds,
mani
# Pepole buying these kind of lands first check for "path lands had been donated(Gift Deed) to government" so that government will lay road or ditches or current supply etc...
# In that Developed area developer should allot land for park . They might sell park land to u :) . we should check this also
Thks for ur comments!
Try to enquire that land history with the near by resident and land owner. If you are residing outside India ask your relatives and friends to study that.
Thanks,
Padmanaban
Velu
How do I deal with this?
Patta Transfer Process
=======================
I have purchased a land in Chennai suburbs (Chengalpattu disrict). I have not received the patta in my name from seller as yet (Its been 6 months since I purchased the property & applied for patta transfer). The seller says, patta will take several months to be issued from local Tasildar. Is this true? Is the transaction valid without a patta ttransfer. I have gotten the other documents including sale deed & EC.
How do I deal with this?
No problem. Get the parent patta (or copy of parent patta) of the land in question.
Unless you follow up with the concerned Talu office/Survey office, it is very difficult to get the Patta/recording in the FMB book about the transfer of ownership.
Just to add up some points of my understanding in this very painful process of buying a land.Hope it helps somebody,somewhere..
1.Once the land which we plan to buy is identified,we need to ask for the copy of parent document (very important)and the copies
of patta and EC(Encumberance certificate)
There are 2 documents called CHITTA and ADANGAL.
From my understanding,Chitta and adangal gives the details of the land like extent of land, category(nanjai or punjai etc..).Chitta, adangal & patta details can be got from respective village officer quoting the survey number...
If chitta & adangal are there,then patta is issued for the land.This patta shows the land ownership details..
EC - My understanding is that that EC should be taken for 33 yrs - any encumberance before 33 yrs will be legally decided in favour of the current owner is what i understand..Just check it up in legal...
Other points needing check are
- patta number mentioned in the sale deed and on the patta copy SHOULD be the same...
We do not get copies of Chitta and adangal always...patta is very important
If patta is not clear,PLS DIG IT..It is very important that we hold a relevant patta..
With all these documents,take a legal opinion with a genuine lawyer..DONT MIND THE COST,ITS WORTH IT.
Also from the parent document, we should check all buying and selling that has happened on that land till the current owner.THERE SHOULD BE NO GAP PERIODS.CHECK FOR CONTINUITY.
If then ur legal is thru,Then u can go ahead buying...Most of the things mentioned here will be checked by legal,BUT I feel its better to have some knowledge on these matters rather that being totally blank..
Hope it helps..Bye
Also, if i am not mistaken you can build a house - but a farm house with certain restrictions - sloping roof, G+1 structure etc.
shivan
Srini
This is a great initiative ,as nowdays it is mandatory for everyone who is interested in buying a land to know all the details. From my experience i like to share one thing ,similar to farm lands , some lands are allocted for commercial purpose like to build a shop etc where we can't build a house . So kindly check the documents once . In Tamil these kind of land are termed as 'Kadai Manai'.
how to calculate vacant land tax and easy method for bilding plan approval
We are planning to buy land in Hosur meant for residential purposes. We plan to get legal advise. Could anyone suggest a good lawyer in Bangalore as we live in B'lore. I have noted the points to be checked before buying but it would be good if it was thoroughly vetted by a good lawyer who specialises in land purchases. Pls post a reply asap. Thanx
off-late there has been many talk of Vacant Land Tax. When i went for Plan approval, i was asked to pay certain amount (considerable) as Vacant Land Tax. Hence if you are buying Land ensure the seller has no dues related to this.
My 2 Cents!!!
Karthik
Any one know the way to find out the agent who is selling land is proper person(owner) to sell the particular land, is the land register one?.i am going to buy the land from one seller, but i don't know exactly how to verify the land details properly, i am fear on fake sellers.
Here is my penny..
This is the site to validate the patta and the owner information.. I hope this will be much helpful us.
http://taluk.tn.nic.in/eservicesnew/index.html
Can u please tell the procedure for trasfer of patta in chennai.