Are you planning to buy residential plot as an investment without compromising on budget and connectivity? If yes, then Gurgaon is the best option. Within the heart of the city, you come across a good number of residential properties comprising of apartment flats, villas, condos, independent floors and houses. However, in recent years, there has been a trend of people opting for residential plots in Gurgaon and NCR. Residential plots have been increasingly demanded by IT professionals, businessmen, corporate executives, not for staying but as an investment purpose as the land value never depreciates. Gurgaon’s new residential projects by real estate developers are concentrating more on offering residential plots nowadays. There is great availability of plots for sale in Sector 82, 83, 105, Gurgaon Dwarka expressway etc.
Legal documents from the seller
- The Deed Title: The deed title should be in the name of the seller and he should have the right to sell it. Get the original copy.
- Encumbrance Certificate: You get this at the sub-registrar’s office. This is the same office where the title deed is registered. This certificate declares that the land has no legal issues.
- Property Tax Receipts and Bills: All payments prior to your purchase should be done by the owner and he should hand over the original bills and receipts.
- Release Certificate by Bank: Also, the bank should hand the release certificate to ensure the new owner that loans on the residential plots in Gurgaon have been repaid fully and there are no dues left.
Legal documents required by the purchaser
- The Title Deed: The new title deed after the original seller transfers the paper in the name of the new buyer.
- Stamp duty receipt payment: Now, the purchaser can get the residential land registered in the sub-registrar’s office with duly paid stamp duty receipt.
- House Plan Approval/ Commencement Certificate: If the new owner wants to build a house in the plot or modify the existing one, he should take prior permission from the Municipality Corporation. The layout should be approved by the City Development Corporation and the local body. The new owner should get the commencement certificate by the Municipal Corporation to start any construction.
- The purchaser should also receive a NOC from water, electricity, lift and other authorities etc.
Usually, it is the builder or the real estate developer who takes care of all these and the purchaser simply has to sign the sale agreement papers. Hence it is always advisable to purchase residential plots from a reputed developer or builder.