Month: October 2023

Buying land in India can be a complex process, but it doesn’t have to be overwhelming. In this guide, we’ll simplify the steps involved in purchasing your dream plot of land in the country.

Documentation process

List of documents required

• Land Title/Deed- The first step is to check the title/deed in the name of the property seller. Check whether the individual has full rights to sell the plot. Insist on the original deed document and not the photocopy. Get legal help in knowing whether the land deed/title is marketable and legal.
• Encumbrance Certificate- Get this document from your sub-registrar’s office (where the deed is registered). You can find out about disputes, legal complications and unpaid taxes/dues here.
• Property Tax Bills and Receipts- Ask for all original copies of these documents and check whether payments are up-to-date or not.
• Loan Papers- If the land had a mortgage, you should check the repayment of loans. Make sure that there is a release certificate from the bank. Get property valuation done for the exact size of the land as well.

 

Documents required from sellers

• Encumbrance certificate
• Original land title/deed
• Release certificate of the bank
• Original property tax receipt and other bills

 

Documents required from buyers

• Title deed after name transfer
• Receipt of stamp duty payment. You can now get the land registered in your name at the sub-registrar’s office
• The State Municipalities require prior sanction garnered by anyone willing to construct a new house or modify any existing property. The building plan is necessary with the fee for approval.

 

Property registration process

The 1908 Indian Registration Act states that property registration is mandatory. Legal recording of property transfer ensures ownership transfer and property rights from a legal perspective. Here are the steps that you should keep in mind:

• Buyers pay registration charges to their respective State Governments as a percentage of the total plot cost.
• During document submission, buyers pay a percentage of the total plot price as the stamp duty. It is usually 3-4% of the plot’s sale-able value, while registration charges are 0.5% of this value. The sale-able value comes from the guideline value and property size.
• Senior citizens and women get discounts on registration and stamp duties in many Indian States.
• Documents needed for registering your plot include the following:

1. Katha Certificate (In Karnataka)
2. Sale deed
3. Encumbrance certificate
4. Latest tax payment receipt
5. Landowner’s title documents
6. Agreement of sale
7. Power of attorney if applicable
8. All agreement copies with registration

• The examination of all details and verification takes roughly 5-7 days, and you will have to spend around Rs 10,000 for this purpose. Checking goes on while sellers agree to the property sale, with the ownership document in the owner’s name, as issued by the department of revenue records.
• You will have to appoint your lawyer for a safe transaction. The lawyer will make the final document which goes for stamping afterwards.
• You will pay stamp duty as a buyer at the chosen bank, and the procedure takes a single day. The bank will give you a receipt acknowledging receipt of stamp duty on the sale deed front page.
• The execution happens with the sale deed signing at the office by the seller, buyer, and two witnesses. The number generation happens while you pay the registration charge via a demand draft or cash. The documentation gets delivered to you.
• You will need two passport-size photographs, along with ID proof of both the seller and buyer and of witnesses, exact copies of the seller’s certificate of incorporation, PAN card details, latest property register card copy and also municipal tax bills.
• After registration, get the title changed to your name. Apply for the mutation, final sale deed copy and affidavit at the office of the registrar. The next step is property tax calculation, and the authority then issues mutation.
• Online services are readily available for registration and submitting documents. It is an application created by the Department of Stamps & Registration, helping people find the document list easily and book registration dates.

Registering the property ensures authenticity and legal validity of the sale deed while safeguarding investors against fraud. It enables updated public records while determining the sale of a property. It also secures title deeds and works as proof of ownership.

 

 

Consider buying a home in Kolkata. It involves checking various properties before shortlisting them and visiting them before making the final decision. Physically visiting everywhere can be very demanding and time-consuming. That’s why it’s much better to collect as much information as possible through an internet search before visiting any property. Homebuyers can do detailed research on the property, location, nearby facilities, connectivity, and more before making a purchase.

In fact, homebuyers in Kolkata today are doing just that. They rely on the internet to gather information and conduct detailed research before buying a property.

Increasing Number of Homebuyers Relying on Online Property Searches

As the demand for homes has increased recently, we’ve noticed more people using the internet to search for properties. Interestingly, most of this traffic comes from organic sources (45%) and direct channels (43%).

Organic visits occur when a homebuyer searches for properties on the internet and visits a website. Direct traffic happens when a visitor types in the URL of a specific website and visits it directly.

Of course, homebuyers also search for properties in a particular location, such as a 3 BHK flat in Joka. However, these searches are mostly against advertisements on Google.

Homebuyers Conducting Thorough Research Before Making Purchases

In today’s fast-paced world, everyone is striving to save time. Homebuyers are no exception, and they are increasingly turning to online resources to help them make informed decisions. They visit websites of specific properties, as well as marketing intermediaries’ websites, and spend a lot of time studying different properties, their locations, plans, amenities, and other relevant information such as price and completion time.

In addition to property portals, marketing intermediary websites, and developer websites, there are other ways to get insights into a project, especially the location and nearby infrastructure. We’ll discuss these methods in a moment.

Benefit from Google Maps, Google Earth

Google Maps is a great starting point when researching any area. By zooming in, you can get a clear idea of a place and its nearby facilities. You can check the road network, schools, markets, restaurants, hospitals, banks, and ATMs around any area, along with their distances to get a fair idea of the place. Checking the nearest metro station and bus stop can help you understand the ease of commuting.

You can also use Google Maps to plan your daily commute to the office or school. By checking the travel time and traffic bottlenecks in the area, you can better plan your route. You can also check how many alternative routes are available to return home from your office.

Another great way to learn about a particular project and its facilities is to check users’ reviews on Google Maps. You can also use Google Earth and Street View to get a better understanding of the look and feel of a particular location. While Street View is not available for all locations, it can give you an idea of the neighbourhood, including the type of buildings and congestion level. You can also check out pictures on Google Earth that are uploaded by local users.

Social Media

Facebook has groups and pages dedicated to particular areas and residential communities. By joining these groups or browsing through these pages, you can get a good understanding of the location, the advantages and disadvantages of living there, and the issues that are being discussed.

Another effective way to learn more about a property project is to search for relevant pages on Facebook and read through the comments on property ads. These comments can provide you with insightful ideas about a property.

Go through Liyaans Website

Liyaans website is a storehouse of information about properties.Apart from reading about projects, go through our blog also.

We provide detailed information about localities, including their liveability score, nearby facilities, price appreciation history, and future prospects. You can also find ample information on various real estate projects in Kolkata.

Finding the Right Balance: Embracing both Online and Offline Resources

Although you can gather a lot of information about a property and its location online, it’s always a good idea to talk to a reliable property advisor before making a buying decision. A property advisor can offer invaluable insights about a property based on your specific requirements and bring forward ideas that may not be easily available online.

In addition to consulting a property advisor, it’s important to physically visit the site and check the progress of the project, the quality of construction, and the amenities available. This will give you a better understanding of the property and the surrounding area, allowing you to make an informed decision before signing any documents.