1. Research Locations: Identify areas suitable for your needs, considering factors like proximity to amenities, infrastructure, and future development plans.
2. Budget Planning: Determine your budget, including additional costs like registration fees, stamp duty, and legal expenses.
3. Legal Due Diligence: Verify the property’s ownership and check for any pending legal issues. Ensure the seller has clear title deeds.
4. Land Use and Zoning: Confirm the land use classification and zoning regulations in the area. Ensure the plot is designated for residential use.
5. Visit the Site: Personally visit the plot to assess its surroundings, topography, and accessibility. Check for nearby facilities like schools, hospitals, and markets.
6. Documentation Check: Scrutinize all relevant documents, including the title deed, land records, and survey maps. Seek legal advice to interpret and validate the paperwork.
7. Negotiation: Negotiate the price with the seller. Be prepared to compromise, and ensure all agreed-upon terms are documented in the sale agreement.
8. Sale Agreement: Draft a comprehensive sale agreement detailing the terms, conditions, and timelines. Include clauses on penalties for non-compliance.
9. Verification of NOC: If applicable, ensure that the seller has obtained the necessary clearances and a No Objection Certificate (NOC) from relevant authorities.
10. Payment: Make payments through legal channels and obtain proper receipts. Follow the payment schedule outlined in the agreement.
11. Registration: Complete the property registration process at the local sub-registrar office. Pay the applicable stamp duty and registration fees.
12. Possession: After completing all legal formalities and payments, take possession of the plot. Update the land records with your details.
13. Infrastructure and Utilities: Confirm the availability and accessibility of essential services such as water, electricity, and sewage systems.
14. Tax Assessment: Be aware of property tax regulations in the area and ensure the property is appropriately assessed.
15. Future Development Plans: Check for upcoming infrastructure projects or developments that may impact the value and livability of the area.
Remember, consulting with a legal expert or real estate professional is crucial to navigating the intricacies of property transactions in India