Buying a land is not as simple as buying a flat! Plenty of forums are flooding with complaints over land scam in the city. Here we present you certain things to watch out for a safe land investment at Chennai.

1. Land Investment PPRECAUTIONSRECAUTIONS
Buying a land in Chennai is not as simple as buying a flat! Plenty of forums are
flooding with complaints over land scam in he city. Here we present you certain
things to watch out for a safe land investment. After all, investing is not what you do
every day.

2. Can you get a loan for the land? You may or may not
need a loan to buy plots but knowing whether the
land qualifies for bank loan can reveal so many
other details. When loan can be obtained, it
indicates clear and transparent titles. The plots for
sale in Chennai that do not qualify for a bank loan is
completely the buyer’s risk. Banks are prohibited from offering loans for land in order
to reduce speculation. However, banks approve home loans if the plot is to be
purchased for the purpose of home construction within 2 years.
Check if the plot has necessary approvals to be built upon. If the plot is within city
limits, CMDA approval is applicable. An old property
on the land should not move you to assuming that the
land qualifies for construction or approvals. When the
proposed plot is outside city limit, then DTCP
approval is applicable. There are certain regulations
that are important like CRZ or Coastal Regulation
Zone where construction of any property on any
piece of coastal land should be done at a minimum of
500 meters from the sea.

3. Is the seller in possession of a clean title to
sell the land? The seller should possess a
sale deed of the land that is in his name.
These details should be verified by a
certified lawyer who specializes in checking
title and sales deeds and other related
papers. Further, the land should also have
‘patta’ in the name of the seller.
NOC or No Encumbrance Certificate is issued at the Sub-Registrar office under who’s
jurisdiction the proposed land comes. The NOC is proof to transactions performed on
the proposed land, previous
owners, outstanding loans and
liens on land etc. This document
should also be checked by your
lawyer along with other
documents.

4. When you plan to buy a plot in Chennai,
you must also check and verify
possession certificate and identity
verification, sale and construction
approval from legal heirs including
minors, appropriate land measurement
and proof of payment.