Tips To Keep in Mind Before Buying Residential Plot For Sale In Amritsar

Purchasing a plot of land and building a house on it is a dream for many of us. The land is a scarce resource and no one can take parcel of land. The supply of land is limited to everyone due to its price and availability. You can build a vertical expansion. However, its development is also limited by law. People buy land to meet their long term financial goals.

It is also a known the fact that value of land appreciates faster as compared to a flat or house. Amritsar is considered to be the most famous place in Punjab and even heritage city of the government of India. There are a lot of plots available in Amritsar for residential purposes. Here are some tips to keep in mind while buying a residential plot of land in Amritsar.

• Title Deed: The Title Deed of such a residential plot for sale in Amritsar should be in the name of buyer and should be transferred from the original owner to the buyer. Receipt from payment of stamp duty charges should also be received. Title deed should be clear before making any kind of purchase of residential plot of land from seller.
• Change Of Land CLU Approval: Residential Plot for Sale in Amritsar should have cleared change of land approval from agriculture to residential plot. The most important tip to look out for before buying any plot in Amritsar is to check for its CLU Approval, so that you do not have to pay for conversion of land from agriculture to residential.
• Physical Measurement: Yet another criterion to check before buying residential plot of land is physical measurement. However, the seller may not be interested in measuring the land. However but he will be interested in taking the moneya, so you to measure the plot before making any payment or transferring the name of the plot in your favour.
• Encumbrance Certificate: One of the most critical factors you have to look for before buying a residential plot in Amritsar is the land should have free title or ownership. This Encumbrance Certificate ensures that there is complete ownership of the property without any legal liability. Complete ownership makes the right to make your house as per your needs. Thus complete ownership and possession make you the right owner of the land.
• Lower Property Tax: One of the advantages of buying residential plot in Amritsar is that property tax paid on such land is more economical as compared to property tax paid on flat or houses. Therefore before making any decision t buy plot for the residential purposes, you have to check for a slab of property tax on such land.
• Maintenance Cost: However, the maintenance cost of such a residential plot is lower and one can keep the residential plot of land for long term investment. Thus if you are buying a residential plot of land for sale in Amritsar, then you have to keep in mind the maintenance cost.
• Rate of Interest: Another disadvantage of buying a residential plot of land is the non-availability of loans on such a plot of land. However, the rate of interest on such plot of land will be higher than a home loan. So important point you have to keep in mind before buying plot of land on loan that rate of interest will be more than a usual home loan. If you are taking loan for construction, then the rate of interest will be the same as home loan. But if you are purchasing a plot of land for investment purpose then you have to higher rate of interest.
• Income Tax benefits: Last but not least, you have to keep in mind that buying your first residential plot of land for sale in Amritsar can help you to reduce your tax liability by availing various sections in Income Tax. If you are buying a plot of land for investment, then you will not get any Income Tax Benefits.

Thus if you are a first-time buyer the then you should keep in mind the above tips, in order to make your money in a fruitful land. Everyone’s dream of purchasing his own house, then you should be conscious before making any investment. If you have made you mind to buy a piece of land to build your first home, it is advisable to be very cautious and thorough.