1 BHK Flat in Pune | 2 BHK Flats in Pune

Buying 1 or 2 BHK Flat in Pune in New Projects is a smart wise investment as properties in Pune have consistently shown more appreciation than other parts of India

Home » Plots For Sale In Pune: Beware of Frauds!

Plots For Sale In Pune: Beware of Frauds!

Buyers and Investors searching Plots for Sale in Hinjewadi, Plots for sale in Shirwal, Plots for sale in Kamshet, Plots for sale in Talegaon, plots for sale in Wagholi, plots in and around Pune, please read this article to avoid being cheated in land dealings.

Unfortunately, many Bungalow plots or Farm house plots are sold to “the Greater Fool”. When people don’t do their homework and think things through, they could get badly hurt, financially. Don’t be the Greater Fool. Always be sure you have done a reasonable amount of research and don’t buy plots for sale until you thoroughly understand what you are getting into.

Owning a plot for sale can be deceptively complicated. Localities having plots in Hinjewadi, plots in Kamshet, plots in Shirwal, plots in Talegaon,  plots in Wagholi around Pune have become a hot spot for buyers or investors and thus, more and more cases of frauds are on rise these days.

As an investor or buyer, before you buy plots in and around Pune there are few things you must go through to ensure your security. Here is a list of common pitfalls with which you might fall trapped into. Read on to be safe!

1. Proposed Residential: The word “Proposed” simply means, the area in which the plots are situated may come under the Residential Zone in future. Please understand here, there is no guarantee that exactly the area where you are buying plots will be converted to a Residential Zone. This could be a very slow process and may take years, and no one can exactly guarantee the Exact Area or Time regarding the Zone conversion by the Town planning Authority.

2. What is the Zoning on the Property: Every area in which you intend to buy a plot has a Zone.
Here are some important Zones with explanation:-
Agriculture Zone: Land allotted for Agriculture
Only Agriculture No Development: Land allotted purely for agricultural activity
Residential Zone: Land allotted for Residential Purpose to construct Homes
Green Zone: Forest and Hill top area
Industrial Zone: Land allotted for industries
Green Belt Zone: River-side area
Commercial Zone: Land allotted for Commercial purpose
Red Zone: Area left vacant to keep civil public safe from the surrounding Military activity

3. Do not go by glossy advertisements, instead make sure the title is clear before you buy plots in Pune. Now what we mean exactly here is, find out who is the owner of the land, and whether the seller’s name is on 7/12 Utara. If the seller is not the owner of the land, then how can he sell the land to you.

4. Double your investment by investing in Plots: Here a Land Developer may give you in writing through an LOU i.e. Letter of Understanding that he may in future pay you double the price of the land purchased in a specified time. Here please understand an LOU is not a binding in the court of law. And the Land developer may choose to act otherwise in future, as there is no legal binding on him. Only and only an Agreement registered in a sub-registrar office buy both the parties, can be legally binding. Trusting an LOU document is simply making a fool of yourself. You are simply at the mercy of the Land Developer after paying him the total amount of your plot. I am not sure your conscience will forgive you, after reading this warning and you make that stupid mistake!

5. Don’t forget to read the Reviews on Internet: People will not generally lie about others.

6. Is the Sale Deed in the Buyers’ Favour : Please make sure to read the sale deed copy before going to the sub-registrar office. And Please make sure to read the sale deed before registering it at the sub-registrar office too.
Please ensure the full amount  you paid to buy the plot is mentioned in the Sale Deed. It may so happen the Land developer may try to convince you to register the Sale Deed on partial amount paid by you, the explanation may be like: Sale deeds are done on Ready Recknor rates instead of ACTUAL Market Rate at which you are buying the plot, which may be way below 50% of the actual Market price you are paying to the Land Developer.
Please understand if you buy and register your plot at a Lower rate than the Actual Market Rate, and in future if you decide to sell it How are you going to justify yourself as a Seller for asking the Future Actual Market Price when you yourself bought the plot at a very lower rate shown on the Sale deed, even though you paid the full actual market rate that was asked by the Land Developer for the plot.
Please understand the LAW IS BLIND, and only EVIDENCES work in Court. Sale Deed is an very important Document after you purchase your plot. Hence please do not register your Sale Deed on Partial price paid or Ready Recknor prices. Please ensure the Full amount you paid to the Land Developer for your plot is mentioned on the SALE DEED.

7. Paying Huge Amount for the NOC Letter in Future: In-spite of paying the full amount of the plot and the maintenance charges, The Land Developer may put this clause in your Sale Deed, where in future if you want to sell your plot, you need to get a No Objection Certificate from the Land Developer you purchased your plot. The Land Developer may ask a pretty huge amount to issue that No Objection Certificate. Please note since Sale Deed has a legal binding on both parties, you are now bound to pay a huge price to your Land Developer when you decide to sell your own plot.

Please go through this Government document for better clarity: http://www.punecorporation.org/Draft_Plan_Old_Village/SEC-26-DCRules-Final.pdf