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- You answered your own question when you said you are an honest IT guy :)
Land is the most risky asset to own in India due to frauds, multiple ownerships, clear title and even if you find one with all clear docs land grab is another issue. Having said that it is relatively safer to buy one in gated community. Overall it is a risky affair and go for it only if you have the risk appetite!!CommentQuote1Flag
- Just a case worth having your attention -
One of my relative bought a plot (NA plot) at a mouth watering offer from a reputed developer in a gated community.
Many others bought too. People who bought to build and stay started building their homes and my relative was investor - he just wanted to hold it till few people come and start living there.
One fine day he went to visit his plot of 3100 sqft and found that the dimensions showing it to be of only about 2800 sqft...
No builder/developer was not at fault and they gave him 3100 sqft by measuring and marking the boundaries. Then how does the plot shrink?
Actually, a house owner of next plot used 5 ft of my relatives plot for his bungalow :D so 5 ft X depth of plot made 300sqft elope.
What was the solution? Going to court? Will take years and harassment is another part.
Finally, after consulting his usual lawyers who always assist him with such matters, he settled it by accepting the negotiated amount for 300sqft from the adjacent owner and transferring that part to him and then sold 2800 sqft to new buyer.
My relative is very affluent with big connections in political and business world and hence he got at least some amount of lost land. Are you the same or are you okay to loose 5ft from every side even if you can save it from entire grabbing?
There's another case of an NRI which I'll describe that how he was forced to sell at lower price than what he paid and so on..
So if you are planning to start the construction immediately, then only you should go for a gated community where people already built and are staying there. This'll reduce most of the risks.CommentQuote1Flag
- Dont buy Non NA land - how are you going to convert Non NA to NA ? In Maharashtra only farmers are allowed to transact in Agri land .
Its certainly possible to buy a land and build a house . But its highly risky of trying to do this business while being overseas and visiting here in small period only . People fool you while you are here - then how can you do it sitting overseas ?
Buy land in a good community , create a plan with an architect's help and get a contractor to build your house . He'll also get you permissions . Sign an agreement with him to build the house . You dont need 5000 sq.ft. to build a house , 2000 sq.ft(50*40) is a good sized plot (you're probably thinking this size due to overseas effect of some time) .CommentQuote1Flag
- First of all, buying land & constructing on it is VERY MUCH POSSIBLE. Infact, this was my approach when I got fed up with third class projects & also non-compliance to Vaastu norms in almost all the projects.
I did found land, between 3500 to 12000 sq ft, it had clear title & I have enough connections to get things moving as far as sanctions, construction etc. is concerned & would have completed it easily.
The only area where I got stuck was land owners demanded anywhere between 40-55% in cash, which I didn't had. So, had no choice but drop out then.
But trust me man, building on your own not only gives you immense peace of mind but also happens to be way more VFM. :)
As far as land is concerned, best to take consultation in detail alongwith search report of past 30 years from good lawyer. It will be useful.
But in your case, I am not very optimistic as you said you are HONEST IT GUY, which means no cash, so how will buy land at first place ?? But if you go through this, very good for you.
Btw, are you NRI ? If yes, avoid buying land, you never know where your land will vanish. :DCommentQuote1Flag
- Hi bravevision,
It is indeed possible my friend. For several years, I was looking for a flat, in bangalore and in Pune (search for my older posts in IREF). I was not sure where I will live for next 5 years. I am not sure today as well. Continuous layoffs, higher price tags with lower construction quality and job uncertainty gave me no choice but to drop plan of 'being loan-ly' and I didnt buy any flat.
I bought 3 guntha land in my town, in cash (30% down payment money i saved over years). Constructed 2000 sq ft G+1, Big Tulsi Vrindavan, big space to play with kids, a water borewell and 2 toilet, 2 bathrooms, with rest of the saved money. No loan taken. There are 3 lawyers in my family, so didnt have any problem getting everything verified. Everything done by Vaastu Shastra.
I feel relaxed and relieved that I dont have bank EMI lafda in my head. I dont care how much tax I would have saved with house loan etc. I strongly believe I need to be loan free to do something else outside this software engineering life.
And, I am also Honest software engineer !
So it is possible :)CommentQuote0Flag