Independent House
Often, an accepted norm for a house purchase is selecting a property at a wonderful location. ... These come slightly cheaper than independent property which could be in the form of a villa or an assortment of floors built on a plot.
What is Independent House?
If you want to live alone with your family, and not have several neighbours as in an apartment, then you must choose an independent house. You must choose the property and then you can have an independent house or a Villa constructed on it.The independent house or a Villa is going to cost you much more than an apartment. Remember: In an apartment you get a number of amenities such as the parking lot, security guard or a power back up system. In an independent house, you will have to arrange for all these amenities yourself. This would mean a higher cost.
Why buy an Independent House/Villa ?
The Customization Benefit
You can build your house, just the way you want. You have the freedom of design. You can also keep pets at home.
Plan is Cheap
The premium for a basic accident plan or even a comprehensive accident plan is very low.
Save on Tax
You save on tax, if you take a home loan to buy your house. You save both on the principal and the interest.
Documents to be considered while Buying an Independent House:
Sale Deed/Title deed /Mother deed/Conveyance Deed
Description of Property Document: A sale deed acts as the main legal property document for evidencing sale and transfer of ownership of property in favor of the buyer, from the seller. Further, it also acts as the main property document for further sale by the buyer as it establishes his proof of ownership on the property.
RTC Extracts
Description of Property Document: R.T.C is issued by the Village Accountant. It contains details of the extent of land in a survey number or a sub-survey number, the extent of kharab land therein, the names of the present and previous owners, their respective holdings and names of the tenants. It also include details like the kind of soil/crop, any mortgages, charges made on the properties contained therein, the status of land (whether Inam land or not), the conversion order number, date in case any property converted therein from agricultural to non-agricultural use, the references to mutation and inheritance certificates where there is any change in ownership etc.
Katha Certificate and Extracts
Description of Property Document: Khata means an account and Khata is an account of a person who has property in the city. There are two types of Khata: Khata Certificate and Khata Extract. In different states it is known by different names. It is basically an entry in record of local municipal committee and indirectly confirms that apartment is constructed as per approved plan.
Mutation Register Extracts
Description of Property Document: Mutation Extract issued by the Village Accountant or Tahsildar contains the extract from the mutation register or inheritance certificate with details of previous owner, the present owner, the mode of acquisition of the property, the total extent of the property and the order stating that the Khatha of the property may be transferred to the name of the present owner.
Joint Development AgreementNOC from Electricity Deptt/Pollution Control Board/Water Works/ Air Port Authority
Description of Property Document: An individual landowner and a builder may enter into a JDA. The key feature of a JDA is that the landowner will contribute land and the builder will undertake development activity on it. Depending upon the land price, the joint development ratio is decided among the parties. In most of the cases, the builder will agree to allot X no of flats to the landowner and there is no exchange of money between landowner & builder. In consideration of this, the landowner will part with his share of land in favor of the builder or his nominee. He also allow the builder to construct apartment on his land and sell the agreed number of flats.
NOC from Electricity Deptt/Pollution Control Board/Water Works/ Air Port Authority
Description of Property Document: Before starting the construction, builder requires NOC from all key Govt Departments. In some states NOC from at least 19 departments are required ranging from Pollution Control Board to Fire & Safety etc. For example If builder does not get NOC from Electricity Deptt then in all probability, buyer will not get electricity connection thus 100% dependency on generators. It will increase maintenance bill drastically.