What is the procedure to buy land in India?
To purchase a piece of land, the following documents are required from the seller’s end: Original Land Deed of the current owner, known as the 7/12 document and also the previous owners with the proper names on the title. An Encumbrance Certificate from the Sub-registrar’s office for the last 30 years at least.
What is the cost of agricultural land per acre in India?
So, we have two estimates for the maximum fundamental value of land – Rs. 520,000 and Rs. 615,000 per acre.
Can I get bank loan to buy agricultural land?
A agricultural land is pledged as a collateral. The borrower should have clear titles to the land to be eligible to apply for a Loan Against Agricultural Land. Usually, lenders prefer borrowers to have residence stability of 2 years. Most banks offer loans based on the size of the land pledged.
What to consider when buying agricultural land in India?
Given below are some of the points that one should consider, for buying agricultural land in India. The title of the property confirms the seller’s name and also verifies whether the seller has an absolute right to sell the property.
What are Agri-land in Maharashtra?
Agricultural lands are the land which is generally used for farming or cultivation purposes. In Maharashtra, the agriculture land can be purchased by an existing farmer only. The farmer may be anywhere from India.
Can NRIs sell agricultural land in India?
Sale of Agricultural Land by NRI NRIs and OCIs can sell agricultural land, plantation property, or a farmhouse only to a Resident Indian. For the lands purchased with permissions from RBI, special approvals are required to complete sale transactions. The proceeds from the property needs to be deposited in the NRO Account of the NRI.
What are the documents required to buy land in Maharashtra?
Below is the list of most common documents that needs to be checked before buying a land in Maharashtra. 1. 7/12 Extract – This extract contains details such as survey number, hissa number, gat number, size of the land, full names of the owners, crops that are grown on the land, loans if any on the land, etc.