The value of land continues to rise rapidly, driven by increasing demand and population growth.
However, alongside this growth, cases of fraudulent property transactions have also been on the rise.
Therefore, it is crucial to conduct a comprehensive investigation before purchasing any property,
ensuring awareness about the land’s status, such as whether it is leased or has a proper registry.
Failing to do so may result in unforeseen legal complications for buyers.
Thorough Investigation and Document Verification:
Prior to purchasing land, it is essential to thoroughly investigate and verify the associated documents.
It is imperative to ascertain whether the land is leased or has a proper registry.
Typically, buyers are presented with three types of land options to choose from.
Understanding Leased Land:
Among the available land types, leased land often generates confusion regarding its viability for purchase. In certain cases, the government grants land to individuals under specific conditions and schemes, especially for those who do not own any land. These individuals are given a lease, providing some relief to landless families. However, it is important to note that the government retains the primary ownership rights over leased land, even though it is leased to individuals.
Key Aspects of Leased Land: Several important considerations apply to leased land:
1) Non-Transferability: The individual to whom the land is leased cannot sell or transfer it to another party.
2) Lease Duration: The lease is granted for a fixed period and must be renewed accordingly. The local governing body handles the lease process, which may have different types and rules determined by the government.
Registered Land with Proper Registry:
In contrast, registered land with a proper registry offers distinct advantages.
The owner of registered land can freely sell and transfer the property as desired.
Once the land is sold, the new owner assumes full responsibility for its maintenance and has complete ownership rights.
Conclusion:
In the current real estate landscape, where property prices are soaring and instances of fraud are prevalent,
conducting thorough investigations and verifying land documents are critical steps to ensure a secure property purchase.
By understanding the nuances of leased land and registered land with proper registry, individuals can make informed decisions while avoiding potential legal entanglements in the future.
