Buying land in Bangladesh is a safe and lifetime investment that future generations can inherit. Currently, investing in land or plots in metropolitan cities like Dhaka, Chattogram, and other suburban areas has become more lucrative than ever. Moreover, it is a significant financial initiative which related to so many factors that must be considered carefully.
We're presenting a quick guide that you need to follow if you are about to buy land or a plot for real estate development.
Check the following documents in favour of the seller.
Actually, Dag is a unique number for a specific plot of land within a large area; it serves as an identifier for that land. Before buying the land, check the Dag number to see if it belongs to the seller. Dag number is a critical document because it provides detailed information about the specific land.
Khatiyan is the land record which preserves the details history of land ownership and information of the government survey. Before buying land, one must verify the ownership seller in the khatiyan history. If the seller obtained the land through purchase or inherited it from forefathers, khatiyan remarks on the acquisition processes of the seller. After cross-checking the khatiyan records from Deputy Collector's office or Sub-registered office you should proceed with buying.
Take a closer look at the sale deed of your prospective land; minimum 25 years of ownership history is mandatory for land or plot.
Land report contains the current status of land, such as taxes, land record, registration status and ect. It also provides the types of lands, including restricted land, lawsuit land, demesne land etc. A conscious buyer should check the latest land report.
A buyer must pay various taxes to obtain the ownership of land, usually the local government receives the primary tax. Although CGT tax is required for urban land, rural land or agricultural land requires 1.5% tax to be paid.
Non-encumbrance certificate is required during the transaction of land as the relevant evidence for the ownership property. These certificates are given by Land Revenue office and the local sub-registry office. Before buying property, you must check all NECs.
After successfully transferring property ownership, it must be registered with the Land Revenue Office to transfer the liability of taxes and other fees to the new owner. Your application will be verified by AC (Assistant Commissioner) Land.
Being a buyer, you have to pay a registration fee at a bank recommended by sub sub-sub-registry office and collect the money receipt, which will be attached to the application form. The sub-registry office will issue a certified registration document with the buyer's name within a week. After six months, the new sale deed will be prepared.
In fine, purchasing land or a plot is an important investment which is related to several aspects that should be evaluated carefully. Although it is tiresome to scrutinise all facts carefully, it ensures long-term relaxation. Above mentioned topics are fundamental papers works but you must consider some other aspects, including location, zoning regulations, infrastructure and environmental conditions in buying land.
