There are various myths and misconceptions about the Gaothan properties in Maharashtra. People often feel that these properties are involved with a lot of risk factors and buying or owning such property will not be a good choice. But since the Goathan properties are available at very low prices than the urban properties, people who can not afford properties at high prices but still want to own their home in the city tend to choose this option.

Having a very own home is everyone’s desire but since the prices are very high in the city, the people who do not have high profile jobs or businesses can not afford them. And the only hope they remain with is to buy properties in the Gaothan area so that they can solve their problem of owning a home in the city near to their workplaces. Because the only properties available at lower prices often seem in the far places of the city, and then one may need to spend their time and money behind traveling which is not feasible at all.

So, in this article let us check what properties are called Gaothan properties and are they risk-free? If they are then how much is the risk involved? What are the factors the property buyers need to look after if want to buy such properties? You will get an answer to all of these and many more with the help of this article. So keep on reading!

First of all, let us know what is Gaothan and Gaothan Properties?

What is the meaning of Gaothan?

Gaothan is a Marathi word that means the ‘place in the village’ ( goa-village, than – place). Gaothan is the land parcels in the site of village, town or city.

What is Goathan Property?

As per the Maharashtra Land Revenue Code, under section 122, Gaothan is a site of a village, town, or city. It means the Goathan does not just mean place in the village, but it can be a place in towns or cities as well. Specific areas of Cities are considered as Goathan under specific terms and conditions. For example, in Mumbai, there are 52, BMC- recognized Gaothans as specified in the Development Plan (DP) of 2034.

Why The Property Rates of Goathan Properties are less?

As compared to the other properties in the city areas the Gaothan properties come at quite low prices. There various reasons behind why the property and the land prices in Goathan are less compared to other areas of the city.

1. The unavailability of proper public utilities
2. Like electricity will not be available 24*7
3. The roads will not be structured and maintained properly
4. Some properties might not legal or have some document related problems
5. Bank loans might not be available from the reputed banks
6. The property prices might remain stagnant over a period of time and you might not get the desired ROI on your invetsment
7. The rental yield is less because of the unavailability of proper public utilities.

Are Gaothan Properties Legal?

Generally, the process of buying should be followed in this way – the owner of the Gaothan property should sell their plot to the CIDCO and CIDCO then can sell it to the developer. The developer can build the apartment housing system on that Goathan plot and then can sell it to the individual.

If this process is followed, then there is no risk at all to buy properties from the reputed builder who has constructed property in Goathan areas.

However, there are the properties that are directly built in the Goathan area where CIDCO is not involved, in these cases, there could be a risk involved and you will need to scrutinize the things properly. We can not say that these are not legal properties but it needs to follow specific steps to make them legal. Because if you are buying the property from the direct landowner, there might be a chance that the land is owned by multiple siblings or multiple co-owners.

For the safe transfer of property from the Goathan landowner to your name, will need a lot of approvals and procedures to follow. So, it is better to take advice from a lawyer or other legal authorities that deal with such kind of property transaction.

If proper steps are taken at the proper time, one can reduce the risk of getting duped or mislead by anyone while buying Goathan properties.

Not all the properties in the Goathan are illegal and are involved with disputes. The only thing that you need to look after is proper scrutiny and decision-making.

How to check the Legality of Gaothan Property?

The legality of Gaothan property can be checked with the help of hiring a property lawyer. Hiring a legal expert is mandatory to cross-check with documents and to find the previous history of the property. Property is a costly affair so, going forward for Gaothan property without doing any kind of scrutiny is not advisable at all. Remember buying property is a one-time investment. Spending few amounts on experts can keep you risk-free and allow you to remain safe and take wise decisions.

Do Bank Offers Home Load on Gaothan Property?

In most cases, the banks do not offer home loans on Goathan Properties. Even if you try and get one from any local banks in the city it does not guarantee the legality of the property. Banks can not give you any assurance that disputes will not arise at all in the future about the property.

What are Documents Required For Buying Gothan Property?

We are listing down the important documents that you will need to buy gothan property.

1. Letter of allotment
2. Award Copy
3. Letter of Intent
4. Lease agreement
5. Tripartite agreement
6. Final order

Apart from these, you will need to pay transfer charges and will need two witnesses to complete the buying procedure.

Conclusion

Goathan properties are not always a risk if proper steps are taken at the proper time. With the help of legal experts, you can find out whether the property is legal or illegal. With proper scrutiny of documents and previous history checks, one should proceed further to buy properties from the direct owner of the Gaothan Properties. Getting a bank loan approved does not always mean that the property is safe and the dispute will not arise in the future for sure.

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