Where to Buy a Plot? Things to Keep in Mind!
The important things to consider while buying a plot are the location – it’s advisable to go in for a plotted development in the outskirts of a city where development is yet to take place. Go in for an integrated township that is gated, secure and free of encroachments. Plots have Zero deliver issues – main cause of worry while buying an apartment is the possession. It is not the case with plots where all that the developers need to do is cut plots and put the basic infrastructure in place.
Things To Note:
- Check the land use of plot before investing. The land ought to be in the name of the seller. Get the original deed examined by a lawyer.
- If you’re planning to go in for a standalone plot, ensure that the plot is ideal for construction of a house, has the basic infrastructure for sewage etc
- Check if the layout has been approved by the authorities, ensure that the measurements of the plot are accurate
- Plots are slowdown proof; Land prices remain stable even during the slowdown. Economic cycles do not impact plots to the same extent that they affect flats
- Financial institutions offer land loan for purchasing land for both construction and investment purposes
- Banks also offer home construction loan for building a house on a plot of land
- Downsize: One requires a large capital base to build a house on a plot. It may cost much more than an apartment of the same size
- Investment: Plots give good returns only if one has the wherewithal to stay invested for a longer term