Buying a plot might seem overwhelming! Amidst the corruption, the misguidance of the property dealers, and the competitive market, buyers need to confirm safe investment. Since buying plots is a lifetime asset, it is important to put all the efforts and take the right implantation before deciding on land ownership. Read the article to get the best guidance for investing in plots.
Importance of Making Investments in Plots
Here are some of the prominent benefits of investing in plots.
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Compared to the other plots, commercial and economic corridors provide higher returns with minimal risks.
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When you decide to buy lands, you achieve much flexibility in the space utilization following the investment goals.
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You can enjoy lower property tax compared to house tax. It is a profitable investment in the long run.
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Once you complete the transaction, you can take over your buying land without any delay.
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Investing in plots doesn’t allow you to maintain them regularly.
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Since you get to know the market value of the lands, you can expect transparent transactions in real estate.
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With time, the demand for plots has been rising sky-rocketing. Hence, it is worthwhile to occupy lands legally and don’t worry about competition.
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Buying plots is less complicated! Research the plot you intend to buy and set a budget to do essential paperwork and legal procedures with ease.
Different kinds of plots
If you are interested in buying a
plot in Delhi NCR, you might consider the various types of available plots. Choose the one that meets your requirements and fulfills investment goals. Here are some prime categories of plots that specify for what reason you will use them.
Residential plots
From the name itself, you can have an idea that these plots are meant for constructing houses. Before an investor commits to investing in a specific residential plot, he must check whether it is a residential plot or a modified form of agricultural land. If the residential plot used to be agricultural land before, the buyer must get approvals from the concerned authority. The process of applying for land changes differs from state to state. Your loans for residential lands will be granted under section 80C.
Commercial plots
If you go by the master plan of a city, the commercial plots are appropriate for establishing shops, offices, and other business enterprises. The landowners of such type of property have to pay a lump sum of taxes and government fees. A batch of investors put together their resources for plot building. Often these properties emerge through the model named shared ownership. It is recommended to check whether the lands are commercial or not thoroughly. On failing this, investors might have to struggle with various issues. Ensure the available commercial land has a Floor Space Index (FSI) to determine the scope of land development.
Agriculture lands
From the name, it is clear that the designated land is only used for agricultural purposes and associated activities. The buying norms of agricultural lands vary from state to state. In an agriculture-dependent country like India, most state governments keep restrictions on the outside residents from buying the agricultural lands in other states.The agricultural lands are comparatively larger than any other types of plots. Most states also impose the maximum amount of land one can buy for agricultural purposes.
Industrial plots
These Affordable plots in Dharuhera are meant for setting up factories, warehousing facilities, logistics centers, and cold-storage setups. Government establishments originate industrial plots to encourage industrialists to invest and build corridors in those regions.To acquire these plots, industries have to take special permission from government organizations. This special attention is for the industrial unit’s environmental effect on the surrounding areas. The plot owner must take all the licenses and permits from the specific bodies to buy these industrial plots. It is also important to consider the approaching roads towards industrial land due to the heavy traffic congestion.
Institutional plots
These plots are dedicated to setting up a school, college, or organizational headquarters. The authorization of these plots is generally bestowed on the local government. They give all the permission to transfer and sell the plots by the norms.
What are the considerations that must check for buying plots?
The following 7 factors determine the best buying of plots.
Location of the plot
Before researching the available
plot for sale in dharuhera, determine where you would like to buy your desired land. You might prefer buying a residential land nearest to educational centers or market areas. For industrial corridors, outskirts locations or nearby IT corridors will be the best decision you will take.
Cross-verify the seller’s identity
Before buying land, you have to check the seller’s identification to avoid fraudulent cases afterward. Be assured of the seller’s nationality and registration certification. It is also your accountability to know whether the seller has the authority to sell the land or not.
Land valuation
It is important to take the assistance of the real estate experts to acknowledge the expected value of the lands to have an informed decision. Don’t rush after eye-catching deals. Instead, practice all the initial checks to ensure that you get the land at the best possible prices.
Physical verification
If you find a property that looks fabulous in the newspaper and decides to own it, you are wrong! Physical verification is mandatory before you decide to invest in the land. Besides this, ensure going through the legal documents and verifying from authorities to know its authentication.
Check the required documentation
Paperwork plays a crucial role in purchasing land. Once you have decided to purchase land, check the following documents to prevent unnecessary conflicts.
Title deed – First, consult with a property attorney to ensure the seller's land ownership. Check the title deed is clear and free from all the ambiguity. If you find a deed questionable, it is best to avoid buying the land. Go through the original documents and check that they are registered and duly stamped.
Encumbrance certificate – This certificate ensures that your buying land has no legal dues left.
NA order – Automatically, every land in India is considered agricultural land. Therefore, if you are heading toward buying land for non-agricultural purposes, you must avail the NA-residential order.
Release certificate – If your purchasing land is a resale property, there’s every possibility that the plot had been pledged to the bank for getting a loan. Therefore, when you proceed with land purchase, have confirmation from the bank to get assurance of cleared dues. Keep a copy of the certificate with you to ensure a safe purchase.
Tax receipts – If you don’t get overburdened with tax discrepancies, collect the past months’ tax receipts and ensure no property tax dues are left.
Know the maintenance charges in advance
On purchasing a plot, you have to pay basic maintenance charges annually. Therefore, before buying land, get the right information on the exact maintenance charges to avoid later surprises.
Don’t take hasty decisions
It takes both financial and emotional support to purchase land. Don’t get in a hurry to make such heavy decisions. Trusting the salespersons blindly can make you fall into a trap. Therefore, it is advisable to visit the land in person and get assurance of everything to save you from future troubles.
Conclusion
According to real estate experts, property developers need proper verifications, diligence, and advice to invest their money for the right purposes. Never take the land buying as a battle and finish it as soon as possible. Take enough time and research to invest in a plot that can guarantee you a heavy return. After all, you invest your lifelong hard-earned money in buying the plot. It is your responsibility to take patience and get into depth to understand the real value of the plot. Be enlightened on buying a plot.