Tips to buy residential plots- Things to keep in mind while buying Residential Plots
Quote attributed to Mr. Prashin Jhobalia, Vice President Marketing Strategy, House of Hiranandani
The popularity of plots has regained in the aftermath of Covid induced pandemic. The need for higher configuration homes to accommodate home-office requirements, availability of plots at cheaper rates in comparison to apartments, low interest rates, prospects of impressive returns, preference for less-crowded localities inspired home-buyers to opt for plots over apartments. Metro cities such as Bangalore, Chennai and Hyderabad, due to availability of large land bank, saw a spike in demand for plots.
We witnessed a surge in sale of plots at our integrated township project in Devanahalli. The premium project comprises apartments, villas, cottages and plots in varied sizes. Buyers with limited spacing requirements can choose a small plot and those in need of large space can choose plots of bigger size. These plots offer buyers with liberty to design the home to suit their individual needs and preference. As these are located in a premium gated community, buyers can enjoy exclusive lifestyle with ample privacy. Buyers who choose large size plots have the option of building a spacious home with customised design. They can easily accommodate an exclusive amenity such as private swimming pool, a Jacuzzi, garden or a kid’s play area. The buyer also has access to the opulent Blue Turtle Club house that offers an array of health and lifestyle amenities within the gated community. Presence of space, health and wellness results in an attractive product proposition for the buyers at an attractive pricing.
Buying a plot comes with multiple perks; however, one needs to be highly cautious while investing in one. Some of the golden norms to be considered while buying a plot are:
Purchase a plot from a branded developer:
To avoid any struggle over land entitlement in future, opt to buy a plot from a branded developer. The possibility of any title issue over the plot becomes negligible. Metro cities such as Bangalore and Hyderabad have multiple options for plots in gated communities.
Investment with high returns:
Among all forms of housing, plots turn out to be the best mode of investment. Plots not only require low capital investment in comparison to their other counterparts, but they also attract low property tax and have prospects of high returns in future.
Choose the right location:
Property prices are impacted with infrastructure growth in the locality. Buyers need to carefully choose a location that has potential for good returns. Plots located along peripheral areas with proximity to key infrastructure such as airports and highways provide better returns.
Low execution risk:
Plotted developments include lowest risk in execution than an apartment or a villa project. Absence of any construction makes plots immune to any construction challenges.
Be sure of your requirements:
Huge space may be appealing; however, buyer needs to reconsider the spacing needs depending on the size of the family, budget, purpose of investment. Plots can be converted in to a first home or a vacation home or can be rented out.
Indian home-buyer, especially those living in semi-urban or rural localities have higher preference to own a piece of land. Covid has reinstated the trend of home ownership. With numerous perks and limited capital investment, plots can turn out to be the most prudent investment decisions of your life.