Steps to Take to Ensure a Smart and Safe Plot Investment
If you are interested in diversifying your investment portfolio and enjoying healthy returns on investment, then buying land for sale in Chennai, Pune, Bangalore or some other urban hub would be a good idea
James Parl
If you are interested in diversifying your investment portfolio and enjoying healthy returns on investment, then buying land for sale in Chennai, Pune, Bangalore or some other urban hub would be a good idea. Plots generally score better over other property types in terms of returns. Moreover, plots are also more budget friendly than other property types, making them well-suited for newbie investors.
While plots are a good investment, they are also a pretty expensive asset. Hence, you need to take steps to ensure a smart and safe investment.
Conduct a Thorough Site Visit
Prior to finalizing a plot investment, you must visit the site personally. You need to evaluate factors like location, proximity to amenities, accessibility and the surrounding neighbourhood. It is important to pay attention to the availability of utilities like water and electricity, the quality of roads, as well as any potential limitations or encroachments on the land, prior to making any decision.
Verify Legal Ownership and Title Documents
You need to see to it that the seller has undisputed and clear ownership of the plot. It is important to verify the land ownership records of the plot. These records would include the title deed, survey records, and previous sale/purchase transactions. A comprehensive title search is needed to make sure that there is no pending litigation, legal disputes or encumbrances on the property.
Check Land Use and Zoning Regulations
Having a good understanding of the land use and zoning regulations applicable to the plot is vital for the buyers. Distinctive plots tend to have specific land-use categories, like residential, commercial, or agricultural. You need to make sure that the intended use of the plot does align with the zoning regulations in order to steer clear of future complications or restrictions on development.
Confirm Building and Development Approvals
In case you plan to construct a house on the plot, you must make sure that the required building and development approvals are in place. You have to check whether the plot comes under the jurisdiction of the local development authority or municipal corporation, and verify if the needed permits like building plan approvals, have been obtained.
No matter whether you are buying land for sale in Minjur, Madhavaram, Thirumazhisai, or some other locality, it is critical to research the ongoing and planned infrastructure development in the surrounding area before making a property investment. You must especially keep an eye out for factors like upcoming schools, hospitals, commercial developments, metro or railway stations, and road expansion projects. Such infrastructure developments can have a huge impact on the value of land and its potential for appreciation.
