Investing in a residential plot is a lucrative financial decision in many ways. It is well established that residential plots offer healthy returns on investment and appreciate better in terms of value than other properties. Moreover, you have a great deal of flexibility in the case of a residential plot and you can build a home tailored to your preferences and requirements.
However, investing in a residential plot is not a risk-free proposition, and it is easy to go wrong with the investment if one does not think through the decision carefully.
Here are 4 important things to consider before investing in residential plot:
1. Pick a good location: Plots of land that are removed from the developed parts of the city can be luring because of the affordability. However, it is essential to make sure that the residential plot is well connected to the key parts of the city with developed infrastructure. This will benefit you in more ways than one.
2. Be sure of the size: Residential plots of land should be invested in only after you have carefully understood your requirements for the present day and the future. Make sure that the size is right for your needs. You may also want to factor in the topography and soil quality before taking a decision.
3. Verify the documents: Protect your rights and avoid a property fraud by ensuring that the transaction is a lawful and hassle-free one. Make sure that all the necessary documents—like the title deed, encumbrance certification, conversion certificate and property tax receipts—are in place.
4. Go with a reputed builder: Ensure that you invest in a plot on sale by a reputed real estate builder. This is the best way to avoid property frauds and any potential construction roadblocks.