Many people desire to build a custom home for their family. The first step in doing so would be to buy a plot of land. Selecting the ideal land parcel is extremely vital, as it sets the foundation for one’s future in a new home. Opting to buy plots in Chennai, Mumbai, Bangalore, and other urban hubs would also be a smart investment move, as the value of such properties is likely to go up significantly over the years, enabling investors to enjoy a substantial ROI.
Broadly speaking, while buying a plot of land is a good idea, one should not invest in just any property. It is important to do the research and keep certain considerations in mind when trying to select the right property.
Location
Location is the most critical aspect to consider when planning to buy any property, including a residential plot. The location will have a huge impact on the price of the land, as well as the lifestyle and the convenience of people who decide to reside on the property. One must try to make sure that the plot they select is easily accessible to the prominent areas of the city. For instance, people planning to buy a property in Chennai should consider investing in land for sale in Mudichur, Madhavaram, Thirumazhisai, Porur, Tambaram, or Poonamalle due to their good connectivity and social infrastructure. Plots that enjoy convenient proximity to schools, hospitals, markets and other amenities are also likely to fetch higher ROI over time. When assessing the location of the property, it is imperative to think about the potential for future development as well, as it may have a major impact on the property value.
Area of the plot
If one wants to build a house on the plot and settle down with their family, the area/size of the property would be a vital aspect to consider. Buyers need to check on the built-up area of the plot, along with its topography and soil. This would help ensure they can easily construct their dream home on the property.
Builder verification
It is not uncommon to hear that a piece of land is under litigation or has certain issues. Hence, it is better to cross-verify the seller before signing the dotted line. Buyers should consider verifying the past and current projects as well to gain a better understanding of their credibility.
Title deed verification
Buyers need to properly check if the seller has a right over the property. To do so, they need to see the title deed of the land they are planning to invest in, confirm the name of the seller and check if they have the full right to sell the land.
Necessary approvals by the local body
Buyers must make sure the residential property has been approved by the relevant City Development Corporation and other local bodies. Anyone planning to buy a plot of land in Chennai should invest in CMDA or DTCP-approved layouts.
One must never rush and buy residential plots in Chennai, Hyderabad, Mumbai, Bangalore or some other city in haste, even if a deal seems good. Buyers should always try their best to spend some time researching prior to making any decision.
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