In India, savings and investments have historically been a critical metric for success across all socio-economic groups. And topping the list of investments in real estate, even more so in big cities like Hyderabad. The concept of a dream home has evolved over the last two decades, often putting people in a fix on choosing between residential plots for an independent home, an apartment in a skyscraper, or a villa in a gated community. An earlier blog: https://sterlingheights.in/blog/investing-in-plots-is-better-than-buying-villa-or-an-apartment/ will give you more insights on this.
While there are a whole lot of factors one should consider, we have listed down the top 5 things to be taken into account while purchasing a plot for sale in Hyderabad
1. Set your goals
Any investment needs to be thought through, even more so if it is significant and long-term, as with purchasing plots in Hyderabad. Why, where, and what will this cost? Is it within your budget? Plan and keep a backup plan ready to take care of escalation of costs and other hidden surprises!
2. What are your budgets?
From the cost of the plot, fees & other expenses in acquiring the same, all the way to design & construction of your house, along with furnishings & interior decoration with fees, taxes, and other expenses, need to well thought out and included in your budget plan.
The budget will also depend on current family income, future capacity, along with current and future expense commitments.
Even after taking future development potential into account, the location of the residential plot plays a significant role. Given your family members, access to workspaces, educational institutions, entertainment, access to the airport, and social infrastructure like hospitals, police & fire station will matter. Decisions may vary depending on the time horizon you are looking to have a house built, but still, location plays a significant role.
4. Current owner of the plot
Next is land ownership. Who owns the plot you are looking to buy? It can be the builder himself or a joint venture with the landowners where the builder promises to help develop and sell. Get the ownership details & title deed verified through an independent legal counsel as well. You would want to stay away from plots under dispute or litigations.
Alternatively, if the plot is owned by an individual or a family, or a company, verify their details, including nationalities, and they are cleared to sell the plot of land.
Also, get your hands on the encumbrance certificate, which gives a clearance against any legal dues, release certificate for no dues given by a bank after all the loans are paid, and property tax paid receipts.
5. Local body & RERA Approvals
While checking the builder’s legal ownership and credibility, you may also get your legal counsel to ensure that the local body has approved the residential plot. If the plot is part of a large layout that the builder has plans to develop, check and ensure that building approval has been obtained from the local authorities. The documents need to state that it is an ‘NA-Residential‘ plot meaning it is cleared for residential construction.
Also, get a confirmation of the RERA number obtained by the builder.
6. Area of the plot
If you are looking to buy a plot for self-use, the area/size of the residential plot is an essential factor in making that decision about your dream home. Do check on the built-up area you need to build that home and also the topography and soil. As the saying goes, it is always better to be safe than sorry.
Great options are available if you plan to buy a plot for sale in Hyderabad, especially in Makala, Bhang, and Mansanpally. Away from the hustle-bustle of city life yet easily accessible to the city, all these areas are well connected with the Outer Ring Road and significant areas of Hyderabad. For more details, log onto https://sterlingheights.in or call 63663 70422.