A plot is not just another piece of land, it is an important financial investment that should be carefully analysed before buying.
In an ever-growing city like Hyderabad, the demand for plots of land has increased significantly. However, buying a plot requires enough consideration and due diligence.
Here’s 5 essential checks every prospective buyer should consider before investing in a plot:
1. Approvals from Development Authorities:
Ensure that the plot has all statutory clearances from the concerned departments like HMDA (Hyderabad Metropolitan Development Authority), GHMC (Greater Hyderabad Municipal Corporation) and R&R (Revenue and Registration Department).
Do check whether the plot is lawfully acceptable for construction and all the zoning regulations are properly followed so that the same cannot be questioned in the future.
2. Prime Location:
Evaluate the location of the plot: Is it in close proximity to basic facilities such as schools, hospitals, shopping malls, and transport stations?
A well-connected location increases the value of the plot and makes it more livable in the future. Assess the plot for noise, pollution, and traffic congestion and if the plot is a suitable area for you to live in.
3. Infrastructure Development:
Analyse the infrastructure that is present and upcoming in the area. Check the availability of water, electricity, sewage, and road connectivity.
Good infrastructural support helps in easy, comfortable living. It also retains the value of your plot in the long run. Ask about proposals for future road and other infrastructural development.
4. Legal Checks:
Conduct a full legal due diligence. Check that the ownership papers of the land are in place, the property is free of any encumbrances such as liens or mortgages, and if any legal dispute exists.
It would be advisable to hire a legal professional to read the property documents so that such risks are as much minimised legally as possible.
5. Land Resale Potential:
Measure the land’s size and dimensions to satisfy your needs and building plans. Assess the ease of access to the plot, considering road width and traffic flow.
Set a realistic budget and compare prices of similar plots in the vicinity to ensure a fair deal.
Assess the long-term appreciation potential of the plot, depending on factors such as location, infrastructure development, and general market trends.
Through diligent completion of these five checks, buyers can make informed decisions and invest wisely in plots in Hyderabad. Remember, research and due diligence are the prime ingredients for successful and hassle-free real estate investment.