Checklist to Understand Before Buying a Plot
- The best investment on earth is the investment on earth. Most of us have a long-term desire and dream about owning a plot.
- Nobody can deny the fact that plots score higher than other types & also it is a most preferred form of investment with a healthy, highly appreciable return on investment.
- A careful analysis is a must on buying a plot. Always have clarity about the factors to be analyzed and properly checked before choosing the best plot.
Things To Understand Before Buying a Plot
- The first priority is to choose the best builders in Chennai. The condition and stability of the best builders are the most important factor.
- There will be clear documentation. Great appreciation is focused and forecasted according to Location, Current facilities, Upcoming facilities.
- Analyze the market risk of the plot for sale, sometimes the risk is high on investment. Check whether there are any upcoming government projects in that area. If it is so, then the government may approach the site for their project.
CMDA and DTCP Approval
- Check whether buying a plot on residential have proper CMDA and DTCP approval.
- Check the documents of the plot are legally perfect and have a proper sanction plan.
- Check whether plot documents are properly registered with Tamil Nadu Real Estate Regulation Authority according to Tamil Nadu Real Estate Regulation and Development Act.
- Sometimes there might be differences in the square feet rates of the plots in the same area. Don’t get confused. If the selected plot is Rs.200 – Rs.400 more than the nearby ones, then question the concerned person & get clarified.
- There might be reasons like that the plots are surrounded by houses, ready to go for construction conditions…like that for the difference of Rs.200 – Rs.400. Then don’t mind about this extra amount and accept the premium. We have to consider the long-term benefits of buying a plot as our advantage.
Size of the land
- Check the FSI (Floor Space Index) of buying a plots. It gives how much % of the total square feet of the plot area can be used for construction purposes.
- If one wants to go for his own use only, then there is no problem about small square feet plots or big square feet plots. It is according to his own choice.
- If one wants to invest & resale after some time, then it should be of minimum 1200 square feet. Because the struggle is high to resale the plots of sizes from 500 – 800 sq. ft. Small size plots will not get much attraction & demand in the resale process.
- Verify whether the available plot area will satisfy our current & immediate space requirements.
- Verify the plot has an extra land area to satisfy our future expansion process if any in our future.
- Always avoid unshaped plots & avoid wastage of plot areas.
Natural surroundings of buying a plot
- Verify the natural surroundings of the plots. The presence of nearby lakes/ponds has an effect on the soil. Particularly affect the strength of the soil. It ultimately determines the type of foundation & the no of floors of the upcoming building.
- Don’t prefer agricultural plots.
- Don’t prefer sloppy plots.
- Enquire about the groundwater level to avoid water scarcity.
Size of the Road
- The size of the connecting road from the plot is very important. It has an impact on the value of the plot for the sale near me.
- If it is 40 feet road – Best
- If it is 30 feet road – Better
- If it is 23 feet road – Good
- If the size is below 23 feet, then the acceptability is very low. The two vehicles’ movement at the same time is very difficult if the size is below 23 feet.
- East facing & North facing plots are the most preferred on buying a plot.
- Astrological & sentimental reasons are given more importance in selecting a particular direction.