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.
Cost Factor
- 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.
Direction
- 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.
Purpose of Purchase
- Whether it is for investment purposes only to retain the plot as it is for a particular period of time for an appreciable expected increase of plot value & then resale.
- If it is for an investment purpose to construct a house immediately and to be rented out & to be retained for our lifetime.
- Whether the purpose is to construct home things to check before buying a plot and shop together, then the focus is directed towards corner plots of the plots near me.
Proximity
- Proximity to working place for both husband and wife and Proximity to schools, colleges for siblings and Proximity to Temples and Relaxation centers for elders of the family.
- The distance of buying a plot from the main road and main junction.
Safety Factor
- Safety factors to be considered for both daytime and nighttime. In case both husband and Wife are of working nature then the main focus is on daytime safety. Because most of the daytime it will remain locked.
- Make sure that there are no overhead cables across the land of the plots of land for sale near me.
- Make sure no water logging problems during the rainy days/rainy seasons.
Hub Nature
- The plots should be well connected with all the areas in the city by roads. Easy mobility in and around the plot sites is a highly considerable factor.
- It enhances easy accessibility to Hospitals, Malls, Schools, Colleges, Clubs, Marriage Halls & all kinds of Shopping and Main Bazaars, and all kinds of essential basic needs satisfying shops.
- This Hub nature helps us to plan properly & execute our activities within our time schedule in our regular life.
Transport Facilities
- We might have two-wheeler, Cars with us but we have to confirm the availability of Auto, Private and Government transport facilities ( i.e.. Buses, share autos, Taxis …… ) for emergency purposes.
- If the property are nearer to the Railway station, it might be an added value for us.
Peace of Mind
- The area should be totally devoid of nuisances. So, the surroundings should be of that nature.
- Particularly to be a little bit far away from heavily crowded areas, slum areas, noisy workshops, heavy noises, like disturbances.
Essential Connections
- Electricity, Metro Water & Drainage are the most important essential connections. Perfectly check whether the plots have proper provisions for the above-mentioned connections & it properly suits our requirements.
- It actually helps us to immediately go for construction. There is no need to allocate a separate waiting period to get all these connections. These are called ready-to-build plots.
Physical Verification
- Visit the site physically and verify the plots are of the correct size by asking the people to do the proper measurements in our presence.
- Make sure that the length & breadth of the plots is perfect.
- As an investor, we have every right to check & verify. It is very important.
Conclusion
- A clear step-by-step procedure to be adopted with the above-mentioned. Factors to select buying a plot without hurriedly.
- Avoid emotional thinking & emotional attachment to the plot location.
- Apply rational thinking processes with long-term objectives.
- Check whether the plots satisfy all the above-mentioned rational factors.
- We hope this article would be more insightful for every reader to have a list of factors to understand before choosing a plot. Also, have a look at our article on the best to buy plots in Chennai.
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