- Location and Accessibility
The location of a plot is one of the most critical aspects that can determine its value. A prime location enhances both the desirability of the property and its potential resale value. For example, plots located near prominent schools like Delhi Public School or major hospitals such as Multispecilist Hospital tend to have higher demand.
Moreover, check for accessibility. A plot connected through well-maintained roads and public transport significantly improves convenience for residents.
- Legal and Documentation Verification
Before buying, it’s essential to ensure that the land doesn’t have any legal problems. Neglecting this step can result in costly disputes or regulatory issues.
- Land Title Verification: Ensure the seller has a clear claim to the land that he can sell. Hire a real estate lawyer to check who owns the property and settle any disputes.
- Property Dimensions: Check that the plot’s size matches what the local government keeps track of. Get a government-licensed assessor to check the measurements.
- Encumbrance Checks: Get an encumbrance license to ensure the land has no loans, is not missing taxes, or has no legal issues. Check to see if the property is currently involved in any lawsuits or court cases.
- Investment Legal Guide: Check essential papers like the sale contract, the mutation certificate, the tax receipts, and records of who owned the property before. Register the land and ensure it has all the permissions it needs from the local government.
- Utility Availability
Access to vital utilities is another major factor to consider before purchasing land. These utilities include water supply, electricity, sewage systems, and internet connectivity. According to local developers, plots lacking essential services can require investments of 20% to 30% of the land’s purchase price to establish these services.
Before finalizing your purchase, confirm the availability of these utilities. If they are not readily accessible, understanding the procedures for connecting them is essential. This knowledge can help you avoid unexpected expenses and ensure that development on the site progresses smoothly.
- Financial Planning
Before investing in land, you need to make sure that your finances are in order so that the investment fits with your goals and stays within your means. Here’s an excellent way to go about it:
- Budget Allocation: Make a clear budget that includes not only the price of the land but also costs like legal fees, registration fees, and upkeep. Prioritise cost while considering the chance that the value will go up in the future.
- Funding Options: Consider different ways to borrow money, such as bank loans, personal savings, and business loans. Compare interest rates and repayment terms to find the best deal.
- Additional Costs: Don’t forget about hidden costs like land taxes, utility hookups, development charges, and stamp duty. If you plan ahead, you can escape sudden financial stress.
- Return Expectations: Based on how the market is moving, determine how much the land will likely go up in value. Investing in new projects like SquareBuild Square One or SquareBuild Square Home often pays off because they are in good places and have good plans for growth.
- Market Trends and Future Developments
Understanding market trends in Ranchi is vital for making a smart investment. Researching property values over the past few years can provide insights into potential appreciation. For example, areas such as Kanke, Ring Road or Hatia have seen property values increase by around 20% annually over the last three years.
Additionally, keep an eye on future development plans. Projects like new roads, proposed business hubs, or shopping complexes can significantly boost land value. Engaging with local real estate experts can provide invaluable insights into these dynamics, helping you make a more informed decision.
Conclusion
Investing in land is a good idea if you want to build long-term wealth. But to be successful, you need to approach it with diligence and foresight. Keeping the above key points in mind can lower your risks and raise your profits.