Buying a residential plot can seem to be a daunting affair, especially if you are a first-time investor. Given that the real estate market in Kolkata is growing complex with multiple investment opportunities, potential buyers must rigorously research and analyse the ebbs and flows of the industry before arriving at a decision. You must be conversant with the numerous factors that need to be considered when buying a residential plot.
In the next few sections, we shall throw light on everything you need to take into account to make a lucrative residential plot investment.
Things You Must Consider Before Buying a Residential Plot
Here are some of the key factors you should take into account before buying a residential plot.
#1 Location and Connectivity
Location is one of the foremost factors you must consider when buying a residential plot since it acts as a major determinant of the property’s value. This is a vital factor, regardless of whether you’re buying the plot for residential or investment purposes.
It is highly advisable to invest in an asset that is close to all the essential local amenities, such as hospitals, shopping centers, and schools. Also, check whether there are ample commute options to conduct a seamless to and from. We would also recommend checking connectivity and accessibility to major roads and highways, as this can enhance the potential resale value or rental income of the property.
Also, do your research to understand how safe the locality is. If you are planning to buy property from a plot development project, check whether the developers are taking adequate safety measures.
#2 Approvals, Clearances, Compliance
Before buying a residential plot, it is crucial to verify whether the property has the requisite approvals and clearances. Check if the plot has a clear title and whether all the documentations are in place. You must also confirm that the land is free of legal disputes and that no third-party claimants exist.
Also, ensure that the land complies with zoning regulations and land use restrictions. Zoning laws regulate how a plot of land can be used, whether for residential, commercial, or agricultural purposes.
It would be best to consult an experienced property lawyer to understand if there are any potential liabilities associated with the plot.
#3 Infrastructure and Amenities
A great residential experience is not only determined by a posh, aesthetically appealing house but also by the overall condition of the property. You need to evaluate whether the space is livable enough. Check whether there is an adequate water supply and if there are any power outage issues, the working condition of the drainage system, the and availability of well-lit roads leading towards the complex.
Additionally, check whether the plot development project promises a bunch of modern amenities, such as recreational facilities, parks, sports complexes, gymnasium, etc before buying a residential plot. It will not only help you enhance your lifestyle but also play a significant role in the future value of the asset.
#4 Size of the Residential Plot
Needless to mention, the size of the plot will influence its price. Ideally, it should be large enough to accommodate the desired construction plan and leave some open space.
The Swapnabhumi township project offers a variety of plot configurations to choose from, including 2, 3, 4, and 5 Katthas. The project also offers 40% open space, so you can say goodbye to the cluttered surroundings of the mainstream city.
#5 Condition of the Land
Although this factor may take you by surprise, it is important to consider the topography of the plot before buying it. Poor soil quality may lead to foundation problems or difficulty in landscaping and gardening. Similarly, irregular slopes or marshy conditions may lead to construction challenges and water drainage issues.
Also, please know that the land may not be necessarily flat. If the plot has a considerable slope, you’ll need to cut and fill the land, or build a house that takes that slope into account.
Whether you want to buy a residential plot to enrich your portfolio, or to build the house of your dreams, make sure to scrupulously examine every aspect related to the investment. Identifying the right residential plot that fits your specific needs and requirements while offering long-term value requires a well-thought-out approach.
While it may not be a walk in the park, considering the factors discussed above, potential buyers can make a profitable deal. Buying a residential plot in Swapnabhumi Newtown will let you make the most out of your investment.