The latest trend is people investing in flats, villas and condos, but some investors still prefer investing in residential plots and then building a home according to one’s individual liking and taste. There are several benefits of investing in a plot, and when it is for setting up your own residence, prices escalate quickly. Plotted investments are and have been the best options for capital returns that they offer. The important aspect is you paying the right price for the plot of land or what helps in determining the actual price of the plot?
A plot bought in an upcoming neighborhood or in an upcoming, upscale market attracts all sectors like commercial, residential or hospitality. Any infrastructural development in the area or the suburb will automatically increase the value of the plots. So when you are planning to buy a plot a lot of factors have to be taken into consideration. A lot of features help you in determining the actual cost of your plot. In Navi Mumbai and Bangalore the prices of plots have taken a big leap after the plan for new airports was announced.
The important factors that will help a buyer in determining the factual price could be summed up as follows-
LOCATION- Location is the primary consideration that one should consider while pricing the property, it is the most important factor. In popular localities or areas the prices of the plots will be higher as compared to emerging neighborhood. Location also makes a difference in the pricing of flats and villas.
CIVIC STRUCTURE- The basic civic supplies like water, drainage system, sanitation, electric supply, mobile coverage and streets with street lights, and the future developments of these amenities make plotted investments more appealing than those lacking it.
CONNECTIVITY- This is another highlight or major determinant in the pricing of the plot. If you are well connected, half your problems are solved. Connectivity not only to highways or expressways should be considered but also to other parts of the city by road or rail. Navi Mumbai is well connected to main Mumbai via road and rail.
SOIL TYPE- Check for ground water level and soil type, before you finalize the deal. A ‘geologically unstable’ plot is useless for construction purposes, since it will not support any structure. Then again if there is insufficient ground water this will have an adverse effect on the pricing of the plot.
Before you invest visit the site and keep the above points in mind. Understanding the pricing strategy is very important before buying a plot.
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