In India, savings and investments have historically been a critical metric for success across all socio-economic groups. And topping the list of investments in real estate, even more so in big cities like Hyderabad. The concept of a dream home has evolved over the last two decades, often putting people in a fix on choosing between residential plots for an independent home, an apartment in a skyscraper, or a villa in a gated community.
1. Set your goals
Any investment needs to be thought through, even more so if it is significant and long-term, as with purchasing plots in Hyderabad. Why, where, and what will this cost? Is it within your budget? Plan and keep a backup plan ready to take care of escalation of costs and other hidden surprises!
2. What are your budgets?
From the cost of the plot, fees & other expenses in acquiring the same, all the way to design & construction of your house, along with furnishings & interior decoration with fees, taxes, and other expenses, need to well thought out and included in your budget plan.
The budget will also depend on current family income, future capacity, along with current and future expense commitments.
3. Location
Even after taking future development potential into account, the location of the residential plot plays a significant role. Given your family members, access to workspaces, educational institutions, entertainment, access to the airport, and social infrastructure like hospitals, police & fire station will matter. Decisions may vary depending on the time horizon you are looking to have a house built, but still, location plays a significant role.
4. Current owner of the plot
Next is land ownership. Who owns the plot you are looking to buy? It can be the builder himself or a joint venture with the landowners where the builder promises to help develop and sell. Get the ownership details & title deed verified through an independent legal counsel as well. You would want to stay away from plots under dispute or litigations.
Alternatively, if the plot is owned by an individual or a family, or a company, verify their details, including nationalities, and they are cleared to sell the plot of land.
Also, get your hands on the encumbrance certificate, which gives a clearance against any legal dues, release certificate for no dues given by a bank after all the loans are paid, and property tax paid receipts.
Read more: https://sterlingheights.in/blog/6-things-to-consider-before-purchasing-a-plot-for-sale-in-hyderabad/
