Here’s how to go about buying plots in Mohali

Buying a plot has in a way become a thing of the past these days particularly in big cities because land has become a rare commodity. Every vacant land parcel is grabbed by builders to construct high rises, leaving very little room for people to buy independent plots to build their home. People who want to buy their own plots are hardly left with any option than to check out properties available in the outskirts or suburbs. This is the usual state of affairs in real estate in metro cities like Delhi, however, in places like Mohali, people still have the option of buying plots within the city. 

Mentioned below are some of the tips to follow to buy plot in Mohali or any other place where land parcels are available for sale:

· Just like home loans that you get to purchase a ready apartment, you can also get a loan from a bank for buying a land. However, the rules for getting loan for lands may differ and therefore, it is important to talk to an expert before starting with the procedure.

· When buying a plot, make sure that the original Deed Title, Encumbrance Certificate and Property Tax Receipts and Bills are in place. Also make sure that any previous loan on the plot is paid off with a release certificate.

· It is always recommended to purchase land near upcoming or prime growth areas as this means your property has a greater chance of increasing in value at a faster rate. Thus, when buying a plot, check the area for building codes, zoning, and other regulations to ensure the area will maintain its value in the future. 

· Buying property from a developer or builder can be a cost effective option and thus, when planning to invest on plots make sure that you are choosing a reputed real estate developer.  

· Check a property’s legal documents to ensure that you can use the site and build the home the way you want. HOA rules, Restrictive agreements, historic districts and environmental conditions such as wetlands can affect the use of a property. Therefore, it is vital to check all restrictions related to plot before finalizing on the same.

· Find out how much land you would like to use as built up area. Think whether your dream home will fit into that land before buying a plot.

These are some of the tips to follow when buying a plot. 

It is important to note that a land is always an asset and owning a land can become an easy task provided you follow the above mentioned tips.

What are the Factors that Determine the Price of a Residential Plot?

 

If you are thinking of purchasing a residential plot, then it is important that you understand the factors that are taken into consideration while determining its price. Purchasing a residential plot is essentially a monetary investment and hence, you must ensure that the investment produces good returns. Additionally, evaluating the factors that affect the price of a residential plot is essential, so that you do not pay more than the required amount. Managements of renowned real estate development firms insist that clients must have a thorough idea of the ongoing price of residential plots of a certain region, so that they do not fall prey to unscrupulous realtors. Moreover, it is advisable that you purchase a residential plot from a renowned real estate development firm, so that you can be assured about the pricing of the plot of land.

Factors that Influence the Price of a Residential Plot

If you want to buy plot in Mohali then the first thing that you should take into consideration, while evaluating the price of the residential plot is, its location. Prices of residential plots that are located near an important by lane will definitely be higher than one that is located in the interiors of the region. Additionally, residential plots within integrated townships are more expensive than standalone residential plots. Hence, the location of the residential plot plays an important role in evaluating the price of the piece of land. Some other factors determining the price of a residential plot are as follows:
 

The topography of the land, such as quality of the soil, rocky terrain, presence of water and other such factors also affect the price of a residential plot. The price of fertile and agricultural plots are usually higher than residential plots that do not have any significant features.
 

The size of the plot, i.e. the square foot area of the residential plot that you wish to purchase is also a crucial factor in determining price of the piece of land.

Thus, features like the location and size of a residential plot are the major factors that determine the price of the plot of land.