COVID-19 has altered everyone’s life, including the buyer’s choice. From apartments to plots, the residential real estate sector has witnessed a paradigm shift in the buyer’s persona as the demand for plotted developments in southern India has increased in recent years. The benefits that plot provide have attracted huge investors. So, if you are considering plots as your next investment option, then this article is for you! Let’s discuss these benefits of plots at length in this article.
The initial investment for the plots is low. Therefore, one can easily invest in plots without financial constraints. Investors usually buy these plots debt-free at a much lower price and then sell them off at a higher price. Some even buy plots to construct their house later according to their savings. However, in the case of apartments, even a small apartment costs a lot. This is why buyers take out a home loan to purchase an apartment. Hence, buying a plot is much better than paying EMIs for your entire life.
Flexibility to build
Owning a plot gives you the flexibility to construct your house at your pace, which means you can build your house as and when your pocket allows you. It allows you enough time to decide on a design, architect it, and build the perfect house you've always wanted. It will be worth the money you invest in construction. Unlike apartments, where you are obligated to pay large sums for a variety of common amenities, regardless of their usage.
Long term appreciation
If you are looking for a property to invest in on a tight budget, plots are a good option. Investing in plots can yield good appreciation in longer run as the availability of the land is limited and the more land ages, its value appreciates. The apartment, on the other hand, is a different story. The older the apartment gets, the more its value depreciates. Plus, it requires heavy maintenance, which is as little as zero in the case of plots. For apartments, the value of the property also depends on the locality, amenities, connectivity, security, and other factors.
Quality and Possession
As you are the owner of the plot, you do not have to worry about possession and transfer legalities. The plot is already registered under your name, so constructing a house will not require another registration process. In case you wish to sell the plot, it is always ready for possession after completing the legal formalities. Further, you do not have to compromise with the construction quality, as you are the developer and need no certification to prove it, unlike in apartment buildings, where even after certifying the construction quality, it fails to satisfy you post possession.
Privacy & Security
The plots are often not located too close to any other residential plots but are high-end houses that are ostentatious and lavishly spread over a sizeable region. Hence, individual houses, villas, and bungalows at a distance maintain privacy. When it comes to security, cameras are the best choice to set up in these high-end houses. Plus, a security guard is a must for keeping track of the visitors. The more these houses are luxurious and maintain privacy, the more they require planning for security.
It is also observed that there is a high demand for gated community projects post-pandemic. Owing to the high demand for residential plots, eminent developers like DLF have made their way to southern India, launching the biggest plotted development project for residential plot investors. Besides, whenever you plan to purchase a plot, always check its RERA registration number, and verify it on the RERA website as well. After all, investing is safeguarding your future.