Before buying a plot of land, one needs to check whether it is certified for commercial or residential purposes. Property buys should also set a budget for the purchase and ascertain whether it will have a good resale value in the future. Taking these things into consideration, one should learn more about the land, plot rate, etc., in Chennai’s Tambaram and other areas before making a decision.

The right time to invest in a plot is when the base price is low. This is because it gives the investor a higher chance of getting good returns on their investment. But if a person buys a property in a saturated real estate market where land prices are high, it can ensure only a marginal scope of getting fruitful returns. This is the reason why many investors who have good knowledge about the real estate market look for newly emerging areas to invest in.

There are two kinds of plots that you can invest in, namely, commercial and residential plots. Commercial plots are earmarked or designated to set up offices, shops, etc. People considering buying these plots must take into consideration that they have higher government taxes, and should also find out the available floor space index (FSI). The residential plots, on the other hand, are earmarked for the construction of houses. If you buy a residential plot, you need to get approvals from the concerned authorities. This is required to make sure that the land is not for agricultural purposes or any legal dispute. People looking at affluent areas in Chennai such as Tambram can find out the rate of the plots from reputed real estate developers, consult their friends and family, and then make a decision. If you are planning to buy a plot, mentioned below are some things you should consider: -

1. Establish the Seller’s Identity

It is vital to check the details of the identity of the seller such as their nationality and residence. They also need to have the consent of the government authorities that are required to sell the land. Additionally, if the property has joint owners, their identity must be established. You should verify the ability of the company to own and sell property in case you are buying the property from a company.

2. Pay Attention to the Documentation

A land purchase involves a lot of paperwork which must be checked thoroughly beforehand. Some of these essential documents are receipt of property tax, encumbrance certificate, occupancy certificate, etc.

3. Do Not Overlook Connectivity

Before buying a plot, checking the present connectivity options is recommended. It is better to find plots that have functional connectivity with public transport such as metro, buses, autos, and the like. This will ensure that the resale value of the property is better.

4. Calculate the Maintenance Costs

The maintenance costs should be taken into account before buying the plot. It is applied annually and is to be paid for basic amenities such as garbage disposal, security, maintenance of the society playgrounds, etc. This will help you manage your finances in a more organised way.

These are some of the things that need to be taken into consideration while buying a plot of land. Also, to ensure safety, you can find gated community plots in Tambram or any other reputed neighbourhood. Make sure to physically verify some properties on your top list before investing in any.