Buyers are often restricted by the architect’s vision when purchasing an apartment. The buyer can make only a few modifications to the property, and it is impossible to change the layout of their home. A plot of land is, however, like a blank canvas on which to build your dream home. You have the option to design your home completely from scratch. You can add any elements you like and choose your materials. You can make your house last a lifetime, so it is important to have the ability to design it in a way that suits you and your lifestyle.
Even the most affordable residential homes are often more expensive than a plot of land. Most potential investors will use a home loan to finance the purchase. A plot of land is more affordable. Because they have a low entry price, even young investors can buy them without financial obstacles. Many investors choose to buy land early in their lives and then build a home later when they have more money. This is often cheaper than buying a home and paying EMIs.
Real estate investments are almost certain to appreciate. This is the most appealing feature. While land and residential properties share this characteristic, it is possible to get an advantage by investing in a plot. Land has appreciated much faster than residential properties over the past few years. The surrounding infrastructure is also a key factor in determining the land’s value. The surrounding infrastructure will ensure a direct increase in its value. Land offers higher returns for a shorter period of time when you consider the low investment needed to buy it.
Individuals have to wait to buy a home while it is still under construction before they can take possession. The final handover may take up to a year depending on the stage of construction. There is almost no chance of delays when you own a piece of land. Land doesn’t need to be constructed so owners can get their new asset almost immediately.
Property tax is an expense property owners must account for regardless of whether they have a house or a plot of land. However, property taxes for land are usually lower than those for houses. For example, the property tax rates for residential houses in Bangalore can reach Rs. 5/sq. ft. 5/sq. ft. for tenants and Rs. 2.50/sq. ft for self-occupied properties. For vacant land, the property tax starts at Rs. 0.12/sq. ft, and up to Rs. 0.50/sq. ft. This means you’ll not only save money on the initial purchase of a piece of land but also pay LESS taxes in the long term.
You will need to maintain your home, regardless of whether you intend on living there. Some of these fees are permanent, such as the maintenance fees charged by housing societies. They can sometimes be unexpected, such as in the cases of plumbing problems, electrical problems, and renovations. A plot of land is almost maintenance-free.
Land is a finite resource, which is one of the greatest advantages of investing in it. There is only so much land that can be owned. New high-rises are being built all the time. This means that owners can rest assured that their investment will be in high demand and will appreciate in value.
A plot of land investment is a great way to make high returns and minimize risk.
Silpa Infratech offers a variety of plotted development project options.
Visit https://www.silpa.co.in/ or reach us at +91 – 8747994499
By Rajesh Sapar
(Marketing Head at Silpa Infratech)