The onset of the COVID-19 pandemic has changed the preferences of homebuyers to a great extent. As most people have started working from home, the market dynamics have changed a lot. It is no wonder that the demand for individual plots has risen and more people have started to invest in them.
There is a significant rise in the demand for individual plots in cities like Chennai, Bengaluru, Hyderabad, Pune, etc. As investing in plots is considered a lucrative investment in India, now is the perfect time to get started if you are considering investing in real estate.
As several real estate developers have started to make use of this opportunity, Mannivakkam square feet rate has significantly dropped. By investing in it, you can expect high returns at a relatively lower cost. Moreover, you can also have the flexibility of building a house to match your taste and constraints in case you plan on building your dream house in the future. Here is why you should invest in plots over houses or apartments:
Lesser investments:
When it comes to purchasing a piece of land, the overall cost will be comparatively lesser than other options. As there are no construction costs, you can buy a piece of land at a cheaper price. It can be the perfect option for people who are planning to make investments that bring high returns at a relatively lower cost.
Higher returns on your investments:
Typically plots provide higher returns as the initial investment will be less. If you have bought a piece of land in a locality that has a good infrastructure with all the amenities and a higher development scope, chances are that the value of your investment will skyrocket. Considering the higher returns at a relatively lesser cost, you should consider investing in CMDA approved plots for sale in Mannivakkam.
Better flexibility:
One of the main advantages of investing in plots is the high returns. You can choose to build your dream house, apartment, turn it into a sports arena, build a warehouse, and more. You will have the flexibility which you won’t find in other types of options in real estate investments. You can decide what to do with the piece of land you bought at any point in time so it is a win-win scenario for your investment.
When you are keen on investing in plots, you should not rush your investment. Although investing in plots has lesser risks, it does not mean that you should blindly invest in any plot. In order to reap the maximum benefits of investing in real estate, you should have a checklist. Here are a few things that you should consider:
Choosing the location of the plot is more important than you think:
The location of a plot is very important as it determines the price, development rate, and overall appreciation value of the plot. Typically people will expect to have several crucial amenities around their house and will not prefer to stay in a remote location. If you are looking for a plot for sale in Mannivakkam, it can be a perfect choice as it provides good connectivity and multiple transportation options.
Research about the seller:
Check for the reputation of the seller before choosing to purchase a plot. By doing a background check on the seller, you will be able to avoid the problems that are likely to arise while purchasing the property and filing the paperwork. By assessing the genuineness of the seller, you will also be able to have a sense of confidence as the purchase will remain more transparent.
Pick the proper plot loan:
If you are planning to purchase a plot for sale in Mannivakkam by availing a plot loan from a bank, then you should have a clear idea about the various interest rates offered by different banks operating in our country. You should not blindly pick a bank as it involves several crucial aspects to look into. Choose the bank that provides the best interest rate and maximum flexibility for you. By researching the market and comparing the rate of interest offered by various banks, you should be able to choose the right bank to avail a plot loan.
Keep an eye on the value of appreciation:
One of the main reasons why people choose to invest in land is the appreciation value it offers over time. It is very crucial to understand the value of a plot and the various elements that influence the appreciation value of a plot. Spend some time researching the neighborhood and the development plans initiated at the location by the governing body to get a rough estimate on the returns. Here are some crucial factors that determine the overall value of a plot at any given point in the future:
- Location of the plot
- Infrastructure development
- Neighborhood
- Ease of accessibility
- Supply and demand in the locality
- Future development
- Security
Conclusion:
Determine all the parameters to purchase the ideal land. If you go through every plot for sale in Mannivakkam, it will perfectly fit within the parameters of a residential area with a great potential for higher returns.
