According to RBI’s report, 76.9% of household wealth is invested in real estate. The land has always been a popular investment option in India. Despite various investment options such as crypto and mutual funds, land investment popularity has not declined. However, there are many factors to consider before you buy plots for investment near Mumbai.
Where should you buy the plot, Mumbai or the outskirts, near Mumbai?
In investment, it is a simple logic that when the base price of the plot is low, the profit is more. The prices of plots in Mumbai and other first-tier cities are much higher than in the outskirts. Also, if the price of the plot available for sale is higher, there is less chance of the plot being bought later. It again gives you a lesser chance of earning higher profits.
Benefits of investing in Outskirts of Mumbai:
- In the outskirts of Mumbai, there are competitively cheap plots for sale in wada compared to lands in Mumbai.
- The cheaper the land, the more the ROI. Considering the infrastructure developments happening in the outskirts of Mumbai, the land rates are rising.
- Plots in Wada, Palghar and nearby areas are considered to give more benefit in one year.
- The plot cost in Wada is expected to rise owing to the newly built Bhiwandi Wada – Manor highway linked to the Ahmedabad national highway.
- Besides having a positive price point, plots in Wada and other emerging outskirts also give you the benefit of staying close to nature.
Developed on 73 acres of partly forested land, Greenway Plots is one of the best property sites to invest in Wada.
Things to consider when you buy residential land:
1. Establish Seller Identity:
- It is important to verify the seller’s identity while choosing plots for investment. If it is a joint property, the identity of both sellers needs to be confirmed.
- If the seller is a person, it is important to check the residence certificate and consent of all the authorities required in residential plots for sale.
- If the seller is a company, it is important to check their authenticity.
2. Verify all the documents:
Paperwork and documentation must be verified before buying any residential plots near Mumbai.
- Title Deed: It is a formal document that defines how the property is owned, inherited or transferred to the owner that needs to check even for small lands for sale.
- NA Order: NA order defines that the land is used for any kind of non-agricultural use.
- Encumbrance Certificate: Encumbrance certificate verifies that there are no financial or legal charges on the plot for sale.
- Release Certificate: A document issued by a bank to confirm that a mortgage loan has been cleared.
- FSI of the Plot: Floor Space Index (FSI) is the maximum permitted floor area on which a developer can construct on the land for sale.
- Change of Land Use Certificate: A change of land use certificate states that the land can be used for a purpose other than the registered purpose of the plot that is up for sale.
3. Connectivity issues:
- When you choose to buy a plot near Mumbai or anywhere in India, it is important to check the current and proposed connectivity options.
- With understanding the proposed connectivity option, you can gauge the increase in land cost in future. It is not advisable to buy cheap land for sale with bad connectivity issues.
4. Maintenance cost:
- Most residential plots in Mumbai’s outskirts have an added yearly maintenance cost.
- Knowing about these costs before buying is advisable to manage your finances accordingly.
Apart from multiple verifications from the seller, it is essential to be ready with all the documents from your side when you decide to buy a residential plot. Deciding to buy any plot in a hurry is not advisable at all. Take proper time and research properly while choosing plots for investment.
Why Choose to Buy Residential Plots from Greenway?
Greenway Properties Wada has a feel of their own. We cater to clients who are in lookout for luxurious residential lands. Being the top property for investment in Wada, Greenway Properties ensures that living in nature does not compromise comfort.
FAQ
What are the different types of plots to buy in India?
What is the best way to buy a plot?
The best way to buy a plot is to make a thorough check of the seller and verify all the documents. Also, it is important to visit the plot, talk to people nearby and check for water-electricity connections before buying it.
Can NRIs invest in India?
NRIs can buy or own a plot in India. However, there are many legal provisions that NRIs must be aware of before investing in India.
Is it good to buy a plot?
Plots in India have higher ROI. Their investment cost is low compared to plots available for sale globally. Hence, it is considered a good option to buy a plot.
