Things You Should Consider Before Buying a Residential Plot

April 19, 2022
plots for sale in trivandrum

Whether you are buying a residential plot in Trivandrum or a ready-to-move-in apartment, you do need to be very careful and vigilant throughout the whole process. Aside from ending up investing in the wrong type of property, there is always the danger of getting duped into buying a property that has a dubious set of ownership papers.

Hence, when you are looking to buy residential plots in Trivandrum, do ensure that you go through all the necessary documents with a fine toothcomb. As a large sum of money is involved, it is pertinent you protect your investment by ensuring that due legal procedure is adhered to during the buying process. You should inspect all past records thoroughly and get the relevant papers verified at the local government office. Here is a list of some essential features that need looking into when buying a residential plot:

Location

As always, location is key when buying a residential plot. It should be a little away from the city center and have scope for future growth. The plot should also have easy connectivity to important parts of the city as well as have upcoming infrastructure within its vicinity.

Title Deed

The first step to buying a plot is to check the title deed of the land. You need to ensure that the seller’s name appears on the name of the property and has the right to sell the property. Ensure that the title deed is free of any litigations, loans or encumbrance.

Approvals & Licenses

Though the paperwork may seem like a nightmare, it does need to be gone through carefully. Ensure that the plot has all the necessary approvals and licenses available in the seller’s name.

Plot Area

The size of the plot matters, especially if you are planning on building a home on it one day. Check if it will be able to accommodate the built-up area of your dream home. Aside from this, another important factor to consider is the soil quality and the topography of the land. Their importance comes into play when building the foundation of your home.

Property Taxes

Do ask for property tax receipts going back up to 3 years. This will clarify the ownership of the property as well as ensure that you aren’t stuck with paying a backlog of taxes.

Property Value

There are many factors that you need to consider when buying a plot. These include its neighborhood, its returns on investment and capital gains as well as easy accessibility of basic utilities like water, electricity and mobile connectivity. You will also need to check for easy access to social infrastructure like good schools, hospitals, shopping centers, etc.

Necessary Approvals

When buying a residential plot in Trivandrum, ensure that it has been approved by the City Development Corporation office and local bodies. If the plot is a part of a very large development, check that all the approval documents and certificates have been procured prior to your signing any agreement with the seller. Building approval by the Planning Commission should have been received too.

Developer Verification

This is another important aspect to look into. Ensure that the developer has a clean reputation and isn’t into shady deals. A simple search on the internet would yield the necessary results on the builder’s credibility.

Loan

Finally, you will need to maintain a good credit profile to ensure that you are eligible for a plot loan. Clear off your debts and previous loans to get a CBIL score of at least 750 points before applying for a plot loan.

For those looking to invest in plots in Trivandrum, check out ‘The Emerald’ plot project in Venkode by the well-known Prime Property Developers (PPD). This gated-community plot project includes 63 residential plots starting from 4.5 cents and are part of an 11-acre pocket of land. Offering excellent views of the city, this project comes with wide inner avenues and underground electricity and water connections already provided for each plot.

What’s more, these plots come with access to a clubhouse, unisex gym, futsal court and two kids’ play areas. Located just 8km from Kowdiar junction and 15km from Technopark, Emerald Hills make premium investment opportunities. Come have a look for yourself!

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