Land is the most basic and fundamental asset in the world. Land investment or land banking is a practice of buying raw land with an expectation of future appreciation. You can buy a piece of land to sell it later at a higher price or hold on to it for future development.
There are varieties of lands available at different prices in various locations throughout the country. However, if you are planning to buy a land as an investment then there are some major things that you must keep in mind before making any final decision.
So, if you are planning to buy Plots in Lucknow Gomti Nagar, India then here are the major things that you should consider before making any decisions:
Location of the property
The most important thing that you should consider before buying a property is its location. The location of your property determines its price and resale value in the future.
So, if you are planning to buy a land for future development then make sure that it is located in a prime area where people will be willing to invest their money once it gets developed.
On the other hand, if you wish to buy agricultural lands then make sure that it has access to basic amenities like electricity and water or else it would be difficult for you to use these lands for farming purposes.
Infrastructure surrounding your property is another major factor to be considered while buying a piece of land. Good infrastructure gives you good returns on the money invested in purchasing land. You should check out whether there are good schools, hospitals and grocery shops around before investing in a place.
Costs Associated with Buying Land
There are many costs associated with buying a piece of land; some may come as a surprise to you too! Only look at those lands which are affordable to you keeping in mind all these extra costs incurred while purchasing land. You should always keep room for unexpected expenses as well!
Before purchasing any property, ensure that all legal documents related to the land are in order because the entire ownership of the property depends on them. You should check for the following:
- All papers related to the property should be verified from local authorities to avoid any disputes later on.
- The land should have clear ownership and no disputes pending over it.
- The seller should have all legal paperwork related to the property. These include title deeds, sale deeds, registration papers, etc. The seller must also provide their proof of ownership like PAN card or Aadhaar card
- Land use
It is important to make sure that the land you are buying can be used for residential purposes. You should make sure that there are no legal issues with the land or its title deed before buying it. Sometimes agricultural lands can be converted into residential plots for sale in Lucknow, but they need clearance from government authorities which takes time and money as well.