Property investments in Bangalore has taken a turn for the greater good. Residents have started to realize profitable opportunities in the property investment sector and are transitioning from living as tenants to real-time home owners. Godrej Reserve by Godrej properties is one such unique project that is strategically located to perfection at Devanahalli in Bangalore. The project offers independent plots as opposed to apartments that residents can immediately occupy. Plots are preferred in tier 2 cities which comprise of people who are in the lower salary group for investing for a brighter future or building a home later on for themselves.
Planning to buy a plot in advance is a fantastic option as residents can wait until the market develops and based on that can go about with their construction decisions. Godrej Reserve has also incorporated a forest theme for this project. Close to 60 thousand trees would be at by for residents to enjoy and make optimum use of the eco-friendly aspects within the project. One has to also consider the advantages of investing in plots as opposed to residential project that comprise of apartments and villas. Its’s important that resident closely monitor the appreciation of land around the project. Buying an apartment is common and the trend is prevalent in most of the metropolitan cities. However, banking on something like an independent plot is profitable as the plot once purchased can be used for multiple benefits. Devanahalli, for instance provides huge scope of development because of the Bangalore International Airport and social infrastructure improvements. Another major reason that realtors are not coming up with sale of plots in developed cities is the scarcity of land which is generally on the expensive end. Having a house of your own and investing in independent plots with additional land is like an added asset that can reap high returns on investment if residents plan on selling the property in the future.
How does one plan and execute strategies when it comes to investing in plots?
There are procedures that have to be followed if one is inclined towards purchasing plots instead of apartments for varied investment benefits. Since there is a difference in the nature of the property, residents should incorporate an entirely different approach. One should plan his priorities with careful precision as he would have to allocate funds for the plot and funds for building the house separately. This is not the case when you opt to invest in an apartment as the entire loan amount can be used.
Flexibility in case of investing in plots
Buying a plot is flexible in nature. Buying an apartment for instance is a one-time investment and cannot be reversed in case of certain situations. Let’s get to the root of this by studying an example. Suppose you go the bank and the lender gives you a loan eligibility of about 50 lacs. You then look for a plot and invest around 35 lacs just for the plot. The remaining 15 lacs you use to build the house of your choice and based on your convenience. However, if you plan on investing in a plot which is affordable, you would have more funds to construct a house. This flexibility is not always available when it comes to investing in an apartment which is ready.
Location of the plot – A detrimental factor
Like the location of a residential project, the location of the plot is also very crucial. It is recommended that residents choose emerging localities to buy plots. This is for the sole reason that established locations reach their developmental maturity in a quick span of time and the scope of architecture development is limited. On the contrary, emerging locations like Devanahalli has a lot to offer as for as plots are concerned. The rise in social infrastructure is the talk of the town. Residents who are willing to partner with Godrej Reserve Devanahalli for their residential plot requirements are in for a great deal of profit in the long-run.
Pre – approval loan sanctions
It is important that residents plan in advance of how they want to go about with their investment decisions. Pre-approved loans, for instance take just the repayment capacity of the borrower into account which is beneficial. However, in case of investing in plots, it is required that residents have a steady career record, minimize on their debts, provide necessary income related documents, legal papers regarding plot specifications and it is also very important that the investors start and complete construction within the allocated time so that they are not overburdened by increase in rates of interest which was initially nominal.