Cheaper compared to other investment options in the real estate market:
While it is not an easy task to buy an individual house or apartment in the heart of the city, you can consider investing in plots as it comes at a relatively cheaper cost. You can also avoid the cost of construction and government imposed taxes to save more.
You can get more from it:
Who said an empty piece of land cannot be used for anything other than constructing houses? An empty plot can be used in a number of ways. As you are putting a huge amount of money into buying it, you might as well use it as an event ground, poultry farm, or rent it for sports. You can also consider a long-term lease with other people after buying land in Mannivakkam.
You will get higher returns on your investment:
In order to get higher returns on your investment, you need to choose the ideal locality. The rate appreciation varies with the locality and depends on numerous factors. However, plots will have a higher rate of appreciation compared to other options in the real estate sectors as the construction quality deteriorates over time. Also, the infrastructure development plans initiated by the local governing body can also have an impact on the overall price.
When you buy a low budget plot in Mannivakkam, it hardly needs any maintenance. Some people prefer to put a fence around it to avoid other people entering. On the other hand, individual houses and apartments require regular maintenance if they remain unused for a longer period of time.
The Real estate regulatory Act is a boon to the real estate market. It reduced the instances of frauds involved with plots to a great extent in India. When you buy plots that are registered under this act, it will ensure that your plot will be free from encroachment in the future.
You can get it faster:
The demand for good apartments in the city has increased to a great extent. In some cases, people even wait for several months to get an apartment. Whereas in the case of plots, you need not have to wait longer. If you are buying a plot inside a township, you will get possession of the land quicker when compared to an apartment.
“Ninety percent of all millionaires become so through owning real estate. More money has been made in real estate than in all industrial investments combined. The wise young man or wage earner of today invests his money in real estate.”
- Andrew Carnegie, billionaire industrialist