No, Nagpur isn’t a hyped location in terms of investment in land.
Being in this industry of real estate from a decade allows me to suggest you that investment in plots is definitely fruitful in a period for five years but you have to be smart enough before you invest.
Here are some points that vitalise your thinking to take wise decisions
- Shortlist the location which you feel have the potential to grow, you can do this by visiting every advertised location by land dealers or by reading news paper that where the development of city emerging.
- Now it’s time to cross check whether your decision with it’s set price is right or not, just visit the nearby shops and flats or houses and ask them about if some of them are available for rent if yes then what it is.
- If the ROI on rent matches with bank interest even upto at least 70% consider it that you have picked the right deal on price and if it doesn’t then you have to do negotiations or find some other land dealer, for ROI calculations you have to consider construction cost as well.
- If the location suits in your mind and even if the ROI criteria is not matching as suggested then the deal breaker is only an investment in installments that too on long term not less than 2 years.
- In every three to four years the prices on lands escalates usually and most of the time shells good returns but that depends on your holding capacity and patience.
- Before finalising any deal regarding land you should learn about the government regulations laws defined for it as you are investing a hefty amount in that deal.
- If we talk about Nagpur the regulations which are drawn by the authorities for land dealers are
- Name of the company which is dealing in lands should have its name specified on property card i.e 7/12 etc.
- It should have a valid layout plan approved by town planning authority.
- A valid approval by collectorate office for non agricultural residential purpose of specific land.
- And an approval of NIT regarding development of concern land according to their guidelines.
The originality of all such documents are equally important to verify and believe me it’s not a hard nut to crack. You just have to note down a outward number on all above said documents, in most of the documents it is written on top right corner and visit the offices of all authorities and just verify those outward numbers with the officials working there to help people. Just ask them that whether that outward is from their office or not if it’s a yes confirm the name as well of the recipient whether it’s matching with your dealer or not.
If it’s a affirmation from all authorities you can through your deal for sure but it’s not over yet, still it’s a question of lac of rupee involved in it don’t put yourself in a mess of long term for just saving a few bucks and risking a huge amount. Hire a good revenue lawyer having a handsome practicing experience follow these steps
- Make a search for the piece of land, it helps to find whether the land is previously sold to anybody else by the dealer to save yourself from double cross.
- Ask the land dealer to provide proper measurement paper check its dimensions on site as well. Its necessary to verify concern land is approved by survey authority or not cross check it as well by outward number theory.
- Advertise a notice regarding your purchase in news paper of local language which has a wide coverage. At least two times in different papers for minimum 15 days & record it as well.
- Draft your paper and conditions wisely by lawyer and make it registered by concerned registrar office.
- Make a mutation i.e replacement of name of dealer of land from property card by your name. It’s very very important!
- Fence properly your property to prevent it from intruders and post a sign board of your name on it with your contact details.
- File each & every paper
- Pay your tax honestly every year
See the growth then
Enjoy your chunk