5 reasons why you should go for a plot than an apartment
Mr. Eshwar N, CEO of G Square Housing
Hyderabad (Telangana) [India], October 25: For many Indians, owning a home is a dream and people put their life savings into buying a house. Hyderabad is one of the largest hubs of information technology and numerous people from various parts of the country come to Hyderabad in search of jobs. Many look at buying a house as an investment that will benefit them in the future. While some are confused about the kind of house they want to buy, the question of buying a plot or an apartment is never-ending.
1. Luxurious and independent lifestyle
Investing in a plot has its own perks and benefits. First, buying a plot in and around Hyderabad would guarantee a premium and independent lifestyle. Having a plot of your own gives you total ownership of the land and you are free to use the land according to your choice. It offers complete freedom and liberty to build one’s home as per their taste and preference. If you are a person who loves privacy, then buying a piece of land would benefit you. Also, unlike apartments, plot owners do not share land space with others, offering complete ownership of the land. They have the luxury of complete privacy while living in a community.
2. Embracing customization and flexibility
Once you own a plot, you can build your dream home along with a landscape, backyard, parking space and so much more. In addition to meeting your needs, a home should also represent your personality and suit your way of life. Purchasing a plot is like purchasing a blank canvas and giving wings to your dreams. Create your home entirely from scratch, customize it as you see appropriate, and leave room for future alterations. In the case of plots, one has the liberty to choose designs based on one’s budget. Even if one cannot afford to build a luxury home right away, one always has the prospect of building one in the future. Plots can bring in the element of perfection. When it comes to apartments, builders charge for the non-constructed area also at constructed area rates. Many a time this increase in cost leads to people sacrificing design and structure over budget.
3. High return on investment
Plots can have a bigger resale value since they appreciate more than apartments, so if you buy a plot in a terrific location with excellent facilities that are only going to expand, you may be making a smart investment decision. Given their cheaper initial investment and larger returns over a shorter duration, they also have a lot more to offer. One of the most significant benefits of purchasing a plot is that it is cost-effective when compared to buying an apartment and more so for a first-time buyer. If budget is a limitation, one can choose not to construct in plots. This way it reduces not only the investment but also the huge maintenance cost that apartments carry. ‘Under all is the land’ is the preamble to any real estate investment. Real estate appreciation is always on land. When one buys an apartment, appreciation of the value of the apartment is based on the UDS (Undivided Share) of the land. If one’s apartment has more UDS, it will appreciate more and vice versa. On the other hand, in the case of plots, the whole investment is on the land, which makes the appreciation potential higher. If any apartment is constructed with any deviation (big or small), the home buyer faces the risk of demolition, reselling issues, unavailability of loan, etc., until the home is sold.
4. A dual asset
Apart from this, a plot can be a dual asset for you. It can be modified into a commercial space at any given point in time. A plot is an asset that can be passed on to future generations as well. Hence, buying a plot is a wise option and would be easier to sell when needed. One of the serious risks most apartment buyers face today is whether they will get possession as per the date promised by the builder. When the possession is delayed, it has multiple effects like paying pre-EMI interest, losing income tax benefits, losing rental income, and so on. But plot owners don’t have to go through any of these risks.
5. Transparent method of purchase
Many people are a little hesitant to buy a plot because it is a big amount to invest and you need someone trustworthy. For security reasons, they tend to go with a big player in the industry and would settle down for an apartment. But there are few companies that are registered and follow a transparent method in selling plots. They also help individuals in buying a plot without any hassles or any further complications. The builder may have all the approvals, but during construction, if there is any aberration on the builder’s part, the apartment owner must face the risk. Plot projects don’t need any construction approvals. The only thing a plot buyer needs to look into is the title and the layout approval from the relevant authorities. Areas within the outer ring road of Hyderabad and those closer to the Hyderabad Airport are best suited for people who are expecting good returns. Locations such as LB Nagar, BN Reddy Nagar, Shadnagar, Shamshabad and Vanasthalipuram are fast developing, offering a high return on investment. one should do thorough research before buying any plot or land so that the money invested is safe and sound.
The best course of action would be to select one after evaluating your demands, financial capabilities, and obligations, because both plots and apartments have their own advantages and disadvantages. A plot in an area that will increase in value would be an excellent choice.
Mr. Eshwar N, CEO of G Square Housing, said “Homes nowadays have become more than simply a place to live or an object to own. They define our identity, our way of life, and a sense of stability. As more people value their individualism, they are rearranging their lifestyles. Independent homes are encouraging people’s ideas nowadays as apartment living thrives with mere cutting-edge conveniences. Large open plots that allow you to build houses the way you want them, in communities that offer the best facilities, in favourable locations, are one more living choice that is drawing attention. Independent houses are becoming more and more appealing as time passes and with huge infrastructure firms intending to construct lifestyle facilities around valuable acres of land.”
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