Although buying flats is the most popular trend in India, investing in plots has its own advantages. In a market that is fast saturating, owning a piece of land is nothing short of owning a goldmine. While people in a saturated market struggle to find land for whatever purpose, the fact that you own a land puts you in a very profitable situation.
So if you're looking to invest in a plot, know that you'll most likely earn great returns in the long run. But before you go out and buy a piece of land, it is important to know the exact factors influencing its price. Location and connectivity are obvious factors and you probably know it already. Here are four others:
Civic Infrastructure
Infrastructure is a vital cog in the wheel while investing in land. Wouldn't you prefer to live in a locality that has essential civic infrastructure such as constant electricity and water supply, proper drainage system, and an adequate number of streetlights?
Several other elements count as essential civic infrastructure. Imagine not having mobile coverage in the area where you're buying a plot. Will you be okay with that and, most importantly, can you make a sale with such a modern day necessity missing? The better the infrastructure, the higher is the price of the plot.
Ground Stability and Water Level
The stability of the ground, on which a home or office will someday stand, is crucial to the price of the plot. If the ground is unstable or rocky, it'll prove to be unsuitable for holding a structure. In addition, if it is difficult to dig into the ground to find water, you'll experience difficulty extracting water and achieving sustainable water supply.
Naturally, if the ground is conducive to construction and digging for water supply, the plot will sell at a much higher price.
Floor Area Ratio (FAR)/Floor Space Index (FSI)
FAR or FSI is a parameter that most certainly controls the price of the plot. This ratio tells you exactly how much area is available to you for constructing your building. The zoning code of your city places restrictions on this ratio to account for other necessary parameters like setbacks and width of the road.
The local authorities determine FSI. If they increase the floor area ratio, you'll have more land for construction. Inevitably, this increases the price of your plot, sometimes to two times and more.
Industrial Development in the City
Industrial development in a city influences the price of plots. For instance, if a city is witnessing the rapid development of, say, the Information Technology (IT) sector, the need for land to create more office and residential spaces increases. In response to this demand, the supply of land increases, until it starts to saturate. Then, the บ้านมือสอง ราคาถูก price of a plot starts to touch the roof, especially if it's located close to the areas where development is occurring rapidly.
Pay attention to all of these factors if you're looking to make a profitable investment in land.
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