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In India, the Real estate and construction industry is a major employment driver, being the 2nd largest employer next only to agriculture.

Lord Jagannath, Only God in India who owns so much land —25,711 acres.

Buying a Plot Vs Flat - Which Gives a Better Investment Value?

Buying plot is always good option, if bought during development phase of an area, and at the initial rates.

Buying a plot in any part of India can be challenging unless you have sound financial backing for initial investment. Most banks offer loans to people who wish to buy a piece of plot to construct their dream home.

To Know Before Buying a Plot:

Always make sure that you have had look at the ownership of land papers.

Ensure that the proposed land is not reserved for Government projects like irrigation of a site of archeological research.

You must understand your rights on delay of construction/development before you buy the property.

Checked the operating history of the Builder like How many projects have they successfully competed in the past? Talk to some buyers who may have purchased property with that developer. How much possession of the developer’s land has been taken successfully? Have they stuck to their promises of giving facilities in the plotted scheme?

Documents that you will need to ensure that your developer has proof of rights to land revenue tax receipts, Stamp Duty document, Title Deed, Municipal Corporation approvals, Encumbrance certificate, Release Certificate from the bank, Allotment letter and the development agreement.

Definition:

A "plot" is a piece of land, which might be used in different ways.

Corner plot means a plot facing two streets, the frontage would be on the street having larger width. In cases, where the two streets are of same width, then the larger side of the plot will decide the frontage.  In such case, the location of a garage (on a corner plot) if provided, within the open space shall be located diagonally opposite the point intersection.

Farm House means a plot of land including construction thereon in the area designated for agricultural use by the Authority.

Builder means an applicant, contractor, land owner, holder of power of attorney of the land owner, partnership, trust or company which has responsibility for construction, leasing, selling or disposing otherwise of a building for residential and other purposes and duly registered by the Authority.

 

Significance and meaning of different Zones:

Zoning is a legal method for Municipal or local government to dictate how real property can and cannot be used in certain specified areas.

Yellow Zone means Residential land, also known as residential property, is utilized by individuals and families for private residences or dwellings.  (however 33% commercial is permissible as per the by laws)

Green Zone Land: All lands are basically “Agricultural use” means use of land for the purpose of agriculture, horticulture, sericulture, poultry farming, plant nursery, animal husbandry, piggery, dairy farming, vegetable farming and any activity related to agriculture or milk chilling plant.

 Red Zone is meant only for Public and semi-Public use like Temple, Medical

Heritage Zone means the area as delineated in Comprehensive Development Plan.

 

 

 



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