L A N D - $

All your dreams start with land if you don't have. Basic thing is you have to decide your requirement, if you don't know what you want you are going to waste time and money.






Points considered to make a right decision are

• Location : It is very difficult at times to choose a good location, in such circumstances try to analyze the locality based on access, current guideline value, ground water, water logging, security, distance to school, hospital, bank, bus stop, railway station, market, work place, expected appreciation and your personal requirement if any. With these basic information you can choose the location for your dream home.
• Size : Try to avoid plots with irregular shape to reduce wastage in setback areas. And its easy to measure and mark your boundary to avoid any future conflicts with adjacent plot or road.
• Level : If the chosen land is at low level compared to the existing road you will pay additional cost to raise the level to match the road.
• Access Road : Avoid plots lying at cramped roads and yet to be constructed road (no boundary has been market by authority by base layers), because we cannot judge the finished road level and it would be difficult during the course of construction to receive the materials.
• Utility Service : Check for water, power, underground drainage, storm water drains, communication etc.. just to avoid expenses like septic tank and additional electrical post for power supply.
• Legal : Get copy of document, apply Encumbrance certificate, approach legal guys to get a opinion for the plot in all aspects. Please do check if there is any need to get No Objection Certificate from any authority to go for construction.
• Layout : If the chosen land is in a particular layout check if Open Space Reservation is applicable, if so the land promoter has done or not. Else you will end up paying 10% of the guideline value (present rate in Chennai, might change with location) during building plan approval and license. Check for approval of the layout by authorities to avoid fraudulent land promotions.
• Price : No one has a formula to calculate the exact market price, if the seller is in need you are lucky to negotiate, if he is greedy you don't have much to negotiate. Be careful when you are dealing through real estate guys, there are chances you will pay more than the market value, i have personal experience of variation up to 50% from sellers price. Do try your best to get the prevailing price in the locality.
• Loan : If you are depending on loan, get complete information before starting land search because  most of the banks reject loan for land based on their location and approval. Loan will be sanctioned based on the Government guide line value only market price will not be considered at any cost.

I consider these points as the basic things to make decision before selecting.