Noida: Things to know before you buy a plot

Buying a plot is not always as swift as it seems. “There is a very fine thin line between a good and a great investment. Good is the one wherein a buyer has selected the plot and is ready with the finance. Whereas, a good investment turns into a great investment only when the buyer is fully aware of each and every associated aspect,” says Dipesh Yadav, property consultant, Yadavanshi Properties.

Check out plots in Noida!

Noida realty is thriving and offers a plethora of residential plot options. Whether you buy a plot for living or investment, it involves an emotional aspect. One needs to be very careful before purchasing as lack of knowledge may result in you getting fleeced or face heavy losses.

Several localities of Noida offer a range of options in plotted development. Right from developers offering plots, authority approved plots to panchayat approved plots, all are available. Let’s know the basic difference between these three and some factors to know before buying any of these:

Plots by developers:

These plots are developed by well known builders and are generally available in townships. These plots come with several high-end facilities and common amenities just like a township. Some of these are power supply, 24-hour security, round-the-clock running water, landscaped greens, clubs, broadband connectivity, gymnasiums, theme parks, well-lit concrete and many other modern luxurious facilities.

Advantages:

-Plots developed by builders are offered in well-structured townships or gated communities

-Maintenance charges are included in the price which means no extra cost to be paid later

-These are looked after by the developer for lifetime

Authority approved plots:

Of late village Kota plots are witnessing significant investment in the realty market of Noida. These plots are approved by the Noida Authority and are allotted to villagers as part of compensation. The entire area of the plot is defined as 5 per cent of the total area acquired by the government and 5 per cent area of the total land further allotted to the farmer.

Advantages:

-The allotted 5 per cent area to the farmer is in a developed or developing sector of Noida

-Areas offered to the farmers are equipped with sewage and drainage lines

-Roads are wide and fully developed

-Supply for water and electricity is also maintained by the authority

-As compared to the other/old sectors of Noida, these plots are developed in a much more planned manner

 Zila Panchayat approved plots:

Pradhan (head of Panchayat) of Zila Panchayat is responsible for approving the development of multi-storeys on land under their jurisdiction. Unlike Kota and developer plots, the Zila Panchayat approved plots are not approved by the Noida Authority.

“When it comes to finance, banks offer loan for construction and not for land. Only private financers provide loan to those ones to buy Panchayat approved flats,” adds Yadav.

Basic facilities like water, sewage and electricity is offered by the Zila Panchayat only after 40 per cent construction is complete. Future maintenance of the plots is ensured by the society member elected by the Panchayat.

Things to know before buying a plot:

-Check whether the plot has clear legal titles with no rights to a third party

-Ensure that the plot has been approved by the concerned authority or local body

-If you are buying a plot developed by a renowned builder, verify how many successful projects have been completed by the developer in the past.

-Check if the builder delivered the promised facilities and gave timely possession

-Check the history of the builder and see if the property is being built on land owned by the developer. “It is advisable to check that the land is clear from reservation by government, consider a developer who owns the land,” says Lokesh Kumar, owner, Creative Associates

-Know what kind of plot the concerned authority is offering – buyers of village Kota plots cannot construct more than two and a half storeys

Pushpa Rawat, Magicbricks.com Bureau

Pushpa Rawat is a real estate market research enthusiast with a penchant for reporting on emerging real estate and infrastructure trends. She currently works with Magicbricks editorial team.

Source:http://content.magicbricks.com/industry-news/delhi-ncr-real-estate-news/noida-things-to-know-before-you-buy-a-plot/75195.html