Buying a Land for Real Estate Investment is part of lifestyle for a typical citizen of Andhra Pradesh. The need for shelter is the basic necessity of life. While the decision is challenging, on one hand, it is extremely difficult on another hand without expert knowledge or expert advice, it is not feasible to buy property. It can decide the fate of your coming generation.While some localities are showing an upward trend in prices, few of them are going little down. But, overall the property prices are growing in the Guntur city and expected to further boom in the future.
Usually people in India, consider buying a land is to meet the long term financial commitments.
Some open questions segment with a suitable answer, regarding the open plots in Guntur:
What type of plots do the buyers usually consider & look for at the time of purchase?
- The land which is suitable for the construction of residential, commercials, industrial, institutions.
- Plots which will have high rate of return in the long-term.
What are the problems the buyers face while looking for the plots?
Trustable agents –It is equally important to have a trust worthy agent who guide & provide the correct information on the sale & purchase. In the past, people have come across many fake agents who have made a bad impression in the society.
Since the time, Regrob became one of the channel partners which have RERA approved, they advise good plots, which is trustable as well as beneficial in the long run.
- Approvals – like the plot is CRDA or RERA approved
- Past history of the buyer & the seller as well
- Nature of the land
Few points can act as a ready reference for the buying/selling of the plots:
The Deed Title: Check if the deed title is in the name of the seller and he has the full right to sell it. Insist upon looking at the original and not just a photocopy.
Encumbrance Certificate: This document can be procured from the sub-registrar’s office where the deed is registered. It declares that the land is free of any legal hassle and unpaid dues.
Property Tax Receipts and Bills: Ask for the originals again and ensure all the payments have been made as this could lead to legal complications and more expenditure in the future.
Apart from these, you must also check that the loans on the land are repaid with a release certificate issued by the bank and get the property valued for the exact land measure.
To purchase a piece of land, the following documents are required from the seller’s end:
- Original Land Deed of the current owner, known as the 7/12 document and also the previous owners with the proper names on the title.
- An Encumbrance Certificate from the Sub-registrar’s office for the last 30 years at least.
- Release Certificate from the bank, stating that the loan on the land has been completely repaid.
- Original property tax receipt and other bills relating to the plot.
For the buyer, the documents required include:
- The Title Deed after it has been transferred to the buyer’s name written by a Government licensed Document writer.
- Receipt from payment of stamp duty charges: Now, you can get your land registered in the sub-registrar’s office or have your name added in the village office records, as may be the case.
- House Plan Approval: The State Municipality Act requires that a prior sanction be obtained by a person who wants to undertake construction activity for building a new house or modifying an existing one. The process has been made automated in most states and isn’t time consuming. Your contractor, engineer or architect needs to take care of this. The architect needs to submit the Building Plan along with a prescribed fee for getting the building plan approval done.
Factors for Construction Cost
The construction cost involved in the project includes:
- Architect/contractor’s fees
- Building material costs
- Labour cost
- Interior fittings such as light fixtures, bathroom fittings, tiles, etc.
These will be the actual costs involved; however, the cost escalators will be the choices you make such as the construction plan itself, the material be required for building your house will vary according to your plan, the material quality and so on. Sometimes, it is better to pay extra at the time of building and save maintenance and repair expenses later.
Smart Ideas For Saving
Outstripping your budget plan is inevitable while constructing your own home and there are very rare unheard of cases where this hasn’t happened. You can apply the following tricks to cut corners though:
- Keep your construction plan simple and don’t make too many changes once the construction work commences.
- Get materials and fittings with long term savings in sight.
- Pick the materials when prices are low even if you require them at a later stage.
Finally, get what you need and not what you want. Cost cutting is very important from your end as there will be many unforeseeable expenses that will crop up. Sticking to the original construction plan as much as possible is the best way to finish the project early or on time.
What are the buying patterns?
- Some buys through bank loans – where the banks offer 80% of the total amount based on the eligibility. A land loan can be availed that are offered by banks for the purchase of residential plots. Some banks have a clause that requires the buyer to start construction within six months of land purchase. So, it would be advisable to plan your future course beforehand. You may procure a personal loan, but that might be a little more expensive.
- Few people buy through EMI – But it is not very common in Guntur.
- Some people usually prefer buying a plot by paying full amount at the time of purchase itself.
What could be the solution to current scenario?
- Check whether the plot contains LP number and the past links. It can be an additional source if there are past 30 years documents available.
- Buy only the CRDA approved projects.
- To acquire the complete information about the true owner of the land.
Regrob as an growing real estate firm suggests one of the major plots in Guntur city near Amaravati which possess all the above mentioned things:
VERTEX CAPITAL VISTA WEST
Capital Vista is an upcoming housing project at Namburu in Guntur, being developed by Vertex Homes. Keeping in mind the needs of modern lifestyle of residents, the project provides various amenities. Capital Vista encompasses amenities such as Landscaped Gardens, ATMS, medical facilities, education institutions, and parks are within easy reach. The area is also well-connected by bus and road network.
Vertex capital vista west is a premium plot venture located at kantheru which is 1 km away from the electronic city which is one of the cities in Amaravathi.
- Vertex Capital Vista west is developed by Vertex Homes.
- It contains commercial plots with affordable prices.
- It is a gated community with an area of 23 acres.
- It consists of 279 units of plots.
- The plot sizes ranges from 165 to 509.
- It is approved by APCRDA and APRERA.
In the past one year its price were ranging from 14000 per sq.yard .But at present its price is 16500 per sq.yard which in future going to rise to approximately 18000 per sq.yard.
Benefits of the project- Vertex Capital Vista west
- It is 500m away from the proposed inner ring road.
- It is 3 km away from Educational Institutes like SRM and VIIT universities and hospitals.
- Solar Fencing
- 40 feet internal roads with BT top
- Avenue Plantation
- Signage’s for all roads
- Underground cables
- Feeder pillar boxes
- Underground drainage
- Overhead water tank
- Water supply point for all plots and landscaped areas
|Total Project Area||23 acres|
|Project Details||279 Units|
Regrob has a highly skilled team in Guntur area to help you invest in real estate wisely.
You may contact us – +91-9870312918