Things to look out for when buying a plot

If you are new to the real estate sector, either looking to invest or looking for a plot to build your home or simply here to learn the basics of the business, here are some of the things you should know about plots:

Location

As Sikander Malik Noshahi of Harum Real Estate & Builders puts it, “There are three most important things you should look out for when buying a plot: Location, location, and location.” Location, he added, is almost everything when it comes to real estate. There are, however, several aspects to the location. If you are looking to make a home, the first thing you will have to look at is the kind of society you want to live in. Some people might prefer DHA Lahore, others will go for Bahria Town, and still others might find it more suitable to live in Model Town. Lifestyles can differ in different societies, so you might want to consider those when buying a plot in a housing society.

Noshahi further explained that once you have decided which society or housing scheme to buy a project in, you still should take a look at some location-based factors: does it have easy access from the main road of the society or project? How far is the commercial area, mosque, or a park? Is it a corner plot? These factors are going to be particularly helpful if you are looking to invest.

Registered society

According to Noshahi, another factor to watch out for is whether the society where you are going to buy the plot has an NOC by the local development authority or the tehsil municipal authority. You should always confirm the number and the details with the authority.

Unfilled plots

Noshahi explained that if construction standard is good, a little depth helps with the construction. You have to dig deep anyway for better quality. However, sometimes, the plots can be so deep that they are going to need filling, which might cost you extra money. So, while it may not be an issue to buy plots that are deep, you must keep the extra cost of filling those up in mind, particularly if you are looking to construct your home there.

On-ground plots

Vertex International CEO Asif Choudhary stated that people should always go for on-ground plots. You should never invest in future plans or where the land has not been acquired yet. Sometimes it happens that the developers might sell files to a large number of people for a lot of land but might not be able to acquire the amount of land to match it. This will leave you stranded for a while.

Cash is better than instalments

If you can buy a plot now and take possession of it right away, you should consider not delaying it in favour of instalments, according to Farhan Shiekh of Lahore Properties. Usually, the societies and housing schemes retain the legal right to change the map if they feel the need, he explained. This can result in people losing some prime location plots. To avoid that, simply get the plot and establish possession as soon as possible, he added.

Are you looking to buy a plot? Do you have any questions about it? You can talk to us in the comments section. You can also head to the Zameen Forum for a detailed conversation on the topic.