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Factors To Look-over Before Buying Hill Station Property
The areas of Ooty, Coonoor and Kotagiri in Tamilnadu are not only the most popular areas to visit on holiday, but they are also popular for real estate investment destination among many businessmen, corporates, NRI’s etc.Understand the Advantages of Investing in a Hill station Plot.
The reasons are many and some listed.
• The cold weather
• The International schools
• The clean air
• The stunning views of mountains
• The tea estates
• Fresh fruits, flowers, vegetables.
Crucial Points to crosscheck when Buying a Plot in a Hillstation
Location & Accessibility: Whether it is from main road – How far it is from the main junction. And need to check other accessibility of hospitals, banks, hotels, etc.
Topography:Check the topography and soil factors if it is good for construction. Also, try to visit in rainy season to see if there is excess water stagnation.
Price: Check other similarly sized plots with the same benefits as the one you’re looking. Then, compare and finalize the best plot options to shortlist and visit with your real estate agent.
Transport friendly:Is the road width around the plots atleast 20 feet or more? Does the property enjoy good road access?
The view:Does it really have stunning views to enjoy the nature. As advertised?
Development:Are there good businesses and development nearby? Make sure there are no industries/factories next door.
Calculate the total cost: After the initial meetings when it’s early to decide on a plot or commit to the budget, ask the broker or seller to tell you what other costs are involved. Don’t forget to account for Maintenance costs, Registration charges, Taxes, Brokerage fees, etc. Also, think of any future costs if you intend to build a cottage later (construction, maintenance, utilities and property taxes)
Some Legal Due Diligence for a SMOOTH Plot Buying.
• Verify the Sale contract, Property’s Title contract& Parent Document and check the entire previous ownership history of the plot if needed.
• Check the Encumbrance Certificate (EC) if it is up to date – to verify that the land is free from all legal dues.
• Verify the Patta if needed. Patta contains details on the property itself, ownership history, and dimensions. It should be in the owner’s name.
• Reputation of the seller and real estate agency – check the background and motivation of the seller/plot promoter, for better and smooth deal
• After booking your selected plot, always make sure to register the property in your name. This is when the Sale contract is drafted and registered, which means it legally transfers ownership rights from the seller to you.
Finally Land/Property for sale in Ooty and Coonoor are priced more affordably than the cities and rates have also appreciated well in the last several years, with many clients enjoying either a healthy return on their plot investments.
Hence, if you find a good deal in a stunning location with lovely views, buying a plot in Coonoor / Ooty / Nilgiris today can be hugely rewarding later, as prices are already skyrocketing due to future infrastructural development.
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