Why the demand for residential plots is rising amidst the pandemic

Real estate purchase has always been a favourite form of investment among Indians. It is indeed a lucrative market that not only promises security but also great long-term returns. However, what truly comes as a surprise is a rise in demand for residential property even during the Covid 19 crisis. The pandemic has significantly impacted every aspect of life but the real estate sector remains robust. Over the past year, there has been high traction among buyers looking to secure residential plots. This is because the ongoing pandemic has led a huge number of potential home buyers to homeownership.

Let’s gather a better understanding of why there has been a growth in demand for residential plots amidst the pandemic.

• The Covid 19 health crisis has encouraged the demand for open space. A growing number of prospective home buyers have realized the importance of uncluttered housing. Residential plots enable housing within wider spaces to become a sought-after choice not only among individual homebuyers but real estate developers too.
• The modern living norms have drastically changed over the years, especially during the pandemic. Homebuyers are looking for a comfortable lifestyle that is supported with different advanced amenities. The need for social distancing and the best healthcare amenities has pushed buyers to opt for residential plots.
• Residential plots offer versatility like none-other. Space can be developed in any form and order. Whether it is villas, penthouses or apartments, there is no limitation on how a plot can be used.
• Residential plots belong to an appreciating asset class. The value of the space is only expected to rise in the coming years. Plots have been buyers first preference in India as the value never decreases.
• Depending upon the area of the residential plot, the capital investment is much lesser compared with the current value of apartments. Furthermore, plots witness a faster rate of appreciation. Homebuyers can avail the best value even in times of a crisis such as the Covid 19.

The rollout of Vaccines – Will this Further Accelerate Demand for Residential Plots

 India has kicked off its high-paced vaccine to vaccinate its population of over 1.3 billion people. The positive impact of this movement is also likely to be witnessed by the real estate segment. Economic activity is expected to gain momentum in the months to come. Citizens are expected to direct funds towards the purchase of residential plots owning optimism from vaccine rollouts coupled with monetary liquidity.

Factors to Consider When Buying your Residential Plot

While residential plots are a lucrative investment, it is important to note a few factors before sealing the deal. Some aspects to consider include:

• Detailed Document Check – Every property purchase demands immense document evaluation. However, paperwork is much more critical when buying a plot. The documents have to be carefully checked for the title deed, release certificate, property tax receipts, local authority approvals, encumbrance certificates and more. The documents such as ec can be checked online through the official land record websites of the given state.
• Release Certificate: Always check for the released certificate of the residential plot in question. A release certificate indicates that there is no outstanding debt on the property in the case that it was purchased through a home loan.
• Land Use Status: The land use status indicates how the plot can be used. If you wish to use the plot as a residential space, you should ensure that all the approvals have been granted before going forward with the purchase.

The fact that residential plot sales continue to spike amidst the pandemic goes on to prove the immense potential of the real estate market. To further facilitate the movement, lenders are offering lucrative funding through home loans. Home loans enable you to fixate on a property of your choice through value-added offerings. Avail of some of the best home loan offers from Finserv MARKETS. Use the home loan eligibility calculator and evaluate your profile today