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Have you fallen into the dilemma of investing in land or an apartment? Well, both the investments have merits and demerits, but there are a few important things that can help you take a definite stand.
You may want to buy a ready-to-move-in apartment on one hand but also attracted towards investing in a plot on the other, where you can build your home according to your wish, design and need. Here, we tell you about the important factors to be considered while making a decision between an apartment and a plot.
Plot: Due to constant increase in demand and limited supply, its value increases quickly with many factors like development in the surroundings, liveability in the area etc.
Apartment: The value increases at a slower rate than a plot. Rate appreciation also depends upon the factors like number of families residing in the society, basic amenities around the place etc.
Also Read: Build your own home on a plot in Wave City
Plot: You can craft your home on a plot as per your wish, design and future needs.
Apartment: You don’t have the freedom to make structural changes whether or not you need something particular in the future. The only customization you can do in your home is with its interiors.
Plot: Investment in plots is relatively simpler and transparent because it needs lesser approvals and minimizes the need for approvals and compliance certificates like design layout, building code and fire certificate etc.
Apartment: Investment in apartments is a relatively long process as compared to plots due to lengthy administrative processes.
Plot: Possession is immediate – you don’t have to wait for the completion of any construction or deadline.
Apartment: Possession depends upon the completion of the project and the deadline communicated to the buyer.
Plot: Does not generate any income till it is sold or till a home is built and rented out.
Apartment: When given on rent, apartments can generate a monthly rental income.
Plot: You need to hire architect, contractor and skilled labour and be closely involved in the construction of your home.
Apartment: Everything is done by the developer. You only need to take care of the interiors when the home is ready.
Plot: Basic facilities might not be available within a convenient distance, the area may not be fully developed.
Apartment: All the basic facilities are made available before handing over the property to the buyer, maintenance is assured by the builder for first few years.
Taxes and Charges
Plot: Property tax, service tax and maintenance charges for plots are lower and in some cases non-existent.
Apartment: Property tax, service tax and maintenance charges are higher and compulsory.
Have you read all the benefits and challenges involved in buying a plot or an apartment? Has the picture of investment decision become clearer?
In case, you have more queries, please contact the product experts of Wave City, which is a 4500 acres Hi-Tech city and offers plots and apartments starting INR 15.99 Lakhs.
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