If you are thinking of purchasing a residential plot, then it is important that you understand the factors that are taken into consideration while determining its price. Purchasing a residential plot is essentially a monetary investment and hence, you must ensure that the investment produces good returns. Additionally, evaluating the factors that affect the price of a residential plot is essential, so that you do not pay more than the required amount. Managements of renowned real estate development firms insist that clients must have a thorough idea of the ongoing price of residential plots of a certain region, so that they do not fall prey to unscrupulous realtors. Moreover, it is advisable that you purchase a residential plot from a renowned real estate development firm, so that you can be assured about the pricing of the plot of land.
Factors that Influence the Price of a Residential Plot
If you want to buy plot in Mohali then the first thing that you should take into consideration, while evaluating the price of the residential plot is its location. Prices of residential plots that are located near an important by lane will definitely be higher than one that is located in the interiors of the region. Additionally, residential plots within integrated townships are more expensive than standalone residential plots. Hence, the location of the residential plot plays an important role in evaluating the price of the piece of land. Some other factors determining the price of a residential plot are as follows:
The topography of the land, such as quality of the soil, rocky terrain, presence of water and other such factors also affect the price of a residential plot. The price of fertile and agricultural plots are usually higher than residential plots that do not have any significant features.
The size of the plot, i.e. the square foot area of the residential plot that you wish to purchase is also a crucial factor in determining price of the piece of land.
Thus, features like the location and size of a residential plot are the major factors that determine the price of the plot of land.