Hyderabad is one of the most emerging cities in the country. The city has seen an immense amount of progress over the last few years in terms of infrastructure and real estate. If you are planning to buy plots for sale in Hyderabad or invest in new projects in Hyderabad, there are certain things that you should remember. Buying plots in Hyderabad may be a dream for many but we often forget the intricacies when investing in an asset. Here’s a list of things you should look at:
Stamp Duty: Stamp duty is a tax that is levied by the State Government for every property deal that is done. The rate of stamp duty will differ in different states. It can range anywhere between 3-10% depending on the rate slab fixed by the State Government.
Budget: Always ensure that the property you are investing in fits your budget. If the open plots for sale in Hyderabad are way beyond your set budget, it may disrupt your financial stability and lead to problems later.
Location: Location is the foremost factor to be considered before narrowing down on your real estate investment. The property should be close to various social infrastructures like hospitals, schools, colleges and more. If there is no access to these important services, it doesn’t make sense for you to invest in the open plots in Hyderabad.
Maintenance deposit: This is the deposit that you pay your builder before moving in. The builder could ask for a maintenance deposit in advance sometimes for a specific timeline. The timeline could be one year, five years or even ten years. Also, the maintenance fee that you pay depends on the location of your dream property.
Resale value: Resale value is something you should consider if you are not planning to move into the property and are looking at it only from a long-term investment perspective. Buying a property with a low resale value will lead to losses, so always make sure to check on this before you commit to buying a property in Hyderabad.
Miscellaneous charges: Other than the purchase cost and stamp duty, there are various other legal charges, brokerage charges and registration costs that you may not have considered initially. However, it is imperative to add these costs to your total cost so that you have a final amount of expense.
Moving into Hyderabad is a great decision and will prove to be a great investment. However, you must be careful about the above-mentioned things before investing.
Share this Blog & your thoughts with us in the comments below!
Comments