Here’s How Owning a Plot of Land Can Help You in the Future

In India, people have always valued land over all other material possessions and landowners since time immemorial have been held in high regard. This is primarily because the land is an asset that can always be liquidated and fetches a much higher price than what it was bought for.

Ways in which land can help in times of need:

    ·  If you own a land parcel, you can always mortgage it with a financial institution and get cash in times of need. However, for a land parcel to be accepted by a financial institution for a mortgage, it must be genuine property. And for the property to be considered genuine, it must be meet the following requirements:   

     The land must be registered with the particular area’s municipal body. For instance, if you had bought a plot for sale in Manali and want to mortgage it, you must ensure that it is either registered under CMDA or DTCP. Along with this, it should also have an encumbrance certificate, the NOCs, the khata extracts, and many such documents. With these documents in place, the bank gets the assurance of the legitimacy of the property and may agree to grant a loan.

      ·      The land that you may have can also be given off to a property developer to build an apartment on the same. This will not only fetch great monetary returns but also help you get an apartment or two within the residential complex if any is to be built on the premises.

       ·     The land parcel that you own can also be given on rent in order to be used as a godown or as a temporary shed for storing machinery and other such heavy objects. This can easily fetch you good rental returns for as long as you have an agreement with the tenant.

      ·   Many a time, in India as well as abroad, landowners have been handsomely compensated by the government as well as corporate houses for the land parcels they own. This usually happens when the land parcel falls in the way of a proposed highway or some commercial centre and the government or the corporate house pays up handsomely for the acquisition of the said land parcel. People’s fortunes have changed overnight with such compensations.

Since land parcels have always given great returns on investments to people owning the property, it is always good to buy plots for sale in Manali, OMR, Chandigarh, or any other place registered under the municipality of that area.