Different types of plots- which one is suitable for you?

Have you ever thought of investing in a plot? 

If yes, then obviously you have thought of building your own house or have some other plans with it. Do you know how many types of plots there are? Before discussing that, you need to know what a real state plot is.

What is a plot?

A plot is a vacant piece of land owned by a person or a company or some other legal entity. Usually, a plot is a small portion of a big land measured and marked out for some purpose. It is a category of real estate property. 

Any real estate construction needs a plot, whether it is a house, flat, industrial building or any governmental institution. So, the plot has many categories and subcategories. In this blog, we will discuss the categories of plots in the real estate business.

The types of plots:

While buying a plot, you may find different types of plots available in India. Residential, commercial, agricultural, industrial, and institutional plots are the five major categories.

Residential plot:

As the name suggests, these types of plots are used for residential purposes. Now with the growing population, these plots are the most sought-after. Usually, these types of plots are close to cities, towns, or rural areas. There are also some subcategories of residential plots.

Individual plot:

This type of plot is used for individual housing. Usually, this type of plot is for a single family of different sizes. A large plot is divided into identical plots and is sold for individual housing. 

This type of plot gives you the freedom to build a house under your budget.

Apartment plot: 

This kind of plot can accommodate a large number of families. These plots are relatively larger in size and house multiple buildings. These types of buildings are usually seen in urban areas where individual plots are a scarcity. Due to the overgrowing population, this type of land and apartments are highly in demand.

Villa plot:

Villa plots are recent trends in Indian urban and sub-urban areas. Villa is a style of single-story house that is specious and is for a single family. These types of plots are usually at a distance from other plots. But the villa plot comes with all the amenities and facilities like well-built roads, continuous water supply, electricity, and others.

Builder’s floor apartment plots:

These types of lands are very popular in India. These types of buildings allow you to have the entire floor. But these kinds of land do not have free space; there is no pool, no playground and no maintenance staff. These types of plots are more economical than apartment plots. Before buying residential plots, you need to ask for the necessary documents. If the land was used for other purposes like agriculture, you need to change the status of the land. The process of applying to change the status varies from state to state. 

Agricultural plot:

Agricultural plots are used for agriculture and related purposes. The rules for buying agricultural plots may vary according to state. Because most of the Indian population is in the agricultural profession, many states follow very strict rules for buying and selling agricultural plots. Some states in India prohibit people from other states from buying agricultural plots. There are even restrictions in changing the status of agricultural land. These types of plots are very large in size in comparison with residential plots. India is an agricultural country, and these types of land are easily available.

Commercial plot:

Commercial plots are for business purposes like for offices, shops, and other trade centers. In urban areas, the commercial plot does not appear much different from the residential plot. But these plots bear high government taxes and fees. These types of properties are usually created through shared ownerships where multiple investors invest their money to buy the plot. 

While buying a commercial plot, you need to make sure the plot falls under the commercial zone. Otherwise, you might face some problems developing the plot. 

You also need to check the FSI or Floor Space Index of the plot before buying the plot. Floor Space Index indicates the permissible scope of development available for the property.

Institutional Plot:

Institutional plots are the piece of land for building institutions like schools, colleges, libraries, and other institutions. Local governments regulate these types of plots. To buy such plots, you need to contact local authorities and go through the necessary permits.

Industrial plot:

A country’s overall economic growth depends upon the industrial development in that country. Industries determine the employment index of a country. That is why central and state Governments create industrial plots to promote industrial development. These types of plots are for building ware-houses and logistics, cold storage setups, factories and other industrial buildings.

 Purchasing an industrial plot is a bit trickier than other plots. There are a lot of permissions you need to acquire before the purchase. This is because the factory you establish might affect the neighboring environment and jeopardize the lives of the common citizen. You might need to acquire a certain license to buy an industrial plot. While buying the plot, you might check if the plot has proper infrastructure like water, roads, and transport. These things play a crucial role in the industry.

Conclusion:

So, to conclude, we can say do not rush while purchasing a plot. First, you need to make sure what kind of plot you are looking for. Then search accordingly