It is the era of entrepreneurs and businessmen who are coming up with new ways to make money from things that previous generations had never considered.
For years, the agriculture sector has been a no-go zone for businesses and entrepreneurs because it is heavily regulated and complex, with some serious convoluted government policies and supervision. And whenever you think of how to utilise your vacant land to generate revenue, the first option that strikes is farming.
In these times, land is a priceless commodity, with even a small plot of property can fetch lots of fortune. But truth be told, agriculture is no more the only option these days; instead here's a list of choices to go for when you want to make some earnings from your vacant land -
If your unoccupied land is near a busy intersection, renting it to an advertising business or installing a billboard yourself may be an excellent idea. It works better if the plot is near a highway or other public location with a large crowd, providing a large audience for the brand advertised on the billboard. You can earn a decent passive income in this situation. You will save money on construction and maintenance if you rent it out to an advertising company.
Land for residential development
If you have undeveloped land within city borders, creating residential apartments is a viable option. In the case of vacant land on the outskirts, housing development may not be as profitable. Independent homes can be a good fit for suburban areas.
Make a hotel or stay house
The majority of vacant plots are found on the outskirts of cities, however this can be a huge benefit. If you have land near a highway or between two famous areas, building a hotel is a great business idea that can bring in a lot of money. In such a location, there is also less rivalry, and the food arrangement is always in demand. This is one of the most common ways to make a lot of money.
To develop storage areas, you'll need a larger plot of land (an acre at least). If done correctly, it can pay you anywhere from INR 1 lakh to INR 5 lakh per acre every month, depending on demand and location. Building a warehouse and subsequently providing warehouse services to potential consumers is indeed a lucrative option. For outdoor storage, you'll need to construct a huge fence around your property with a closed gate for this. Landscaping companies can utilise these to store their raw materials, and any other company that requires a place to put their machinery can use them.
If the soil fertility is good, this can also be a brilliant mix of aesthetic and commercial ideation. Nowadays, people demand beautiful gardens in their homes. They'll require a wide range of plants, which your nursery can provide. You can grow unique plant varieties that aren't readily available. This can give your nursery a competitive edge. You can also produce medical plants to sell to firms who make items with them. Depending on the location and how well the marketing is done, the income per acre might range between 5-8 lakh per year.
You can build a football field or a jogging track on your property and rent it out to the community for daily or monthly charges. It will take more land and money, but once turned into an athletic training base, you can earn a lot of money passively.
You can rent your land to fire departments, construction companies, and other businesses who need to train their workers.
Do not worry about your unattended, empty plot. Reach out to My Prop to get the experts supervising and managing the plots and properties on your behalf.