When given the option, the majority of home buyers would prefer an independent home built on a plot they carefully selected. Investing in land also makes more sense from an investment standpoint, as the return on investment (RoI) on plots is usually always higher than that on flats.
The purchase of land, on the other hand, can be risky, especially if the owner is unable to build a home and move in right away. In some circumstances, the owner may live in a different city, making it difficult for him to monitor his property. The threat of illegal occupation may loom in such a scenario.
Construct a boundary wall
According to legal experts, the property owner will need to take some precautionary steps to protect his investment against intrusion. The first stage, according to plot management specialists, is to have a boundary wall built as soon as the buying procedure is completed. Even if you are unable to build a residence due to financial or personal constraints, it is critical that a boundary wall be built around the plot, with a signboard declaring that this is private property and that trespassers will be prosecuted. Even if the buyer resides in the same city and is able to visit the site and keep an eye on it on a regular basis, he must do so.
Hire a caretaker
Owners who live in a different city or country and are unable to visit the property on a regular basis will need to hire a caretaker for that purpose. For the time being, this would suffice for security and maintenance. If this option is available, you might also transfer the responsibility of keeping an eye on your plot to a close friend or family member. However, as the experienced plot managers indicate, hiring someone would be the best option.
Rent out the property
Buyers who have built a house on their plot may want to explore renting it out until they are ready to move in. This allows them to make a return on their investment while also better managing their assets. Even in this scenario, though, they must exercise caution. After 12 years of squatting on a property, a squatter gains legal rights to it under Indian law. If you are not planning to move in for the near term, make sure you keep shifting tenants after a couple of years.
Ways to prevent encroachment
There are some basic ways to prevent encroachment of the vacant land. Here are some tips to follow -
• Keep all of your property paperworks safe and secured
• If you have any nearby friends or acquaintances, ask them to keep an eye on the plot.
• Report any encroachment to the police as soon as possible.
• Engage the services of a local attorney to monitor and manage the property.
• Do not leave the plot unattended for an extended period of time.
And if you want to keep all these worries aside, hire a reputed plot management service such as MyProp who can tackle all your plot related queries.