There are several truths about why approval is considered to be an important aspect while buying a plot that may not be widely discussed. Here are a few of them:
Approval status can impact the value of the plot:
A plot with all necessary approvals in place is likely to be more valuable than one with incomplete or missing approvals. This is because a plot with incomplete approvals may have restricted use, which could limit its potential for development.
Approval status can impact financing options:
Banks and other financial institutions may require proof of approvals before providing financing for the purchase or development of a plot. Without proper approvals, it may be difficult or impossible to secure the necessary financing.
Approval status can impact the timeline and cost of a project:
If necessary approvals are not in place, it may result in delays and increased costs to obtain the approvals. This can impact the overall timeline and budget of the project, which can have significant consequences for the buyer.
Approval status can impact the legal status of the plot:
If necessary approvals are not in place, it may result in legal issues down the line. This can result in fines, legal battles, and even the cancellation of the project.
Approval status can impact the safety and environmental impact of the project: Proper approvals ensure that the project is developed in compliance with safety and environmental regulations. Without proper approvals, there may be safety or environmental hazards associated with the project.
In summary, the approval status of a plot is critical and can have significant impacts on the value, financing, timeline, legal status, and safety of a project. It is crucial to conduct due diligence and ensure that all necessary approvals are in place before purchasing a plot.
