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Land is classified as per the usage and development in real estate. Some of them are commercial, industrial, residential, mixed use development, SEZ, agriculture and government land. Most of the land is sourced by the government, who in turn classify it into different categories and auction it in the open markets. Un-productive land i.e. (cannot be used for agriculture and farming) is converted in to these zones for future development. I have seen some people who own large land banks, most land banks owners have a scattered form of land bank which makes it difficult to sell later, consolidated land parcels are better to handle and sell in parts, or collaborate with a developer to earn a larger profit. Sometimes it is more profitable to joint venture your land parcel with a colonizer or developer for residential and commercial development, rather than selling it. This is a better strategy to earn better profits, and also keep the land.
A few points you need to keep in mind while buying land, may be for industrial development, building your own dream house, setting up a resort, hotel or a simple investment.
1. The ownership title should be clean
2. The land should be transferable to your name
3. Ownership should be verified by a legal expert
4. The land should not be mortgaged
5. Free from all legal implications
6. Should be zoned as per the development
7. Local government records should confirm the ownership i.e.( industrial / commercial land)
8. Location of the land or residential plot
While buying commercial, industrial or residential land, involve a real estate agent who would show you a larger number of options available in the local market, to understand the price value and locations. Local neighborhood development, an over view of the future developments going to take place could give you a larger prospective on your investment.
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