A trend that is beginning to catch up is a joint venture development on small plots. India Real Estate Prices is getting inceased day by day. If a person can only afford a plot and does not have resources to build a home, he can enter into an agreement with an investor to fund the construction.
The investor can build a double storey home with a separate entrance and parking space. Both will have equal rights and can even sell it to the third party. Even two friends or office colleagues can buy a plot of land with collective investment and then construct the double storeyed home with shared funds.
The access to finance too will be relatively easy as the regular home loan is what they need. The fact that they can be co-borrowers will entitle them to a higher amount too. They can get the funds against the security of the building. This makes it possible for people to stay in the heart of the city or at prime locations at a relatively low cost. In tier 2-3 cities or in suburb of big cities, people can own a 2-bedroom home within Rs 10 lakhs. Obviously this would be a good proposition from investment point of view as well. All this however requires plenty of financial and legal documentation and issues such as undivided interest in land need to be addressed in detail.
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