When considering the purchase of a property near a highway, understanding the location’s significance is crucial in determining its price and demand. Properties with easy access typically sell more easily and align better with market demand. This has led to a longstanding trend of acquiring properties along main roads, including state and national highways and expressways.
While investing in a piece of property near highways can be a smart choice, it is essential to be aware of certain risks. Here are some key factors to consider:
Highway Height
The elevation of the highway relative to your property can significantly impact its visibility and accessibility. If the highway is higher than your property, it may reduce your property’s potential value. “When purchasing a pre-built property in such a location, ensure that it is not situated at a lower level than the highway, as this can lead to issues with rainwater drainage. Excess rainwater can result in waterlogging around your property and may even enter during heavy rainfall,” suggests Pradeep Mishra, CMD, ORAM Developments.
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Entry-Exit Points
Modern highways are designed with specific entry and exit points, which means you cannot access them from just anywhere. When buying a property near a highway, check how far the nearest entry and exit points are. Proximity to these points can increase traffic near your property. For commercial properties, this might be advantageous, but for residential properties, it can lead to noise and pollution issues due to heavy traffic.
Master Plan Review
Before purchasing property on or near a highway, review the area’s master plan. This document outlines the intended land use, including planned residential or commercial developments and any potential industrial projects. Future major developments could increase the value of your property. Make sure to invest only after understanding the master plan to maximize your investment’s potential.
Connectivity
Evaluate the traffic flow and connectivity of the property you are interested in. “Properties in well-connected locations, with easy access to major nearby areas, are likely to appreciate in value. Select a property with convenient traffic movement to ensure sustained demand in the future,” says Mishra.
Service Road Facility
Having a service road adjacent to the highway is beneficial as it facilitates easier access to your property and provides added security.
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