Which would be the correct choice for buying a land?

[believer2]

Disclaimer: New to reddit.

I'm a 27 (M) married. Wife - 27(F). Looking out for suggestion whether its safe to buy a land with my income and expenses. Wife also earns (~60K), she has her own loans and need to take care of her family. So, not including her expenses here.

Income:

CTC - 2.6L/month (~31LPA)

Take home: 1.3L/month

Deduction Splitup:

Name
Amount

Car
16.3K

NPS
10K

Reimbursements
23K

VPF
10.4K

EPF
12.4K

Tax
40K

Total
~113K (1L)

Investments:

Name
Amount

SIP
20K

Gold
20K

Total
40K

Expense Splitup:

Name
Amount

Rent
13K

To parents
15K

Household
15K

Petrol
10K

Misc. (going out etc.,)
10K

Total
63K

Remaining Amount: 1.3L - (63K + 40K) = 27K

I have a home loan (taken to build my parents house) which is about to close in the next 2 months or so (Max by March 2024).

Land Details:

There are two lands which I had finalized. Both the lands are of same size (30 x 60).

Land 1: Just outside city (near highway). Approx. 45L (~10KM distance from parents house)

Land 2: Near my parents house. Approx. 90L

I'm inclined towards Land 2 as its near my parents house and someone will be there to take care of things there. Even if we plan to settle in native, we can live next to my parents house (added advantage here). Only downside is the huge cost of the land (almost double of land1) and the need for large downpayment of this whereas in Land 1, these can be managed easily.

Which land would be of the correct choice?

 

[sophiedawnwilliamson]

@believer2 You can buy Land 1 for 45L new. Its just 10 KM distance.

It can also be treated as an investment for future. When you decide to live in native after some time, either you can just live there or you can just sell that property for a good price and move to your parents neighbourhood.