Need advice on plot purchase

Hi.

I am thinking of buying a plot of land. Current price of land is - 80L.

I am 28M, earning close to 1.4-1.5L a month.

I have my parents dependent on me, wife not working currently, might start soon.

We are not sure, if we will construct a house or sell it again after few years.

Questions -

1. Is it a right choice to buy a plot worth 80L.
2. If we buy it, what will be the best course of action.
3. Is it good to take a plot or a flat around same cost.

Thanks in advance.