Factors To Consider While Buying Property

Buying property can be very difficult if you don’t adequately research into the factors governing it. The prime factors to consider while buying property are the neighbourhood, type of property, cost of property and possibility of future appreciation. The location of the property plays a vital role in deciding whether to purchase a property or not.

Factors considered while buying a property:

1.)    Location or connectivity

2.)    Infrastructure

3.)    Face value

4.)    Reliability of the developer

5.)    Safety

With most cities expanding to the nearby suburbs, it is important that you assess the connectivity to different areas. Not only should a neighbourhood be connected to other residential areas, but also, to the business centre of the city. Most cities in India are seeing a growth in connectivity via the improved state of Metro connections.

For instance, the connectivity between Ghatkopar and Versova has been improved manifold with the inauguration of the Metro railway in Mumbai.

Areas which are connected to the central business district and commercial hubs of the city at minimum drive time should be preferred by home seekers.

To live a comfortable life, certain amenities need to be available at the disposal of the resident. Proper roads, street light, sewerage and drainage, garbage disposal and electricity are some of the civic infrastructures that have to be in place in a neighborhood for its property market to take off.

Social infrastructure is equally important to make a neighborhood habitable. Home seekers prefer to buy flats and houses in those areas which have good schools, banks, ATMs, hospitals, shopping centres and health care facilities within walking distance. Every city has these areas where people prefer living in because of the ease of life offered by them.

A lot of buyers simply prefer purchasing properties in certain areas because it is in vogue to own properties there. For example, Golf Course Road and Golf Course Extension Road have senior VPs of companies and entrepreneurs living in plush apartments because it is the current trend in NCR. A lot of old families living in Mumbai prefer staying in their 1BHK apartment in Prabhadevi or Worli, because of the brand value of the place. The status associated with living in a neighborhood ften attracts home seekers, albeit for the wrong reasons.

Most people invest in real estate because of the prospects for future growth. If you are looking to buy property for the purpose of investment, then choose an area which has rapidly grown infrastructure and commercial centres as it would lead to a faster appreciation of prices in the real estate market.

An overview of the real estate market in india

Administrative uncertainties, liquidity issues and high rates of interest are expected to reinforce the real estate segment during the year. One of the much talked about topics in the current sphere is whether the market will thrive, be stagnant or the prices will go down further.

Besides, there are other challenges in this particular sector that the developers, buyers as well as other real estate enthusiasts are facing. Enlisting some of the issues as below:
1. Finding the correct face value of a property
2. Subdued sales
3. Unsold inventory
4. Adhering government regulations
5. Maintaining profits
Though, the industry is dynamic and do not follow a fixed pattern, still, to meet and resolve these challenges, the real estate entrepreneurs seek help from advisory firms in order to maintain a profitable stand in the market.

A property advisory firm explores the opportunities for both the buyers as well as the developers and then pick the best deal. These firms provide a provision of buying, selling, renting and loan processing in order to streamline the entire process of owning a property.

To buy India properties, one needs to take a look into the legal matters, cross check the face value of the property, location, nearby provisions, connectivity (highway metro, airport) and so on. It is very difficult to check all the details and manage the entire process single handedly. Thus, buyers as well as developers look for a service provider or an advisory firm so as to streamline the process and provide apt property service to people as per their preferences.

The real estate market is very dynamic by nature, thus, one needs to keep an account of the changing regulations and market fluctuations so as to acquire a process accordingly.

Property in India is in huge demand. In the forthcoming years, the commercial as well as the residential segment of the real estate industry is all set for a main growth, assisted by the government's initiatives and plans to enhance this sector.

Also, by streamlining tax rules the investors get to gearing up for building a trust in the nation with the local developers. The budget tenders offer a tax pass through REITs (Real Estate Investment Trust) and facilitate a provision to make India property tax efficient for the foreign investors.

This move allows big and small developers to tap new avenue of funds by trading completed commercial buildings to investors as well as by listing them as a trusted brand.

To get complete professional guidance on real estate, it is best to consult a property advisory firm. Not only, can they brief about the current scenario in the market, but, also can provide best properties, localities invest upon, which can maximise the profit margins.

Joieta Dutta is an author, real estate knowledge advisor, who has written various articles and blogs for Indiahomes.com. Having 5+ years of experience across verticals including Real Estate, Digital Media, Telecom and Internet Marketing services, she stands as a successful contributor, content planner, researcher and knowledge manager.