Real estate investment is a lucrative asset class. The demand for housing and rapid urbanization drives the growth of the sector. The profitability of investment depends majorly on the location of the property. If one is investing in real estate to grow their wealth, choosing a location poised for long-term growth and appreciation is vital.
This blog discusses the main factors that will help select a property at the best location.
A location with a sound economy and continuous growth influences its real estate. Locations that have strong growth indicators appreciate over time. Investors looking for good returns should select locations that have good job opportunities in diverse industries influencing real estate. Better opportunities will drive the demand for housing as more people seeking employment will settle there.
Investors should watch the market trends for upcoming locations. Investing in locations that are growing and expected to grow will fetch high rental returns and property value. One can also profit by investing in locations that are expected to grow in the future and make the most of the lower prices. Many builders in NCR develop large housing colonies near industrial parks. Even though these locations are outside the city these projects promise to give good returns due to the demand for housing.
Property values are not uniform across a region or city. Some localities have a higher value than others. By analyzing pricing trends for different locations or regions in the city, one can invest in properties that give the best returns. Properties close to IT parks and employment centers tend to appreciate faster than others. These locations have good infrastructure and conveniences too. The working population will settle in these locations increasing the demand for residential property.
Infrastructure development influences property value greatly. Upcoming infrastructure connecting the location to important hubs can boost the property value. Investing in locations where the government invests heavily in developing infrastructure will yield good returns. Most cities are witnessing the development of metro rail networks. One can see that the property values in the regions covered by the metro network will appreciate shortly.
Tenants and home buyers prefer properties located in safe neighborhoods. Safe and well-maintained neighborhoods home to decent educated people promise a healthy environment for families to live in. Investors can research locations that have the lowest crime rates and good facilities. A sound social infrastructure is also an important criterion for tenants and new home buyers.
Economic growth, market trends, property appreciation, future development, and safety are important considerations for investors who want to earn good returns on their investment.
Are you ready to buy your first home? Finally, moving out of the maze of renting home after home, year after year? It’s a wonderful feeling to own your house. An exciting step in your life. But have you done your homework before plunging into the process?
The current real estate market offers a wide range from luxury apartments to budget homes. Before starting the property search, you must know your budget. It would be easier to short-list the projects that offer homes that are the right fit. Visiting properties ad-hoc is not only a waste of time but also risky as you may choose a property that doesn’t fit your budget. Since buying a property involves large sums of money, it is prudent to do some research before starting the process.
The convenience of a location decides the quality of life of the residents. Factors like the distance of the residence from the work location, its connectivity and accessibility, and necessary facilities like schools, colleges, and hospitals are some considerations that will determine the daily experience of living in the new residence. By considering these factors you are being proactive about day-to-day life in the future.
In today’s day and age, every developer and builder promises the best residences and amenities in their upcoming projects. It is not sensible to blindly believe the brochures and catalogs as these are designed to impress potential buyers. By visiting the developer’s previous projects and discussing the experiences of its residents, one can get a good idea of whether the developer lives up to their promises. The project should be registered on the RERA website and all the details like plans, configurations, area, and timelines should be listed.
A physical inspection of the property before making a downpayment is every buyer’s responsibility. The quality of the construction and interiors of the property should meet your expectations. There should be no flaws in the physical structures and interiors of the property. You don’t need any major or minor repairs after moving in that will further add to your expenses.
After inspecting your future home, you must check the space and facilities in the project. This includes the common areas, parking space, gardens, recreational areas, clubhouse, and other amenities. They should match the details specified in the brochure. The final price of the property includes the cost of providing amenities so checking these is crucial.
The complete process of buying a home and moving in is a fine balancing act. It is not possible to get a property that fits your budget and your requirements. However, always try to find the best fit that ticks most of the boxes on your checklist.
The real estate market is growing at a fast pace and so are its prices. This is because the demand for housing is growing, as many people have the financial power to buy their own homes. However, most home buyers cannot afford to pay out lump sum amounts to the tune of lakhs and crores and purchase property immediately. In such a scenario, home loans are a viable option to make their wish come true.
This blog discusses home loans and the necessary steps home buyers need to be aware of while financing their homes.
A home loan is a loan taken by an individual to finance their home. Like any other loan, home loans are offered by banks and financial institutions for a set tenure at a rate of interest. The borrower must repay the loan in the form of Equated Monthly Installments or EMIs every month as the name suggests. Depending on the loan amount, interest rate, and repayment schedule repayment tenure may go up to 30 years.
The eligibility criteria for a home loan change with the financial institutions. However, certain criteria remain the same for all. The minimum and maximum ages that are eligible for home loans are 18 to 70. The applicant can be salaried or non-salaried with a credit score of 750 and above. They should have a minimum work experience of 2 years. They can be a permanent Indian resident or an NRI (non-resident Indian).
The financial institution or bank has a required list of documents like Proof of Identity, age, residence, income, and other property-related documents.
1. An important step before considering a home loan is the evaluation of your finances. This helps in getting an estimate of how much home loan one is eligible for. By calculating your monthly income and expenses and deducting other financial obligations, one can arrive at the monthly EMI payment capacity. This will be used by the bank in deciding the loan amount.
2. Depending on the loan amount and other savings if any, one can arrive at the budget for the home.
3. Conducting research and comparing home loans offered by the leading banks and financial institutions, one can choose a lender who gives the best option suiting their requirements. The downpayment, rate of interest, tenure and monthly payments can be negotiated with the banks. A high rate of interest will reduce the tenure but increase the monthly payments(EMI) . Whereas, a low rate of interest will increase the tenure and reduce the EMI. One can choose their loan accordingly.
4. Finally, it is important to choose a reputed bank or financial institution to avoid discrepancies in the home loan process.
Most banks consider the reputation of the builder before approving the loan. Some builders and projects are preapproved by major banks. These are the safest projects for loans as they speed up the loan disbursement.
RERA stands for Real Estate Regulatory Authority which came into existence in 2017 by the Real Estate (Regulation and Development ) Act 2016. It intends to regulate the real estate sector, protect the interests of homebuyers and investors, and bring transparency and accountability to the industry. It aims to save homebuyers from fraudulent practices that were prevalent before the act. The regulatory body oversees real estate transactions to protect homebuyers and investors from any discrepancies in the industry.
Every developer must mandatorily register their projects with UPRERA and provide important project details like project plans, approvals, permissions, carpet area details, and timelines on the official website. Property buyers can make informed decisions by referring to the information online and not depending on the developer.
Developer is mandated to meet deadlines as declared on the RERA website (www.up-rera.in) failing which they are liable to heavy penalties. This ensures that the buyer is protected from delays and financial losses.
The act ensures that any disputes between the parties are resolved faster fairly and transparently.
The property buyer should verify all the claims made by the developer by cross-checking them on the RERA website. The developer’s details can also be found on the website which confirms their legitimacy.
RERA mandates the sale of properties based on the carpet area which is the net usable floor area of the apartment’ that does not include external walls, service shaft areas, balconies and verandas, and terrace areas. Developers may quote the built-up or super-built-up area and hike the prices which is not legal.
RERA mandates standardized agreements that clearly outline the payment details, possession timelines, and other crucial details. These details should be carefully reviewed and understood before signing.
RERA empowers property buyers with rights like demanding a refund of the deposited amounts or penalties in cases when the project is not delivered as per timelines. The developer cannot demand more than a 10 % deposit from the buyer or make any changes to the preapproved plans without the consent of the buyer. It is important to be aware of all rights and enforce them if needed.
RERA is a significant step by the government to ensure transparency and security in the real estate market. Homebuyers can navigate the process of owning property by knowing their rights and making the most of the resources available with UPRERA.
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