Written on Thursday, 12th March 2009 by Neeta
Property prices are going south. But correction in property prices is still awaited. Prices have fallen here and there but no major correction has taken place. So is this the right time to invest in property? Probably not. Prices are expected to further cool off. But whether you buy the prices right now or a bit late, there are a few basics which you as a buyer must always bear in mind.
- Clean property: Whether you are buying an independent house or an apartment. Rules of the game remain the same. Always look for clean property. Find out from local municipal and other state nodal bodies about the property. Whether the seller is the legal owner or he has just camouflaged the documents and is trying to take you for ride. If a developer is going to launch a fresh project then always look for clearances from concerned authorities and past track record of the developer.
- Price: This is an important consideration. Prices are guided by a number of factors. The quality of construction, the location, size and the amenities etc. Independent houses have altogether different price considerations. The appreciation is probably much steeper in case of independent houses. But there have been some exceptions as well. Apartment prices have skyrocketed in NCR and other prominent metros. Always take the prices of similar properties in nearby locations as the basis. The Government circle rates are the other consideration.
- Amenities: Always look for fine prints in the developer’s offer document. Developer will always try to dress up the offer document in such way so that gullible buyers may fall prey to their designs. Go through the offer document in great detail. In case of apartments, check whether provisions for DG set, RO plant(if applicable), security, water backup, telephones and Internet networking have been made.
- Outside infrastructure: Quite often neglected but this is probably on one of the most important point which decides whether property will have faster appreciation or not. Developed roads, streetlights, better connectivity, well developed public transport add value to any property.
- Water table: Mostly neglected but one of the most relevant parameter which will have reverberations in times to come. Unplanned development in many metro locations have lead to fast depletion of Ground Water Table. Water is going to be a scarce commodity in coming times. So go for property which is there in well spread-out clusters. Higher density of apartments with scant attention being paid to impending growth and requirements, will in all probability lead to disaster.
- Sizing: You may be having a small family but always keep your future requirements in mind. Decision to buy property for most of us, is a life time decision. If you can afford always buy slightly bigger house over and above your present requirements.
- Earthquake resistant design: Our country has been divided in to number of zones based on likely intensities of earthquakes. Specially for multi storeyed apartments, insists on earthquake proof design.
- Construction material: Developer’s past records will speak for itself. If the developer is known for using quality material in construction, then the firm can demand a bit higher rate. A good quality construction will always be at premium.
- Bank loan: Many private and public sector banks are there in the market, vying for consumer’s attention. Always make an effort with lending agencies to strike the best deal as far as rate of lending rates are concerned. All public sector and some of the private banks have well documented procedures. Go for the loan which is hassle free and offers you the best deal in terms rate, early closures etc.
- Last but not the least. Go visiting the location to get the first hand feel. If you don’t like the just leave it.
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Tags: Basics, Dressing, India, Infrastructure, marketing
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