When Tarun Mehndiratta thought of reselling his property in Preet Vihar he assumed owning home in one of the premium areas of East Delhi with the Delhi metro at 300 meters away would be enough to fetch him a good selling price. However, the real picture was different. Buyers had certain demands which were not considered by Mehndiratta. After engaging in dialogues with several buyers, he felt the property prices fluctuating.
It is important to remember that while making the most expensive investment decision, you need to be cautious and aware of factors that can increase and decrease the value of your property.
How old is your property? The property's price appreciation depends upon the age of the property. If your property is more than 10-years old, you may face difficulties in finding a buyer. “Real estate involves huge money therefore every buyer wants to own a property that is newly built. Also, buying an old property demands revamping and re-development, which buyers avoid to spend.” says Samarjeet Sood, a real estate broker in Noida.
“A timely renovation or a revamp can fetch you a better price for the house. If a buyer believes that he will need to spend money to revamp the house, he will pitch a lower offer or keep looking for a ready-to-move-in home,” he adds.
What kind of view your property offers? A good view can fetch some good money. In cities like Delhi, a property that is park facing can fetch you 5-10 per cent more than other properties. Similarly in Mumbai, a property overlooking a sea is always expensive than the one without, even if both the apartments are in the same building.
How far is it from the main road? A property which is on main road may seem expensive, but interested buyers might be lesser than the anticipated number. “When a buyer looks for a property to use, they want a location which is well-connected through public transport, close to an airport or railway station but not too close that noise becomes a problem. Similarly, Metro connectivity certainly adds value to your property. Too much proximity or if your property is overlooking a Metro bridge may not really help in appreciating the cost of your property. This may rather push some potential buyers away.
If schools, colleges, market areas, or hospitals are in immediate vicinity, it will also boost the property value. However, too close to an established marketplace means traffic bottle necks and noise pollution.
What about the safety and security? Considering crime rate is high across metropolitan cities especially in Delhi, safety related to a property has become an important aspect for real estate buyers. If your property within a gated community or offer a 24 hours security, it is certain that you can market your property well while selling it.
Which floor? In Delhi the lower you stay the more your property would cost while in Mumbai, the higher you buy an apartment, the cost of the property will increase. Delhi has very hot summers so avoiding the top floors means saving on electricity consumption. Similarly, Mumbai has high humidity, therefore, living on higher floors ensures natural cooling. “I stay on third floor in a G+4 building. In summers, we don’t switch off our ACs. But the cost of the third floor was about 30 per cent less than what was the cost of the ground floor,” says Anjana Rajput, a resident of Preet Vihar, Delhi.
What’s your address? The number game also decides the cost of your property. It varies if numbers such as 8 or 13 is attached to it. There are several cases where property owners and investors are finding it difficult to sell off their property if their address 8 or the unit is on the 13th floor. “There was a 250 sq yd plot in the heart of the G block of Preet Vihar with market at the walking distance, main road, metro nearby. But it was not lying vacant for 10-15 years just because the address of the property was a number 8,” says Rajput. It is a belief that living in property attached to such numbers brings bad luck and do not have many buyers.
There have been cases in Noida as well, where properties on the 13th floor are offered at a negotiable price, while for other properties there was no discounts. However, considering today’s era the transaction of such properties is completely left is dependent on the buyer’s choice.
Is there a temple nearby? If you have a temple or mosque nearby or any other religious place next to your property, the chances of finding a buyer agreeing to all your terms is lesser. This is because prayers at odd hours disturbs the daily routine of residents. Also, presence of devotees on specific days or during festival time leads to traffic congestion which is not appealing to a buyer.