Thursday, 8 October 2015

Essentials to know while buying your dream home

It is not an easy task to crack a good deal in a highly priced city. The property buyers must know the right tricks to negotiate with the builders to crack a good deal. Therefore, it is important to maintain the correct size, price and location when buying a property in Gurgaon.

"Gurgaon still continues to be the preferred destination for buying homes. A person invests everything while buying a property in Gurgaon. Therefore, it is very important to understand all the essentials while buying your dream home. A delay in the necessary approvals could at times, be a hurdle. Also to lower fraudulent risks, it is important that buyers should be well aware of the developer’s past experience of developing projects,," says Rajesh Prajapati, managing director, Prajapati Constructions Ltd.

"The last few years have seen the real estate sector stagnate. After a long lull, this year the sector is likely to have a healthy growth in terms of new launches luxury and mid-segment properties. The buyers who were waiting for prices to fall can now go out and purchase their dream home. There is a definite euphoria being observed in the sector and things can only get better as the festive season approaches which will also help the buyers crack a good deal," he adds.

Experts believe that it is always important that a prospective buyer takes into account all aspects related to purchasing a home. However, home buying has always been more of an emotive purchase than a rational purchase. So, one need to understand what are the emotional reasons that drive the person to look for buying a home other than rational drivers such as budget, size, price, etc.

Cracking a good deal: "In the current market conditions, Gurgaon's property buyers should look for locations that are developing rapidly in terms of growth and infrastructure, in addition to choosing developers with a strong reputation. We believe that Mumbai's market is fundamentally strong; however there is a lack of quality supply, due to the lack of developable land, limited FSI, high capital requirement for entry, etc," feels, Ashish Puravankara, managing director, Puravankara Projects Ltd.

"This makes the property prices very sticky and not susceptible to a price deflation. If you do not have the budget to help you purchase a home in Gurgaon, it is recommended that you don't wait indefinitely for a price decrease, instead consider 'renting' as a long term option," he adds.

There are many elements one needs to keep in mind while investing during a slowdown. However, to list a few key elements that can help you crack a good deal are rapid infra structure development; price factor; better connectivity with other parts of the city; the presence of industries and employment opportunities and finally; the presence of good social infrastructure development and sustainable practices taking place.

"There is a wait and watch approach employed by fence-sitters who anticipate that prices will fall in the near future. Therefore, it is an apt time for serious buyers who have a much better bargaining power to get a better deal from developers in the current market conditions," opines Chintan Sheth, director, Sheth Corp.

Secure your dream home now: Experts point out that there are multiple benefits to a home-buyer buying a property in Gurgaon as it is the commercial capital of the country, commanding one of the highest real estate prices. "Independent and corporate-promoted developments are mushrooming all over the city and the suburbs. Hence, it is imperative to understand the various facets involving the purchase of a home from the reputation of the developer, amenities on offer, the complex framework of price and area," shares, Brotin Banerjee, managing director and CEO, Tata Housing Development Company Limited.

Source: PropertyatNeoDevelopers.Wordpress.Com

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