Consumer protection is becoming stronger, and strict obligations on quality, delivery and materials coupled with heightened liability for developers has brought India’s Realty Market into a new era of quality and buyer satisfaction. Today a developer knows that his good face value is the only key that will help him survive, specially during uncertain times. So, Here are four reasons why you should buy Now !!
1. The Market is about to Become Ripe.
The property market by end of next year will soon be finally rising from the ashes of its bleak post-crisis demise and buyer interest and money seeping back into the country.
As the market will be entering a growth period, prices will go up. It’s a smart time to buy: The price-per-square-meter / per-square-foot are at a record low, and property prices will no doubt will eventually grow again.
There are a few tell-tale signs that confirm the general enthusiasm for India’s market recovery. With Modi pushing India, we should be riding a fast track to recovery very soon, plus more construction permits have been issued, interest rates are down, expected to go even down, trust us when we say, this is the time to Buy !!
2. There’s Money in market Hotspots and the Suburbs.
It’s a buyer’s market for new builds in India after a two-year slump during which prices fell by 38.7 percent on average. From where I stand in the property business, there are two types of real estate: “standard” and “prime,” both of which herald future value for buyers.
Prices for “standard” new builds are currently at May 2009 levels, substantially lower than the market heyday in 2011 and 2012. This means better value per square meter and also that property will grow in value, secured by high-quality construction standards.
At the moment, three- and four-bedroom apartments from 1500 to 1900 square ft. are particularly popular with foreign buyers, helped along by favorable currency exchange rates.
“Prime” these properties are always in demand and were sheltered from the too much devaluation because they are located in market hotspots, like the most exclusive areas, and they cater to wealthy buyers who are typically less affected by economic strife. For example, ATS Village in Sector 93A Noida, now such properties still have a standard demand and good market valuation.
Plus, Pune boasts the most noticeable growth of India’s construction market: as many as 58 new projects have been launched in 2015, and off-plan flats are selling out within six months of the project launch. Pune is not alone in this regard, and the trend is also noticeable in other Small Indian cities.
As modern technology gives construction experts more room to maneuver, upmarket properties for big budget buyers with ample parking, rooftop swimming pools and gyms are starting to appear in the country’s quaint city centers.
Moreover, they have evolved to fit the local architectural style, thus preserving the traditional feel of these unique cities.
3. Financing is Beneficial
Buying has its benefits both in terms of financing and long-term expenditures. There’s no need for a large deposit. It use to usually costs 5-10% to reserve the unit and another 10–15 percent of the total value to finalize the sale. Today, its 5-10% of the whole value, After that, you pay by installment for each completed stage of the construction.
To protect buyers, the funds are only released when the developer completes each phase of construction in agreement with the planning schedule & with such strict rules, If the terms of the accord are not fulfilled the money returns to the buyer.
Of course, I cannot encourage buyers enough to engage a qualified and registered lawyer to make sure all the paperwork is in order, but if it is, these terms offer proper protection against unscrupulous developers.
4. Property Experts are on your Side.
When the markets went down in India, many shortcomings in the real estate sector were brought to light in appalling circumstances: unfinished projects, poor insulation, breaches of local planning laws and so on.
Thousands of owners found themselves in a dispute with local builders, in some cases, leading to the a court demanding demolition of the buildings they thought had not been erected with building standards and bylaws.
It is important to protect yourself, Buying property is a serious mission, and thankfully, the crisis has made property representatives more attentive to the risks incurred by buyers unfamiliar with the system.
Do your research on the developer and choose a reputable notary to carry out due diligence on the planning permissions. Check that all the relevant information is contained in the contract that will facilitate any potential claims in the future.
©Property For Sale Magazine / 2015 / Navratra Special Edition