If you still have not gone through the report published by Cushman and Wakefield about the Indian real estate market in 2024, it’s high time you should. This recent report has shown a remarkable hike in the recent property market, with Delhi-NCR soaring high with private equity investment worth $633.3 million. Almost $149.6 million has been invested in the residential property in 2024 in Delhi-NCR only. This is proof that the recent real estate market is brimming with multiple projects from various builders giving homebuyers quite a big number of options to invest on.
But, to invest in a residential flat needs proper guidance without which it can break your pocket in a few seconds. With numerous factors and options to be looked into, it’s essential to approach your home-buying journey with a strategic mindset, especially if you are a new homebuyer. However, not to worry! This blog will be your true guide to finding the best home for you.
Here are some of the factors to oversee before you invest in a property:
Try to get a home in top-tier areas:
When considering a residential flat in Delhi NCR, find an area with easy proximity to important places and amenities. Consider areas like Dwarka Expressway, Noida Expressway, and the upcoming Regional Rapid Transit System (RRTS) corridors to live a hassle-free life. These areas are well-connected to major roads, metro stations, and public transport to allow easy communication all over the city.
Moreover, the upcoming Aerocity and Jewar Airport projects are expected to boost the real estate market in their respective areas. So, it will be a future-proof decision to select a residential project near the places.
Figure out the track record of the property developer in the crowded real estate market:
A successful real estate investment is vastly conditional on the reliability and the reputation of the real estate developer. Give careful consideration to the records of the builder in the industry, the quality of the projects they have delivered, and the legal issues they have. Do verify the RERA approval of the projects before jumping into the financial transaction.
Additionally, the financial condition of the property developer will ensure your peace of mind. A financially sound developer ensures timely project completion and quality construction minimizing risks regarding your future residential property.
Go for a property inspection without delay:
Before you seal your deal on a real estate property, a formal property tour is non-negotiable. This will reveal the true condition of the property. A comprehensive home inspection will unveil a lot of aspects which include the carpet area, the features and amenities, the legal documentation, and potential hidden costs associated with the property. This is also a good way to have a direct interaction with the real estate developer at times leading to a more confident and informed home-buying decision.
Real estate developers with progressive minds are also providing 3D virtual tours for an accurate property presentation for distant homebuyers making it more helpful for you to check the property even if you are not able to inspect the property physically.
Set your budget before searching for your property in the real estate market:
It is wiser to set a realistic budget for your future home especially when you are targeting DelhiNCR. According to recent studies, the price for residential flats in the Delhi-NCR region has seen a hike of 49% between 2019 to the first half of 2024. If closely at the below reasons, you will be able to understand the prospective reasons behind the increased price:
- Infrastructural developments
- Increased demands for top-rated property
- Limited supply
To get a fair idea of property prices, compare offerings from different developers. Consider factors like carpet area, built-up area, and additional charges. While some developers might offer competitive pricing, others may have premium pricing due to their brand reputation or exclusive amenities.
Allow a second pair of eyes:
Just as you consult with friends and family before making significant life decisions, seeking a second opinion when buying a property in Delhi-NCR is equally prudent. A fresh perspective can often highlight overlooked details or potential issues that might not be immediately apparent.
Also, you can consult a structural engineer to get the ultimate insight into the physical condition of the property. This can be particularly important for older properties or those that have undergone significant renovations. Consider consulting with an agent with ample knowledge of the industry. They have an in-depth understanding of the local market, including property values, neighborhood trends, and potential risks.
Conclusion:
So, here is the checklist to follow! Remember that the real estate investment is a crucial step. Keep a very keen eye before investing in any property. By following the tips, you can select your dream home without wasting your savings.
Don’t ideally sit now. Start your real estate investment now and secure your future!