New Delhi, July 21 (ANI): Residential property prices in India’s top eight cities rose by around 5 percent during June 2017 as compared to the same month last year, according to Knight Frank India’s Residential Price Index (RPI). Keeping in mind that it is one of the biggest purchases most people make in their lives, it’s essential to get the best deal possible. To help you out with that, here are some tips on how to get the best deal on residential property in India.
Know Where To Look
People looking for apartments in India may be dealing with an entirely new market, but many of them are also aware that buying property in Indian cities can be very expensive. Luckily, there are plenty of options for finding a good deal, and savvy buyers know where to look. For instance, purchasing an apartment from developer’s inventory is often cheaper than taking one off-plan. That’s because developers often offer heavily discounted deals through their inventory – sometimes more than 30% cheaper than market value – in order to fill up their buildings before they become completely sold out.
Prepare For the Long Haul
When you’re about to finalize a purchase for any residential property, it’s easy to get fixated on exchange of cheques and paperwork. However, don’t forget that your expenses start when you decide which residential property you want to buy. For example, even before you approach real estate agents in New Delhi with your requirement, we suggest that you take some time out and think about what else will be involved in buying an apartment. Some minor costs like registration and stamp duty may need clearing up but other charges may not be so trivial.
Most people don’t consider that real estate is an investment, so they don’t do their research and make decisions impulsively. In India, it can be difficult to get by in cities like Delhi and Mumbai unless you live in gated communities with 24-hour security guards and round-the-clock power supply. For many young professionals, living in gated communities has become a must. Since residential property is one of the biggest investments you’ll ever make, it pays to do your homework before making an offer on a particular apartment or house. To get ahead of your competition when buying property in Indian cities like Bangalore or Chennai, start by researching rental trends for similar apartments that are available for rent in your target neighborhood.
Look Out For Ancillary Costs
When buying property in Indian cities, always make sure you do your due diligence and research into all ancillary costs before you sign any contracts. Apart from looking at things like time of completion and what amenities are being offered as part of that project, be sure to look out for items like transfer tax, conveyance cost and stamp duty. While these may seem like minor details when considering such huge investments, it’s vital that you stay aware of all other costs so that you know exactly how much your final monthly repayments will be once everything is tallied up. Don’t rush into any decisions or signings; instead take a moment to reflect upon everything involved in the deal and make certain that you feel comfortable with it all before moving forward.
Do Your Research
The first step in deciding if you should buy an apartment is to consider all of your options. Think through which aspects of residential real estate appeal to you. Do you want apartment living or house living? Do you want urban living or suburban living? How much square footage do you need? Be honest with yourself, as these questions will help narrow down your search and ensure that, when it comes time for closing, your new home is what you expect it to be. If it turns out that no pre-owned apartments meet your needs, start fresh by researching brand-new residential properties and comparing them side by side. Consider getting pre-approved for financing prior to making any offers so that all parties are working from a similar financial basis and expectations are met on both sides.
Use Trustworthy Sources
If you’re interested in purchasing a home, your primary source of information will likely be real estate agents. However, if you truly want to get an accurate understanding of what you can expect during your purchase and beyond, it’s important that you rely upon trustworthy sources. Do some research on tips for finding trustworthy real estate agents who aren’t simply looking to sell you anything – focus on those who can give impartial advice based off their industry experience and expertise. In addition, if there are many homes in your price range that interest you in any given area, talk with more than one agent – chances are they’ll provide similar advice and insight.