Choosing right place to buy a property

Choosing right place to buy a property
Highlights

The compulsions of the real estate market are such that it is always advisable that one makes a full-fledged survey of the neighboring areas before finalising a deal. Several factors have to be taken into account if one has to close a property deal on mutually satisfactory terms.

The compulsions of the real estate market are such that it is always advisable that one makes a full-fledged survey of the neighboring areas before finalising a deal. Several factors have to be taken into account if one has to close a property deal on mutually satisfactory terms.

A close observation of the turn of events of the past few years makes one to realise that there are certain practices that are almost mechanical by nature.

One of the biggest mistakes people tend to make in their quest to get the best bargain is to go with the crowd. If absence of having access to the flow of information is one problem, then a bigger one is the apparent ignorance of the prevailing trends.

In the given circumstances it will be a healthy option if one does the survey individually. Rather than go with popular choices which may have touched saturation point, it will be in the fitness of things if there is steak of being an early bird. This approach has its own advantages. At least they outscore the negative points that may perhaps be lurking somewhere in the corner.

People associated with the real estate sector tend to make a complete survey of the roads that lead to the targeted zone. A realtor, builder, investor and even the end buyer will try to play it safe by taking random notes of the developmental activities in and around the projected area.

This helps in saving a lot of later day troubles. For instance, getting to know about the likely developments from the government side will go a long way in making a property purchase safe.
A residential colony will be poised for a boom if there is a full-fledged connectivity, and aspects like road and infrastructure facilities like power and sanitation are in the pipeline.

It has been noticed that often big time retail outlets make a viable and fool-proof pre-launch survey. Bolstered by the potential that exists, they actually set up their outlets. It is almost like they are emulating the street-smart kirana merchant who opens a shop even as ten houses come in a new locality.

A good indicator of a particular area’s vibrancy comes from the information flow, which points out at the possible coming in of retailers and malls. An purchase in such areas has immense potentialities and there is an over-riding win-win situation for all the parties concerned.

The generally perceived ignorance is actually not so much in the physical approach as it in the mindset. By nature, a human being tends to opt for a locality that is going for an extension rather than go with an area that appears unexplored. A good indicator, which also substantiates this point of view, is the way cities and towns have spread into what were once deemed as outskirts.

Take a look at any town that has graduated to the status of a city or a city that is fast emerging as the metropolis and one will understand that opting for an emerging area is not a gamble. It is a sign of maturity and one which proves that early birds have the last laugh. The most important aspect is to understand the ground-realities and the developmental activities that are coming its way.

By: Sumanth Reddy Arani
(The author is president of the Hyderabad Realtors Association. Views expressed in this article are his own)

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