Buyers In Indian Real Estate Market Highlight Key Aspects Before Investing In New Property

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Despite the Indian real estate sector witnessing a steady growth, consumers today continue to be cautious before investing in a new project. With a large pool of developers to choose from, buyers are quick to point out the factors that they consider important before investing in a new project.
In a recent survey, aspects such as budget, developer’s reputation, project amenities, layout of the apartment, location, payment schedule and date of possession top the list of a buyer purchasing an apartment, out of the total respondents, maximum prefer investing in a ready-to-move-in project. The results of the recent survey highlight that the date of possession is one criterion which is high on the buyer’s mind followed by budget. Location of a project is also of prime importance for the buyer today with layout of the apartment, developer’s reputation and project amenities following suit.
Every new project caters to specific audience who have certain preferences. Therefore, it becomes important to think like consumer before launching a new project. As a developer, we always think of the consumer’s mindset – who emphasis on factors like size of the apartment, price, launch date, and most importantly lifestyle. The buyers today have evolved and are looking for amenities and lifestyle features such as club house with swimming pool, party lounge, spa, cafeteria etc. Providing the apartment to the buyer is the first step, however, a maintained apartment is what the user is looking at. A ‘user-friendly’ and ‘low burden’ apartment is extremely important today. The new buyers and investors today want to be sure about their investment. End users are more concerned about budget, location and builder’s reputation. They are interested in ready-to-move-in apartments and are keen to know the quality of construction and interiors before investing. On the other hand, for investors, location, documentation and return on investment are the major factors before buying any new property.
Similarly, whether the enquiry is for multi-storey or builder floors, about 70% of the purchase is coming from investors. Today the investors and buyers have become very smart. They want to invest in a property which can offer them maximum returns in a short span of time. For selecting any new project they set their budget or a location and then further inquiry about project’s layout, builder’s reputation and payment plan. They even want to be sure of the right deliverable with regard to the built-up and carpet area of the property.
So, according to developers what should a buyer keep in mind before investing in any new project?
Whether the buyer is Indian resident or NRI, documents like title of the property, no-dues certificate, discharge or release letter from bank (required only if the property is mortgaged), litigation, approvals and permits should be considered before investing in any new projects.
Source – Online Data

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