Reasons To Invest In A Residential Property In Nagpur

Buy sell Property & Real Estate Investment Guide

Buying Property Tips#1: Choose the Right Location
Before you choose a location, it is of utmost importance that you consider the development prospect of the area. Other factors to consider here is crime record of the area, availability and nearness of public facilities and utilities.
Buying Property Tips#2: Study the Local Market Dynamics
It is important to get well familiar with the local realty market. Learn the variation in property prices by street. Don’t shy away from asking a few realty investment agents questions to get better insight on the matter.

It is one of the fastest growing Tier III cities in the country that has a booming real estate sector. If you are planning to buy a house in Nagpur, here are a few reasons why it will be a good investment decision:

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Buying Property Tips#3: Choose the Right Property
Getting the right property right away is quite unlikely. First, you need to be clear on why you want to buy an investment property. After that, you will be able to make right decision based on factors like remoteness or accessibility of the property.
Buying Property Tips#4: Do the Math Properly
Get a precise idea on the value of assets you have available. If you are investing in rental property, make sure you can easily cover the mortgage payment through rents. Additionally, get a clear idea on the appraisal value of the property beforehand.
Buying Property Tips#5: Consider Additional Expenses
When purchasing an investment property, it is not only the selling price that investors need to consider. There are various additional expenses such as property tax, home owner’s insurance, repair & maintenance that must be considered.
  • As per a survey, Nagpur has been rated as one of the best cities to live in India due to factors like greenery, quality of life, healthcare services, public transportation and so on. This third most populous city of Maharashtra is also one of the most literate cities in India with a literacy rate of about 93%.
  • Connectivity is another factor why investment in a residential property in Nagpur can prove lucrative for you. It is well-connected to Mumbai as well as the entire country through railways, roadways and airways. With its international airport, this city is also well-connected to UAE, Singapore, USA, UK and various other countries. With plans to expand the airport, there will also be a Multi-modal International Cargo Hub and Airport at Nagpur (MIHAN). There will also be a SEZ (Special Economic Zone) that will have a residential zone spread on a large piece of land.
  • A lot of industrial activities keep happening in and around Nagpur due to which the rates of residential projects in Nagpur have shot up. This city is mainly known for its mining industry as several government-owned mining companies have their headquarters here.
  • Nagpur is also an educational hub as this city has some of the top quality educational institutions. This is the city where the winter sessions of Maharashtra State Assembly are held annually. Nagpur is a popular political hub as the RSS (Rashtriya Swayam Sevak Sangh), one of the major political organizations, also has its headquarters here.
  • With the ongoing metro project, areas within Nagpur will be well-connected. It will help in reducing traffic congestion and also help boost economic development of the city. Another reason for investment in a property in Nagpur is the climate. The city is hot during summers but all other seasons are very pleasant. You will get to enjoy cool winters and plenty of rainfall. It is also third greenest city in India.
  • As far as quality of life is concerned, Nagpur has a high standard of living. Due to the tremendous social and infrastructural development, quality of life in Nagpur is getting better with each passing year.
  • This city has an emerging real estate market. It may not be as expensive or hyped as the Mumbai property market but when compared to similar Tier II and III cities, it offers a lot in terms of connectivity, education, healthcare services and job opportunities. Growing number of real estate companies are launching their projects in Nagpur. This means, buyers have a wide range of properties to choose from. So if you are looking for a good investment, Nagpur can be a good option.

    Buying Property Tips#6: Inspect the Property
    To ensure that you are getting everything you are paying for, a thorough inspection of the property is essential. Besides ensuring that you are not overpaying, a rigorous property inspection also gives you a good estimation on what the additional expenses might be.
    Buying Property Tips#7: Pick the Right Financing Option
    While interests on investment property loans are tax free, some borrowing costs aren’t immediately tax deductible. Knowing that, and structuring your financing in accordance is crucial. Don’t hesitate to ask for help from a financial advisor.
    Buying Property Tips#8: Invest through Equity
    One of the best ways to purchase an investment property is to leverage the equity of another property (including your primary home). This is a preferable way among regular investors, especially due to added tax deduction advantages.
    Updated: July 15, 2017 — 2:47 pm
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