|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.|
For those who had purchased a residential property worth Rs.19 lakh in areas like the 4-Lane Indore-Ujjain, Aurobindo Hospital, MR 10 and Sukhliya, which fall along the viable Super Corridor in Indore last year, there is every chance that you can sell the same in the market for anything between Rs.21-23 lakh. For those with a tight budget below the Rs.10 lakh mark, you can also focus on investing in this city, which throws up numerous property denominations listed below the above mentioned price range.
Following the trend
If you watch the concerned market trend closely and analyze the figurative data compiled by leading real estate agencies, you will find that the current average property esteem in this area is Rs 20 lakh. The property rates are certainly affordable in Super Corridor and the scope of price appreciation also high. You will find that last six months have witnessed a minimum appreciation of Rs.1.5 lakh-Rs.2 lakh. For a city with so much affordability parameters in its property values, the recent announcement of the metro rail and subsequent connectivity has definitely been a feather on the cap. The proposed metro railway and the Super Corridor are fueling the prices in the real estate market.
Infrastructure development and connectivity
|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.|
The trump card of Super Corridor is its connectivity. Situated in a viable part of Indore, which is well connected with Delhi, Mumbai, Bangalore and Pune with effective rail and road networks and direct flights, Super Corridor has become a real estate hotspot over the years. According to many city-based developers, the area's location is the biggest factor that pushes development and enables the stretch to grow fast. Indore is almost equidistant from Delhi and Mumbai. Excellent connectivity with these metro give this area numerous additional advantages.
The development trail
The Mumbai-Agra National Highway 3, NH 27 and NH 59 are rated among the best-maintained roads in India, which have dramatically reduced travelling hassles and time. In addition to these factors, you have various medium scaled IT corporations establishing their bases here. You also have leading educational institutes like the Narsee Monji Institute of Management Studies and Symbiosis, which are constructing their setups in Super Corridor. There are also other tramway and mono rail projects coming up in this area. With the major in-process, ongoing and proposed infrastructure works in this city; you have a constant electricity and water supply, which adds to its civic and social edifice.
The investor's entry
It is heartening to know that the investor's interest in this state is quite high. The biggest advantage of Indore and the Super Corridor is its superb connectivity and communication facilities. The area is making a rapid growth due to the upcoming technology hubs. This factor alone has fuelled the real estate property rates and prices for existing land acres and residential units. Talking about the scope and radius of appreciation, you have stupendous projects like the medical hub, which is nearing construction. More educational institutions are coming up. In a nutshell, the property values in areas along this stretch are expected to entail an appreciation of nearly 20 per cent.
|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.|