December 5, 2020 11:09 pm

Factors to consider before you buy a home

Buying a home, particularly for the first time can be daunting. And why not, after all it is the most expensive decision of your life and one that you will have to live with for some years at least

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Buying a home, particularly for the first time can be daunting. And why not, after all it is the most expensive decision of your life and one that you will have to live with for some years at least. Amongst the bevy of factors that you will have to consider, location and convenience probably would be of prime importance. You may want to own a place at a good price and in a good area. But, this is easier said than done. The decisions you make along the way could save you – or cost you. There are not many affordable properties in major urban centres.

Though one can get houses at lower price points in the outskirts of metro cities, such areas lack quality infrastructure such as roads, schools and health-care centres. Real estate companies build projects in these areas expecting the local ecosystem to evolve with time. Homebuyers, too, hope so. But what happens if the area fails to develop as expected?

Lack of space is leading cities to expand vertically and despite many new and existing residential projects, people face an uphill task finding their dream home. Most often buyers have to compromise on either the budget or the location. Not only do they settle for less in terms of choice but also accumulate risk on their investment.

With the urban population of India estimated to grow to 590 million by 2030, the pressure on housing shortage is steadily increasing. As per reports, 700-900 million square feet will need to be built every year till 2030 to meet the estimated shortage.  According to the ‘White Paper – Indian Housing Industry’ by research and consultancy firm RNCOS, it is expected that the shortage of Urban housing across the country will reach to 34.1 million units by 2022.

While both the cities and realty prices are expanding vertically, demand for housing is also witnessing an evolution. Home buyers are not only looking to buy a house, but a . The search for a good house and supporting infrastructure in close proximity has pushed existing city limits outwards.

This is where integrated townships offer a risk free option. Not only those, staying in integrated townships, enjoy a better , but integrated properties also pocket higher returns as compared to investors in standalone properties. Community living projects and integrated projects, are changing the lifestyle of home buyers.

Integrated townships are clumps of buildings well woven into valuable assets in condensed proximity, they’re like smaller cities within a larger one but with many conveniences of its own.

These integrated townships spanning hundreds of acres are self-sustaining with facilities like offices, shopping malls, cinemas, schools, hospitals and all other facilities that are there in developed urban centres. Some also have police and fire stations. They are set in green and serene environments which aides in catering to the well-being of residents. It is a great package deal of affordability, comfort, convenience, social integration, infrastructure and contemporary lifestyle.

Parks, landscaped gardens, jogging tracks and playgrounds offer maximum living potential. One of the major cause of concern for families exploring places to live is the security of that place and integrated townships have got that part effectively covered. Installation of electronic security systems which work 24X7 in addition to security guards at every gate offer peace of mind.

The bigger edge townships have over community living is that, it facilitates cosmopolitan living. It also fastens the process of development around its area as it generates a potential market for the potential clientele.

With commercial and residential spaces in close proximity, townships are offering a good work-life balance to residents. The ‘walk-to-work’ culture enabled by townships mitigates the pressures of long commute to and from work, unending traffic jams and peak hour rush, thus adding valuable time to a person’s daily life, not to mention the money saved in transport. The serene environment gives residents a feeling of living in the countryside, with all the benefits of the city. It provides a sense of comfort, security, convenience and above all, a sophisticated urban living experience.

Increasing number of people are also opting to rent a house in townships, translating into better rental yields that are as much as 35% more when compared to the rent garnered by a stand-alone in the same area.

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