Thursday, 21 April 2016

Affordable housing in India

With the hike in property prices, investing in a desirable one might just seem a

dream to many. This is a commonly observed trend in all of the metropolitan cities

of India. An increasing number of NRIs are seen coming back and buying priced high

properties here.

Unlike them, most of middle class and upper middle class residents here fail to afford

the properties they wish to buy. The market prices do not match the affordability at

times, whereas, some other times, the spaces do not stand up to the price we are

willing to invest. Seems difficult, right? Here’s how you can make affordability and

your dream property meet each other on a common ground. Well, almost.

Target non-metropolitans –

It is rather obvious for professionals to settle for a property investment in a

metropolitan. It is reasonable as well. But, try and think about the benefits of making

a purchase in a city, and not a metropolitan. It doesn’t need to be Mumbai or

Bangalore. Target the big cities around instead. Pune, Nashik, Bhopal, Vadodara,

Coimbatore among a few others have property spaces that are affordable and


Know your needs -

People often buy a property by simply following the trend. Think about what you

really expect of a property. Is it that not-so-useful club house, or the locality?

Townships are undoubtedly upright. However, don’t be scared to consider a

property that’s on resale. They can be just good enough. And of course, needless to

say, affordable too.

Plan -

You need to plan it right. Be well informed, do your research. Consider all the

finances- EMIs, interest, insurances, taxes and your other finances. Once you plan

and analyze every financial bucket efficiently, you’ll certainly be a few steps closer

to making the investment.

Out of vicinity -

If you think you just can’t buy a housing elsewhere, and if you are someone who

doesn’t mind driving those few extra miles every day, then choosing one on the

outskirts will also help. Again, do your research before you invest in something that’s

not located centrally.

Build your resources -

It is okay to go with your instincts, but it is important to think and rethink your

decision. Get in touch with the right builders. And to be absolutely sure, always go

for that second opinion.

Keep yourself updated all the time. It’s a long, tedious process. But it’s a lifetime

investment. Do it right.