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With the global markets witnessing economic fluctuation, even the tiniest tremor can affect all businesses to a large extent. Even real estate! Investments in tangible assets get into a scanner, and reevaluation of the investment becomes necessary.
In such a scenario, looking for a home becomes a critical decision when considering from resellers’ or investors’ point of view.
There are a million things to evaluate and assess before you can decide on a home. Some of the features are listed below:
Commercial presence and access to employment prospects
It is often observed that commercial centers in and around the city develop a neighborhood around them. Most employees tired of commuting prefer to live close to their workplace; eventually, the infrastructure around the vicinity begins to thrive.
Real estate agents are astute and swift to spot prospects. There are apartments and various accommodations to cater to all segments of the working population. The advantage is that when apartments come up around businesses and corporates, they are sure to have many essential amenities nearby.
All these factors make the neighbourhood a desirable one.
When choosing the neighbourhood, it is essential to scan the age of the neighbourhood for long-term investment basis, the quality of people, amenities around it, and proximity to the workplace.
Amenities in the neighbourhood & project features
Having an abundance of desirable amenities in the neighbourhood is highly valued. Amenities that can improve the community’s standard of living, such as gardens, clubs, schools, colleges, health care, shopping, and historical buildings to signify the location, are labeled as ‘good amenities.’ A low crime rate in the neighbourhood also adds to a prospective buy.
The residential project features like a car parking facility, security, elevators, and amenities within the complex play much importance.
Infrastructure
Infrastructure and development around the residential project are attractive incentives for prospective buyers. With a new metro station or an improvement in the vicinity, there is an immediate buzz of excitement, and property prices shoot up with more buyers queuing for the house hunt.
Although there will be a marginal price increase, the property prices will appreciate when the infrastructure around the area is ready. So, it would be wise to scout for neighbourhood with upcoming infrastructure in the pipeline.
Location
The neighbourhood’s location is also a determining factor for the valuation of the property. Many real estate agents define an excellent location as a property in proximity to known landmarks, historic charm, and iconic places where there is a balance of recreation and convenience for the family and friends.
Recent trends in Mumbai, especially south Mumbai, have seen a sudden rise in luxury housing. As per reports, Mumbai city took the top spot with over 13,670 units in H1 2022. The sea-facing 3 & 4 BHK with multi-tiered amenities became a popular demand. Some residential projects in Worli, Dadar, and Lower Parel have a higher value for the recent infrastructure development, like Coastal Road, Mumbai Metro Line 3, and the elevated bridge connecting the upcoming Mumbai Trans Harbour Link to Worli Sea Link and the Coastal Road. Homes in proximity to these infrastructure projects like Vraj Tiara, and Worli, have been valued for their proximity to the location, 270-degree sea views from every sun deck of every apartment, and amenities like a dedicated gym on the 24th floor, along with rooftop amenities for every sea age group.
Thus, we can summarise that investment in today’s market needs to be done with the resale point of view. It must be done cautiously by being informative and aware of the property market trends, affordability, future infrastructure development, and budget.
