CHENNAI: Buying property is a lifetime decision. Whether you buy it for end use or for the purpose of investment, it takes a lot of research and due diligence. No doubt, budget and location are among the primary factors that help in short-listing but the final decision is generally based on the combination of several other factors. Some of the top factors include the following.
Public transport: Irrespective of private means of conveyance, availability of public transport such as buses, rickshaws/auto-rickshaws play a central role in determining the suitability of a location. “Well-connected localities certainly command higher prices,” says Irshad Ahmed, president, Irshads Property.
In cities such as Delhi-NCR and Bangalore, Metro Rail is a big driver for property buying decisions. Similarly, cities where Metro Rail connectivity has been planned and likely to be started, the connected localities enjoy the advantage in different ways.
Health care centres: Presence of reputed hospitals, nursing homes and clinics always add to the liveability of an area. People who have chronic or lifestyle issues look for these facilities and otherwise as well people like to have gyms and fitness centres at a walking distance. Having a hospital in the vicinity indeed helps in meeting any emergency situations.
Safety & security: Rising incidents of crimes in residential areas is a matter of concern for everyone and therefore properties situated in gated townships witness higher demand. Also, properties equipped with features such as CCTV camera surveillance and emergency alarm are preferred.
“Safety and security tops the priority list for most of the homebuyers. Localities with high crime rates are a strict “no”. People prefer projects which give a sense of safety and security,” Ahmed adds. This is one of the reasons why residential township projects are popular among home buyers – as they could offer these facilities.
Educational and training institutes: A large number of families prefer to buy property in an area located near educational institutes. Newly-married couples and families with toddlers tend to usually look for good pre-schools and primary and higher secondary schools in the vicinity. Apart from educational institutes, training institutes related to sports, dance and music also feature in the list of priorities.
Parks: It may appear to be a trivial matter for many people but green spaces mean a lot. It is no secret that park-facing properties command a premium in the market. Similarly, properties which are located near parks are preferred over others. In view of meeting this demand from home buyers, many real estate developers are coming up with properties near green belts also.
Grocery shops: At times, people zero-in a property but find that they have to cover a distance of several kilometers to fulfill their daily requirements. In this case, local markets with grocery shops in the vicinity certainly add to the value proposition of a property.
Entertainment centres: Availability of well-maintained clubhouses and community centres play a significant role in making a decision for buying a property. Malls and multiplexes are undoubtedly among the major considerations.
Last but not the least, “it is also necessary to check whether the project you finally buy in property is approved by the civic authorities and construction is undertaken by a reputed developer,” says Shailesh Puranik, managing director, Puranik Builders.