What determines real estate prices?
While the prices of real estate in India keep soaring to unprecedented levels, one common question that hangs back and forth in every one's mind is-how does these property prices decided?
Though it is quite crucial to spot the right price for making a meaningful real estate transaction, it is all the way difficult to evaluate it. There is no formula is there for your help!!!
Be it a residential property in India or a commercial one, there is no rulebook following which you could derive and justify the price of a property in India.
So, here we discuss some of the most important parameters that a property buyer as well as seller should keep in consideration while coming on terms for a property transaction.
Determining factors
Well half of the things depend on the area where the property is situated. Market value of an apartment or an independent house located at a residential area near the most happening market place or office area can be more than the segregated ones. The same applies to the commercial locations.
Civic infrastructure: Not to mention, plush green surroundings with civic infrastructure and amenities like roads, safe drinking water and drainage system play instrumental role in determining prices of property market of a particular location.
Safety and Security: Real estate at locations that are closer or are known as disturbance prone area are valued low, irrespective of infrastructure and other facilities. Sharp declines in the prices are witnessed in areas where incidents of loot or theft are reported frequently.
Connectivity: Sound connectivity with bus depot, railway station and airport is equally important. Particularly, commercial properties in India in vicinity to these facilities make sensible investment proposition.
Quality rules the roost
Since, property valuation is a coherent process, all the afore-discussed measures go hand in hand with perception of quality.
Besides the tangible aspects of construction, you should also consider the intangible one like the track record of builder or developer. It's advisable to check that the developer has all the due permissions and clearances from Municipal Corporation and other government authorities like Pollution Control Board.
Maintenance surfaces up as a major woe in the newly developed residential colonies and even office complexes. Consequently, the value of property at these locations tends to go southwards or vice versa.
Ruchir Sen is a contributing author to the website listingbazaar.com - The Indian property listing portal. It is committed to provide visitors with complete information on Real estate in India, Property listing India, commercial property in India, residential property in India, Indian property market. Your can send your feedback at ruchir.sen@gmail.com.
Related Tags: india property, property in india, real estate in india, properties in india, india properties, indian real estate, property listing india, real estate prope
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