Time to book a House this Navratra
Navratra is considered very auspicious time for new deals; prospective homebuyers must bear in mind that realty investment always pays, and one should not wait for prices to fall as it rarely happens—in the Indian market.
As Pitrapaksh comes to an end, are you ready to buy your first-or second-house during this auspicious Navratra days?
This is a time when even the most cynical customers, the habitual nitpickers, start to plan to buy their long-cherished house-they either book a flat during this period, or start their search mission for one.
Realty analysts are of the view that rather than wait for a time when prices fall in the realty market, one must scour the market and book a flat according to one’s budget. For one, an endless wait will only get longer, as prices rarely come down in the Indian real estate market.
Given the trend of rising property prices over the last few years, the price of the property you have shortlisted will most likely keep going up, even as you wait. By all accounts, residential real estate is one asset class whose rates have been steadily rising in most markets.
While analysts have been saying that residential property markets in locations like the National Capital Region and Mumbai are ripe for a price correction, developers have been able to hold on to prices even as buyers wait for a fall. Given the demand-supply imbalance, the trend is likely to continue and your investment will, in all possibility, stand you in good stead even when other assets take a beating.
Nikhil Jain, CEO of Ramprastha Developers, says: “If you are thinking to have your own house or second property, you should not mind investing in the outskirts of your city. With the passage of time, even outskirts become part of the city.”
There are many people in the capital who would tell you that when they bought property in a particular area, it would be invariable without any worthwhile facility; but a couple of hard years later, development invariable happened. And with development, the value of their property climbs manyfold. That has changed the class character of a large number of people. As the rates have gone up in main parts of the city, one should not mind investing in the outer or little unknown areas of the city.
Investment advisers say that, if possible, one should buy another house before retirement. Those who have no pension to fall back upon after retirement must buy another property, as it would give them social security at the later stage of their life. The thinking behind this advice is that if you have more than one property, you can give the second house on rent and earn a good amount by way of rentals.
Those who invest in property cannot be losers; this is especially true for all those who do not get pension benefits in their current profession. It goes without saying that immovable property is a huge asset one can bank upon when the chips are down.
Property can be a great source of income for your retired life or in case you lose your job; lakhs of people have lost their jobs since the global economic crisis a few years ago. There is little doubt that property is a sound investment proposition, provided you make it at the right time.
Nevertheless, experts advise prospective buyers to invest in only those projects whose developers have a proven track record.
Gaurav Mittal, CEO of CHD Developers, says: “I have observed that the number of those buying second homes in the NCR is swelling fast. That is an indication that the present generation knows for sure that investment in property will help their cause if they were to fall upon bad days.”
Devinder Gupta, CMD of Century 21, says: “Between land and constructed property, a plot is a more lucrative option as it is much easier to sell-also, the rate of appreciation is higher. If you live in Delhi, you should not think twice in buying land in any part of the NCR; it is bound to give you enough returns in the future.”
Talking about the Navratra period and the realty market, experts say this is one time when even those people who already own properties, go out and book one more. With jobs hardly permanent in nature, people have come round to the view that a second property is the surest insurance to fall back upon in their old age, and those among them who can afford it, book a second property before they hit 50.
- Realty analysts are of the view that rather than wait for a time when prices fall in the realty market, one must scour the market and book a flat according to one’s budget. For one, an endless wait will only get longer, as prices rarely come down in the Indian real estate market.
- Those who have no pension to fall back after retirement must buy another property, as it would give them social security at the later stage of their life.
Posted on September 30, 2013, in Real Estate and tagged 2BHK Apartments in Ghaziabad, 3BHK Flats in Ghaziabad, Affordable Houses in Ghaziabad, Builders in Ghaziabad, Flats in Ghaziabad, Houses in Ghaziabad, Properties in Ghaziabad, Real Estate Developers in Ghaziabad, Sanjay Rastogi. Bookmark the permalink. Leave a comment.