Verifying certain aspects can
give you peace of mind while buying in an emerging area.
To a certain extent, buying
real estate can be compared with buying vegetables. If you just look for the
cheapest price, ask the vendor to fill your shopping bag and pay up, it is a
sure fire formula for disappointment. A smart buyer verifies the quality of the
vegetables, their freshness, compares them on all these parameters and not just
prices.
Similarly buying a home,
especially when it is beyond borders, in emerging parts of the metropolitan
region, requires one to focus on aspects other than just the price. Sure, you
will find projects that are very ‘affordable’ but will they really help you
create a concrete asset?
Reputation equals returns
Is the developer putting up a
complex or township really qualified to do so? Over the past few years, reputed
developers who have an established track record in prime city and suburban
locations have been venturing into emerging areas and putting up large
complexes and township projects. Obviously, they will charge a premium for the
brand name and the higher quality standards that reflect in the design and
layouts of the finished structure. The point is that buyers who pay that
premium are able to command a premium in future when it comes to selling that
apartment as well. So basically you are investing more to reap greater returns
going forward, that’s all.
Resolving complex procedures
Getting the requisite
clearances and adhering to norms requires a full-fledged team of professionals
who are well-versed in the latest amendments and their implications. A newcomer
who has scrounged up some money and is putting up a building may not even be
aware of the current rules and regulations. Such fly-by-night operators will
sell you cheap homes but there’s no guarantee that you will ever get possession
or if the project will receive the occupation certificate required for a water
connection and other civic facilities. In comparison, a reputed developer may
charge more but at least your hard-earned money will be safe and you get a
proper home with all required infrastructure.
Managing ground realities
One of the biggest concerns in
buying beyond borders is not getting a clear title, but also ensuring that the
land can be used for realty development. There are specified procedure and
processes for conversion of land for residential development (NA transfer),
which again is something for which only a professional hired by a reputed
developer who cares about his brand image will spend the time, money and
effort.
So basically, while buying in
emerging areas makes sense from the financial point of view, be prepared to
stretch your budget a little more but ensure that the project is being put up
by a reputed developer. That extra money gets much more than just quality and
professional expertise in exchange; it buys you peace of mind.
Top 8 comparison points for peripheral areas
1. Location
(prominence, accessibility)
2. Infrastructure
(social, practical)
3. Connectivity
(road, railways)
4. Open
spaces (lawns, pathways)
5. Tranquility
(greenery, water bodies)
6. Fitness
(gymnasium, swimming pool)
7. Community
(clubhouse, amphitheatre)
8. Security
(manpower, technology-based)
