There are several major and minor contributing factors which sequentially work together and have a bearing on a property’s price rise. Though interrelated, these factors can be studied and verified in isolation to see the phenomenal effect on the price rise. Understanding these out, you will be able to make an informed decision in your property purchase planning and investment.
Government Announcements
Government announcements are a major boost to the property and real estate industry. For example, when the government announces an industrial belt, an industrial estate, an IT park, a free marketplace, a huge bus terminal, a large infrastructure project, a housing colony, or a set of government offices or facilities in a locality, the location gets immediate attention and its real estate prices soar instantly. You can consult an expert and professional real estate team Radvi and get advice on this
As the projects get implemented and the place gets bustling with developmental works, it’s real estate price continues to grow and the whole area starts to get a facelift and investments start to flow in.
And, when the opening dates are declared and the projects really take off, there is no stopping to the area’s real estate growth. Soon shops and other commercial establishments, new homes and housing projects start coming to the area and transportation and other services begin their operation forthwith. Following which, the area shows rampant activity with more constructions and other transactions.
Once people start to occupy their homes, the area will hustle towards becoming a self-sustaining region with everything getting available there. Soon come offices, more homes and shops to cater to the growing needs of the region starting with small homes, shops and offices to bigger residential projects, retail giants and large establishments.
So, you have to watch out for government announcements when you are planning to buy a plot or property in a specific locality or region. As far as real estate is concerned, government announcements and news about new projects and developments in a region create ripples, and such ripples create opportunities and fortunes. Here, the fast and the first gets the best catch.
Growth of the Area & Surroundings
Growth of an area means everything is taking place and taking shape. Primarily, the area is spruced up with roads, infrastructure, amenities, job and business opportunities and all such things.
It is not all that necessary that it has to become a commercial hub where productivity, administration and major economic activities are happening there. The area may just be a stop over on the way to a major vacation spot, marketplace between workplace and homes for multitudes of office-goers, halting or shopping spot for tourists on their vacation trips. Though not an opportunity provider, but just strategically located to fulfill a large number of people’s needs, the place has ample scope for real estate price rise. Such areas will be flourishing over a period of time due to intense activities and influx of people for various forms of needs and activities.
Those areas with full-fledged infrastructure with job opportunities and industrial growth have their own success stories. For more information, check with Leading Builders in India.
Inter-connectivity of the Locality
The connectivity is very important to the real estate location or the plot. If your proposed location, plot or housing project lacks proper connectivity, the location or the plot will not have much appeal with the real estate professionals and home buyers. So, the road network with arterial and side roads surrounding the property brings value to the property and lets it have a decent price.
If you are looking to buy a property, look at this factor of road connectivity seriously. The property should be accessible from multiple fronts with entry and exit points in multiple directions for fast reach and convenience. You should be able to commute freely all around the area through multiple entry and exit points. Moreover, only such a property has more resale value.
Access Roads of the Property
The access road of the particular property is very important as is the area connectivity.
Peace & Tranquility of the Area
The peace and the tranquility of the property location is key to the rising price of the property. If the property is located in the middle of the hustle bustle of the city with noisy surroundings and traffic sounds, home buyers do not show interest in such a property. Most people understandably do not prefer to have their residence amidst a noisy atmosphere. If the place is very much within the city limits but very quiet and free of noise, bad air and pollution, it has more real estate value.
Some plots specifically meant to be quiet and very much away from the city suit elderly people for post-retirement life. Such places are handpicked exclusive for their tranquility and seclusiveness. These are highly valued for the specific purposes that they are created – peace and noise-free atmosphere.
Office-goers and middle-aged families with kids prefer to have their homes within a stone’s throw from the main arterial roads so that they will be able to commute easily back and forth from their home, school and office, and be able to walk to the shopping bazaar without having to go long distances. They also prefer to be quite away from the noisy city sounds, dust and pollution.
Amenities of the Property
When it comes to an apartment property, amenities such as nature of water connectivity, availability of groundwater, type of electricity connection, space for car parking, children’s play area, recreation facilities, fitness centre, community hall, sanitation facilities, wastewater treatment plant, lift facility, clothes drying facility, walking zone, common area, etc., are seriously looked into.
When it comes to individual home plot, things beyond electricity and water such as gardening, swimming pool, sanitation, etc., are serious considerations.
Conclusion
Properties bought always have their own value. But better properties perform well while it is being used and sell at far better prices. So, property buying needs utmost attention and care to ensure the best is bought and to ensure lasting peace and prosperity.