Times like these, it isn’t hard to guess that Indian real estate sector isn’t in its best shape. If given the space in the mainstream media, one would find lakhs of homeowners protesting for one reason or another.
In fact, in Noida alone, over 30,000 home buyers are left on shaky grounds with insolvency proceedings launched against Jaypee Group by National Company Law Tribunal (NCLT). Amarpali Group is another renowned real estate builder giving woes to the commoners in the same state. Scores of home buyers have taken it to the streets, protesting for the delayed possession of their flats.
Learning from the mistakes of others
Like the saying goes—mistakes are meant for learning, not repeating. As aching as the Amarpali and Jaypee gaffe is, it’s also the perfect example for other home buyers to learn from.
“It is time for the Indian middle class to seriously reflect and reconsider. The real estate boom-to-bust story has lessons for everyone,” points out Hindustan Times.
Are you looking to buy a new home?
Given the magnitude of the investment, it is very important you venture the path with great caution. Things are much more complex than suiting yourself the right apartment and offering money to the builders. To stay on the safer side of the fence, you must consider a range of factors to not only optimize your return in the busted real estate sector of this country but to also avoid the stress and fate that of Amarpali and Jaypee Group home buyers.
Here are 5 Expert Tips for the first-time home buyers:
- Value the reputation of the builders at the very top—and not their popularity. Marketing can inflate their recognition not their repute and quality of work.
- Never underestimate the relevance of having a nice neighbourhood. Factor not just the crime rate of the area but also other aspects including the lifestyle of the neighbours.
- Keep your finances ready. Make sure even after the payment, you’re left with adequate amount. The rule is simple— you should be able to afford a mortgage three times your income.
- Go for the likes of 3 BHK flat near Joka that not only is cost-effective but also have super locality. To that, the affordable 3 BHK flat near Joka also highlights a fine blend of architectural marvel and remarkable connectivity with the city.
- Don’t blindly trust the “experts”, news and big banners. Don’t take all the claims at their face value, but put forth your own calculations and measures in use.
Of course, the tips for first-time home buyers run beyond the mentioned ones. The simple mantra to stay safe is to keep your eyes open and brain thinking.