The pandemic impacted growth across all sectors, and real estate is not an exception. However, as it is rightly said that there is always a sign of recovery amidst every crisis, and the ongoing Covid-19 scenario looks no different. According to recent research by ANAROCK, the housing sales in the top seven cities (NCR, MMR, Bangalore, Chennai, Pune, Hyderabad, and Kolkata) increased by 29% and new launches by 51% during Q1 2021 against the corresponding period in 2020.
Real estate’s popularity as an investment asset class has increased significantly post Covid. And more so among the millennials who now prefer homeownership over renting.
Nishant Deshmukh, Founder & Managing Director, Sugee Group, elaborates on the five essential home buying aspects that millennials should look for while buying their dream home.
Proximity to commercial & social infrastructure
Millennials are inclined towards leisure and entertainment. They prefer homes that are in proximity to business, commercial, and social infrastructure development. This also helps them reduce travel time after a hectic day at work and spend some quality time doing leisure activities that help them rejuvenate.
Opting for central locations, with the availability of public transport is a must that millennials should look for while buying a home. This will help them reduce the travel time and reach their desired destinations faster.
Finding the right developer
It is crucial to understand a developer’s track record and financial credibility appropriately before investing in a project. Though RERA has made real estate transactions safer, it is still better to go with renowned developers in the locality.
Millennials should also make sure that their shortlisted projects are RERA-approved and listed on the relevant RERA website. Opting for a trustworthy brand plays a vital role as well, as these entities handover the projects on/before time, along with better amenities. They also deliver the best quality homes with a touch of a modern lifestyle.
Don’t just read but understand the financial schemes
As a homebuyer, be well aware of the subvention schemes/ various discounts or offers provided by the developers in association with banks and financial institutions. Ensure to take legal advice while deciding on the property to check if the property is not entangled in any legal disputes and has all the necessary clearances.
In the case of subvention schemes, it is advised that the homebuyer should thoroughly understand the details of the offer and then make his decision. Read through the buyer-seller agreement thoroughly and seek expert legal or financial advice before moving ahead to get better clarity of the entire procedure.
Keep safety as your priority
A new home should ensure maximum safety and security for you and your family members. It is very important to do a thorough check on the safety measures of the project before you decide to move ahead. One should do a detailed recce of the technology used, ranging from the provision of CCTV cameras, video door phones, and any other security features that help build a secure environment for all the residents.
Government initiatives
First-time homebuyers should look for government schemes/ offers whenever they plan to buy/invest in a property. It is currently the best time to buy/invest in a property as the government, both state and central, have provided various incentives to encourage the homebuyers.
(The views expressed here are solely those of the author and do not necessarily represent or reflect the views of RoofandFloor)