With Rera as well as various other policy initiatives such as the Benami Transactions Act and the government’s determined push for affordable housing, the time has never been better to buy a home.
We are already seeing a lot of increased activity in the residential property market in the larger cities.
After the dampener of the demonetisation move late last year, the positive buyer sentiment visible now is especially significant.
With the return of buyer sentiment, builders are obviously determined to capitalise on it via increased marketing efforts. Given that there is already a lot of supply in the residential market - a lot of it for ready possession - fresh launches have been curtailed so that existing inventory can be absorbed. Much of the intensified marketing efforts are centered around special deals and offers.
Obviously, it is a very advantageous time for property buyers right now. Yet, they should be judicious while evaluating offers and schemes and base their purchase decisions solely on the real value of the home instead of on freebies.
Freebies such as gold, cars and household goods have an undeniable attraction, but they are fundamentally frivolous in nature and do not add to the value of the home.
The price of a home is obviously an important consideration for middle-class property buyers. However, the strategy of looking for the cheapest options on the market does not make much sense because it is quality that determines value. In the case of residential property, the quality of an offering is vested in three aspects:
The quality of the location
The brand value of the builder
The availability and quality of facilities and amenities in the project and in individual units
(The writer is CMD – Amit Enterprises Housing)
