Experts Says: Real Estate Market to witness decent growth in 2016

According to JLL India and Royal Institute of Chartered Surveyors (RICS), Indian real estate market anticipates growth comeback in the year 2016 because of the expected surge in sales volume of inventory in the next 12 months. More than 70% investors optimistically assume real estate market to have the steady revival in this year, based on the report – Peering Into 2016: Taking Pulse of Investor Preference.

The report concludes investors’ growing interest for Indian real estate market, say nearly 43% people in their feedbacks anticipated growth comeback for realty this year. The report further reveals Mumbai and Bengaluru as top destinations preferred by investors. Commercial office assets and residential properties in mild-segments will draw attention from investors, claimed the report.

“After relatively muted calendar years 2013 and 2014, private equity (PE) investors significantly increased their bets on the Indian real estate sector in 2015. This report examines the motivations and expectations of PE funds that are now actively ramping up their exposure to this sector,” a representative of JLL India said.

The report attributes buyback or refinancing as the potential factor behind numerous exits that happened during the last 12-18 months. A large number of investors who have participated in the survey have confirmed continuance of refinancing theme exceeding 12 months or one year.

Follow the steps if buying a resale property.

Here are few things one must keep in mind before going for a property in resale.

Speak To Real estate Agents.

To locate a resale property in particular project or location, you first need a real estate agent. Besides connecting you with prospective sellers in a locality, a real estate agent will also tell you the prices at which recent transactions have taken place in the locality. They will also give you a clear pcture of the recent price trends about the region and projects you are interested in.They will also tell you about finer things like the type of individuals who reside in that particular area or society.The future of the area in terms of appreciation."Individuals should take the services of a good estate agent, as between the seller and buyer they will ensure that things are clear.Also the real estate agent will help you with the paperwork which would involve registration, payment of stamp duty and getting all the paperwork in place. Of course, real estate agents will charge you a fee once the transaction is done.

Check out the Site and Property for yoursself.

This is most important before taking any major step visit the site your self and check the property and its neighbourhood, it will help you in understanding the area and its locality.And seeing the property will give you a clear picture of its condition.and make sure the property is approved and clear by concerned authorities.

Why is Buying a property in resale is better than new booking in a new project?

Most people who visit us for consultation are confused over whether to book a new property in new project or go for a resale purchase in a completed project, since in both the case there are some pro's and con's but I advice my clients to go for a buying a property in Resale and reasons for which I recommend this are based on the following facts.

More space for a lower price, who wouldn't want that?

In any new project the booking price would be on little higher side as per the current market but in a completed project if you look for a property in resale you'll most probably get huge difference in the total cost for same carpet area in-comparison with a new project, reason being the property in resale was booked at least four five years back if the builder has given timely possession in some cases more than five years so the prices then were definitely way less than what they are today and even the owner selling the property lower than the market price he/She is still getting good benefit on the investment.

Site Visits are must before and after booking a property

There is a word of advice to the property buyers.

You must make regular visits to the site if the property is under construction. It will help you know if the builder is going to deliver the property on time and if he is abiding by the plan that he promised you at the time of booking. A little trouble will save you from some problems. You will find different types of builders in the Indian realty business. It's better to take precautions than to run into trouble after paying money. You invest your lifetime's saving's on buying a property; it is a must for you to ensure to get the value that your money deserves.

Sometimes, the builder makes the deviation in the master plan intentionally, but sometimes it is unintentional and happens due other developments taking place in the surrounding. If you find that the deviation is done intentionally, you can raise your voice. However, if some changes that have you have noticed due to unavoidable reasons, you cannot do anything, but at least, you can know in advance what you are going to get and make some changes in your plan if you can.