Shortlisting of properties in India for
purchase is a technical issue, which requires a lot of thought process and due
diligence. It needs to be approached in a structured manner as real estate in
India is a disorganized sector which lacks user faith and confidence.
Purpose of procurement of
Residential Property in India
The
method of shortlisting of property is dependent on the purpose for which the
property is being purchased. Therefore, as an individual investor one
needs to be clear of the fact, whether the property being purchased is for
self-use for investment purposes.
Shortlisting the Location for
property purchase in India
The
second step is to select the city where the property is to be bought in India.
Generally cities in India can be classified into three categories, Class A ,
Class B and Class C cities. The basis of this classification is dependent on a
number of factors, like population, per capita income, contribution to GDP,
infrastructure etc. . Class A cities are the major metropolises and cities
which have an international airport; these are generally one per state. Class B
are the second tier cities, which generally have a domestic airport; maybe 3 to
4 in a state depending on its size; examples are Ahmedabad, Indore, Bhopal.
Class C cities are generally more in number; do not have a domestic airport and
are in the developing phase; examples are Bhiwadi, Neemrana, Thane.
Once
the city has been decided, it is important to home onto the locality. Each
locality has its own nuances and peculiarities which need to be understood.
Based on a number of factors localities can also be classified into three
categories i.e. high end, middle income group or middle class and affordable.
This classification generally defines the market rates as well as circle rates
of the locality. Purchase of Property in India is a meshed activity, as a
number of these factors overlap and there is a need to prioritize each of the
contributors in the decision making cycle.
Available Budget for investment
in Real Estate in India
This is the single most important factor which
contributes towards all other aspects of identifying the piece of residential property in India to be purchased. This varies from
individual to individual and cannot be quantified on logic based analysis.
However, if house loans are involved then it should be kept in mind that the
loan amount does not exceed 45% of the total income.
Accommodation Design or Size of
the Residential Property
The
two factors which influence this decision directly are the purpose for which
the property is being procured and secondly the budget availability. As an
example if the residential property is for self-use and the minimum requirement
is 3BHK; budget is limited, then one may compromise on the location within a
city to match all the aspects.
Purchase of Residential property in India is like a mazed puzzle; one needs to
be deliberate; take logical analytic decisions; be able to join all the pieces;
and probably the most important of all – have faith on God.
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