Hyderabad as of now is the most favored metropolitan city for investors who are willing to invest in Hyderabad’s real estate property. The special incentives being provided by the Government of Telangana for the promotion of real estate business is luring big builders and real estate companies in making huge investments in the construction of residential, commercial ventures across the city of Hyderabad.
Hyderabad has emerged as the city with affordable property prices across the major cities in India with rental values having increased by 1.93%. On the other hand, the property prices have decreased by 11.35% over the past 3 years that is enabling buyers especially professionals with an annual income of more than ten lakhs per annum to own or buy a home in areas such as Rajendra Nagar, Uppal, Vanasthalipuram etc.
However, buying a real estate in Hyderabad in the form of a house or plot requires a well-planned approach taking into account the pitfalls. Buying a house is perhaps the single largest and most expensive and important investment aspect for a buyer. Buyers need to avoid certain pitfalls to avoid unseen circumstances or upsets when owning a home. These pitfalls are explained in brief for the buyers considering buying property/home in Hyderabad herein below.
- Do not wait for correction in prices
The real estate market in India overall has remained stagnant (except in South India) or have risen marginally in top cities over the last one year with a correction in few pockets. The prices of real estate have dropped in a few projects in specific locations and suburban areas of Hyderabad.
Therefore, buyers need not wait for correction in prices from now onwards with the stable Government in place and the Budget having several positive provisions for the reality sector. Nevertheless, for buyers having enough money, it is the right time to buy property right away with prices already bottomed out in the Hyderabad real estate market.
- Do not be lured by special offers
The buyer needs to remain cautious with developers’ offers price discounts or freebies to expedite their sales. Some of the real estate developers or builders offer waiving of PLC (Preferential Location Charge) or the cost of parking slot or offer by paying the stamp duty on buyer’s behalf.
However, it is important for the buyer to keep their primary focus on the apartment or the house that he or she is getting in these special offers. Buyers should calculate the exact monetary value of the offer by deducting it from the base price and then comparing it with other offers. The buyer should also take into account the goodwill of the real estate developer or builder before opting for these schemes or freebies.
- Conduct due diligence tests
The most important factor while buying a house is its location. It is important to check the infrastructure facilities in place near the house or apartment. For instance, pay attention to the connectivity such as roads, railway station, airport and possibility of metro connectivity. Pay attention to economic drivers such as the location of special economic zones, IT hubs, commercial complexes, office spaces etc. It is also important to scrutinize the real estate developer or builder by examining his past ventures or construction projects by contacting their customers, clients who had purchased or bought the property from the concerned builder.
These three factors or pitfalls if investigated or adhered to would help the buyers in buying the house of their dream in Hyderabad.