Attributed to CA. S.H. Teckchandani, GM – Corporate Sales & Leasing, K Raheja Realty.
Raheja Residency, Malad East
Attributed to CA. S.H. Teckchandani, GM – Corporate Sales & Leasing, K Raheja Realty Investing in real estate is considered one of the most stable options for a long-term investment, especially among the millennials in the post pandemic era. Today 75% of millennials are investing in real estate that gives an individual peace of mind while it safeguards their future.
Quite often investing in property reaps massive monetary benefits to the owner when locality witnesses infrastructural or connectivity evolution especially in developing areas in metropolitan cities like Andheri & Malad. Prior to the pandemic, people were more drawn towards short term investments options to park excess cash, few of these included mutual funds, direct equity investments, bonds, etc.
Earlier millennials didn’t want to buy a home because they were more drawn to the flexibility of changing jobs and moving to other cities in search of better career opportunities. As the pandemic diminishes gradually, the appetite of investing in the real estate sector only increases bearing the impact of strenuous pandemic and understanding the importance of having an appropriate size shelter over our heads. The post pandemic real estate sector witnessed a reasonable bounce back in 3 & 4 BHK luxury flats, with maximum launches in the mid-segment bracket and home sales increased 21% with 2,37,000 units sold in 2021. The commercial capital, Mumbai recorded the highest sales of around 76,400 units.
Today over 85% of the working class prefers investing in real estate, here are a few considerations one must keep in mind before they dip their toes in real estate:
Researching before investing in property will make the process a lot easier & will ensure that you invest your money in the right place, suiting your budget and requirements. Doing your homework before short listing a property is critical today. Research about the market trends & prices, for which you can take the help of various Government websites or consult professionals belonging to the real estate industry. In case of any monetary requirements, research about the home loan documentation process, interest rates, etc. The Government also offers various tax benefits for new home buyers. Make sure the investment is risk - free, all legal requirements are fulfilled. Possessing information about the RERA clauses will be an added advantage. In case of investing in an under-construction project, if the developer fails to hand over possession on the specified date, buyers can withdraw and demand refund with interest and compensation as per section 18(1) of RERA.
Buying property can be tedious and cumbersome but staying aware about all aspects in advance will ensure that you obtain the right property. One major aspect could be knowing about the developer of the property & investing in a project undertaken by a legacy developer like K Raheja Realty Group, visit the developer's website, learn more about their profile, look up the status of under construction projects, speak with previous clients and understand their experiences. It will help you get an idea of the credibility the developer possesses in the industry, which will ensure that you end up investing money in the right place and have a smooth and hassle free experience.
When investing in a property, make sure you complete all legal formalities and receive all original documents whether leasing or purchasing a property. Make sure the property is clear of any legal disputes. To avoid any future challenges insist on receiving the Title Report of the property. Ensure that you receive all original documents at the time of purchase such as the sale & purchase agreement, possession letter, payment receipts, etc.
Return on Investment
In the post pandemic world people prefer taking decisions from a long-term perspective rather than short term profits. 3 & 4 BHK Luxury Flats in developed areas like Andheri and Malad East will be an asset that not only improves your present circumstances but also secures the lives of the generations to come. If the locality witnesses some major developments, then chances are you will enjoy a substantial amount of profit at the time of resale. With the growing demand for property, the suburbs have seen significant development in recent times. Developers are building budget homes which are an opportunity for everyone to invest in a healthier future financially, whereas the development of Goregaon & Malad is considered as an upcoming commercial hub after BKC, giving a hope to work closer to home.
Amenities and Recurring Cost of Maintenance
Incase of buying, inquire about the maintenance charges and other miscellaneous charges you will be obligated to pay. Developers are offering projects with multiple amenities like swimming pool, gyms, etc. These amenities carry recurring costs of maintenance. Smaller the project the higher is the per flat maintenance as compared to the large projects which results in better cost sharing per flat. Hence when investing always compare the cost of maintenance of these amenities, choose larger projects which provide more amenities at reasonable recurring cost.