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adProperty News

Choose the right property
Source : The Hindu Property Plus Published On : 2009-01-17 City : Chennai

The correction in property market might be encouraging many to think of investing, but a careful consideration may be necessary, warns SRIKALA BHASHYAM

Till 2008, volatility was something associated largely with equity markets. However, property has joined this club and as you would have noticed, prices have begun their downward journey after galloping during early 2008. While the fall was associated with general downtrend and excess supply in the property segment, there has been a reversal in the latter. There has been a fall of 15-20 per cent in property prices across the country and in some cities and locations, it has been higher. Expectedly, this has prompted many to think of property as an investment. While any time is good time for own living, investors need to be extra cautious when it comes to looking at property as an investment option. Even those looking for property for own use, need to be cautious as wrong choice of property can cause a higher damage.

Here are some tips which could help them in choosing the right property

Closer to completion

If a flat is your choice then go for one which is closer to completion. The liquidity crunch in the financial system has changed the finance profile of many developers and there are few out in the market who have the potential to run long race. Hence, rather than looking for property which is likely to get completed over the next 2-3 years, sign up for a property which is ready or almost ready for occupancy. Not will it solve the problems of uncertainty (of completion of project) but will also give you the tax benefit on your home loans.

 Look for legality of the project

The recent developments in the corporate sector have been disturbing for all of us but unfortunately, this is the time for all us to take notice of corporate governance. Besides checking the veracity of your builder or developer, make sure that the property you choose for your living/investments is legally sound. During euphoric days, many have thrown caution to the wind and buyers have ended up with properties which have been sold to multiple owners. Instances such as builders constructing additional floors without proper permission from government agencies were far too many and in some cases, such projects were even sanctioned by lenders. Hence, ensure that your property is approved by necessary government agencies as this can insulate from loss of property if such a situation were to arise.

Potential for appreciation

There has been a growing consensus regarding the capital appreciation prospects of properties on the outskirts of cities with major cities in India getting choked in central business districts. While CBD areas offer better potential for commercial rentals, the rate of appreciation is always faster in newer areas when compared to traditional older areas. With the life of the property typically ranging from 50-60 years, investments will have to be made keeping in mind the age factor too.



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