Properties In India
India has been a hot spot for property growth. Early 2008 came face to face with the biggest property rates hike in the country. The rates not only doubled but went even further. Hence more than 100% hike was recorded. Flats purchased for 18 lakhs with 550 sq ft were sold for Rs. 44 lakhs. 280 sq. ft. area with an original cost of 11 lakhs was sold for 18 lakhs. So on and so forth. And the market noticed the upward trend for a good 4-5 months.
But did this hinder the buyer from purchasing? Absolutely not. Buyers are always there to get a good deal. With property getting dearer in the metropolitan cities, price hikes are inevitable. After all what does the buyer look for? One a place closer to his work station and secondly a home that is well connected by road or rail. And after all, it is in a metropolitan city where one can make his or her dreams come true. So if there is income raking in then the power to spend certainly is not affected. And of course owing a property is always an asset you can count on for the rest of your life.
Before one plunges to purchase property - he or she should understand the market scenario and the bracket in which they fall. What is the property they can afford, what are the resources for the funds, from where are the funds to be liquidated? How much of liquid findings do one hold? If you need to take a loan….up to what amount are you eligible for? Then accordingly work backwards.
For instance, if you are eligible for 15 lacs and through your resources you can manage another 5 lacs then keep a buffer of 3 lacs and you have a total of 17 lacs. This is your balance amount around which you have to work. So look for a property that is within 17 lacks and maximum you can stretch to another 18 or 19 lacs. Do thorough homework before you dip your hand into your wallet.