Best Places to Invest in Property in India
With major inventory lying unsold across the country, the road to return looks time taking and curving for the real estate sector. According to experts, a minimum five years is required to sell the inventory,but lack of buyers’ interest seems delay in the completion of existing housing projects. Reserve Bank of Indian(RBI) scheme during the festive season also announces rate cut to make buyers’ interested but fails to bring cheers to real estate market. Stagnant prices, Lack of a regulator and delayed in possession is a major problem in the market which forces people to stay away from it.
Noida and Greater Noida were the most favoured neighbourhood followed by Thane and Navi Mumbai. Bangalore comes fourth in returns while the southern outskirts in Chennai were ranked at number five. Pune is also a good option followed by Gachibowli in Hyderabad and Rajarhat in Kolkata.
The premium location of Noida and Greater Noida, being the preferred locations and one of the best places to invest in property, Thane and Navi Mumbai have won the race of giving investors maximum returns in the last four years. Since 2009, prices in Navi Mumbai have increased by an estimated 83 percent. Thane saw a surge of 84 percent. This is followed by Whitefield in Bangalore and Pune. Chennai suburbs recorded growth of 53 percent. Rajarhat in Kolkata had an increase of 46 percent while Gachibowli prices rise by 43 percent. Surprisingly, Noida and Greater Noida, the report’s top picks, recorded the least price increase in the sector. While launches are currently dull in the Noida and the Greater Noida markets, an estimated 78,000 units are projected by the end of this year. According to experts however, the Noida and Greater Noida markets are also going through a change in occupancy profile.
Rising price in real estate is slow at current situation. Falling prices, struggle to sell, high property and interest rates are some of the problem statement of builders is making the buyer wait and watch.
This year’s Union Budget, too, has taken certain measures to bounce back the industry. Though the big picture looks tedious for now, the industry will gain its speed and will provide ample scope for the buyers to invest and gain maximum returns.
To bring buyers back to the market, developers are coming out with tempting offers like excluding extra charges like stamp duty and registration charges, free car parking and club membership, flexible payment options. Under it, buyers pay 25% on booking, after booking 25% on completion of construction and 50% on possession.
Delayed Possession is the major problem industry is facing today. Projects are not getting delivered in time and the buyer has to keep paying the rent and the monthly instalments, resulting in huge financial burdens. Developers on their part blame the government in delay in projects approval.
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