Investing in property is the right move in one’s financial portfolio given the continuous price appreciation in this sector. And as there always will be a gap between demand and supply due to increased stress of a burgeoning population, it is primarily the property sector that will be in great demand. Moreover, with India’s economy showing a robust growth forecast not only companies but individuals too are on the lookout to own prime properties in various business hubs around the country. These hubs can range from the top rung metropolitan cities to the tier-2 ones where the possibility of expanding the business growth story is significant. And when it comes to the capital city of Delhi the demand for property is significantly high given the city’s proximity to India’s power centre.
The entire city of Delhi including the NCR is brimming with feverish activity, be it in the commercial sector or the political power centre. Interestingly, at the same time the growing menace of pollution has taken its toll on many a sectors including property. Does this mean property prices in Delhi have taken a downward slide? The answer is probably yes in the interim but as the situation improves, the property boom is sure to strike again. Also, given Delhi’s identification as the centre of business activity, politics, judiciary, foreign affairs, and many others, there is a beeline of people to own a property in and around the city. However, to buy properties in Delhi is not that easy for there are a few factors that need to be kept in mind.
Right Estate Agent: Buying a property in Delhi can be full of pitfalls ranging from a cumbersome registration process to finding a property that would be free of any encumbrances. And with frauds doing the rounds to make a quick buck one should be always alert. The best way to go about the entire process would be to engage a right estate agent. An estate agent is aware of different types of properties that are available in the city, their locations, prices, owners, and encumbrances or disputes (if any). Furthermore, given the buyer’s inclination to buy a property at its lowest price, which is in sharp contrast to a seller’s desire to make a killing by selling the same at a higher price, it is the estate agent who can negotiate a price that shall be agreeable to both the stakeholders.
Also, maintaining a good track record in negotiating successful deals should be the pre-requisite before a buyer decides to engage an agent. As the property sector is full of pitfalls and attracts a host of unscrupulous elements, an experienced estate agent with expertise in making deals should be preferred. Ideally, the agent should be hired through references provided by the family, relatives, colleagues or friends. However, should one is not privy to such a reference then it is better to engage one of the established ones that are available online or through yellow pages.
Right neighborhood: Although choosing a proper neighborhood comes with its right price tag, it is better to buy properties in Delhi that are in close proximity to infrastructure such as proper roads, drainage, availability of power, transport, schools, banks, shopping plazas, etc.
As the city of Delhi and its surrounding areas is bursting at the seams, it is advisable to search for places that are relatively less crowded or not choc a bloc with traffic. Also, the more one postpones the thought of buying a property just to get the ‘right price’ the chances of prices appreciating will be that much more.