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What Is Your Choice When It Comes To Buying A Home: Affordable Housing Or Quality Living?


Monthly Archives: January 2016

What Is Your Choice When It Comes To Buying A Home: Affordable Housing Or Quality Living?

Affordable home Today, home buyers are taking their own decisions when it comes to choosing their home. They know what they want, what are they looking for, and they decide their budget for their dream home, even if it requires to add an extra effort for finding a suitable home, they do it and achieve it successfully. Budget is also not considered as a big criteria nowadays, as you have financial institutions who offer you bank loans at reasonable interest rate, apart from that you have various schemes offered by the bank as well as the developers that helps them to take the right decision.

What does home buyer look for when they plan to buy a home:

  • Location
  • Availability of basic infrastructure
  • Budget

Which is the better choice? Affordable home or a Quality life?

In recent times, the home buyers do not think about the budget, for him the location and existence of infrastructure are important. But, mostly it is difficult to achieve the perfect home, where an affordable home also offers quality of life. In such case, what will be your choice: Affordable home or quality of life?

As per one of the report, properties priced up to Rs. 20 lakh are receiving only lukewarm response and the demand is reduced across cities. This means that home buyers are now moving from lower priced properties and are getting attracted towards properties that are in the vicinity of developed infrastructure and good connectivity.

Commenting on the situation, Ms. Surabhi Arora, Associate Director of Colliers International said that most of the properties that are priced at Rs. 20 lakh and below, are mostly located at the outskirts and the peripheral areas of the city. Previously, such properties were gaining a good response due to the affordable pricing, but today the buyers are realized that staying in such areas mean compromising on basic necessities, like connectivity and infrastructure.  Hence, home buyers prefer to extend their budget a little more to enable them to buy a home that is in close proximity to their workplace and of course the city Centre.

Thus, as per the analysts, it is not enough to build an affordable home, it is also necessary to build it in close proximity to infrastructure and connectivity. They believe that infrastructure should be promoted and developed where affordable housing is coming up, so that such homes are promoted in true sense. 

 

Affordable home

3 Factors that may push up Ghatkesar Real Estate

Located at the eastern side of Hyderabad, Ghatkesar thoroughly enjoys its positioning on the National Highway 202, which has impacted the investment returns of plot owners. The locality should be on the list of potential property owners looking for real estate assets as it will soon witness a surge in demand.

Many factors attribute to Ghatkesar’s popularity. We have summed some below for you:

Information Technology presence

“Presently IT giant – Infosys is spread across 460 acres of land. They plan to have a manpower strength of 50,000 employees out of which 8500 employers already working,” says Sudhi Shah, a co-owner of the real estate consultancy in Bibinagar.

Companies such as Axis Bank and Accenture have started their operations in Ghatkesar. Other corporations such as Bajaj Allianz, Omnitech, Inventure, IBM and Genpact have announced their projects at Raheja IT SEZ in the area. “Announcements on impending 25,000 job opportunities in a year or so has boosted the housing demand, thus impacting the property prices positively.” says Shah.

Better connectivity

Connectivity is another element which has enhanced the investment potential of Ghatkesar. The Outer Ring Road (ORR) passes through the locality which in turn connects it the rest of the city. Accessibility through the Hyderabad-Warangal-Bhopalpatnam Road also works in favour of the area. Both these roads have improved its connectivity to ECIL, Keesara, Tarnaka, Sainikpuri, BibiNagar, Bhongir, Hayathnagar, etc. It also has its own Multi-Modal Transport System (MMTS) station, connecting to cities like Warangal, Guntur, Repalle, Nalgonda, Miryalaguda, etc.

The Telangana State Road Transport Corporation (TSRTC) runs daily bus services to the IT corridor and all major areas. There are various mini taxis and auto options also available.

The Metro reach of the Hyderabad may soon expand to Ghatkesar as well. There is a new four-way road from Ghatkesar to Yadagirigutta which offers a hassle free travel.

“Advantages such as easy accessibility and improved connectivity attracts buyers to the locality. Apart from road connectivity, Secunderabad railway station is about the 20-25 minutes’ away,” says Ramesh Chandra Limma, local real estate consultant.

Infrastructure

Social infrastructure is established with the presence of educational institutes, banks, hospitals, movie halls, shopping malls and super market. Function halls are widespread in Ghatkesar. Some of them include KLR, KNR, KVRR, Naryana, etc.

Residential inventory in Ghatkesar

According to Magicbricks data, Ghatkesar has approximately 97 per cent availability of the plots. These are available in sizes of 1350-4500 sq ft.

The housing inventory of properties up to Rs 20 lakh shows 77 per cent availability, Rs 20 -40 lakh category of properties has 17 per cent supply.

 

Construction Monitoring

Once the loan is closed and construction has commenced, NFS will perform a monthly walk of the property to confirm that the work has been completed. If any questionable methods or materials are observed they will be reported for further inspection. Any deviations from the project drawings are also noted and reported. NFS also reviews all change orders to verify the validity of the charges.

Construction monitoring is designed to compare the progress of construction work with the project schedule and is conducted through periodic visits to the construction site. More intensive monitoring may occur based on a client’s specific request. In the final phase of construction monitoring, NFS will provide the client with a report that includes findings and certification of any costs or project milestones.