People Should Now Stop Believing In 6 Myths Related To Buying Property In India
Buying property or investing in property, so to say, is a big deal. There are many trends that come and go as and when property rates or trends are talked about. Moreover, people who want to invest in India for property has a lot of faith in some myths that they tend to believe in. In this article, we have penned down a few pointers that indicate to those myths and all of you must kick away ASAP! Along with the same, we have also quoted public figures of this field to substantiate our point. Scroll down and take a look!
1. Stop believing that Real Estate Regulatory Authority (RERA) covers all projects
Real Estate Regulatory Authority or commonly known as RERA, happens to be an act introduced by the Indian National Congress Government in 2013. It is widely believed that RERA covers all the property projects. No, that’s not true! So, basically, RERA cover only those projects that have 500 square meter or more area or to be more precise, eight or more units. It is important for the builders to register with the RERA authority in order to make it compliance with their terms and condition. It is to be noted here that one must make sure that the property you are buying is registered as the state’s regulatory.
2. Stop believing that under-construction homes are safer now
Secondly, one must keep in mind and eyes wide open that under construction projects are safer. To let you know, that there were many builders and real estate people who left buyers in lurch way before RERA came into the forefront, and this happened especially in Delhi NCR. This has been the major reason why investors and buyers have been opting for ready-to-move-in homes.
According to Prashant Thakur, who happens to be the head of Research, ANAROCK Property Consultants, “Ready-to-move-in properties are doubtlessly the least risky. They offer instant gratification, the what-you-see-is-what-you-get assurance, and also do not attract GST. Under-construction properties can be considered as long as buyers focus on only well-capitalized developers who are diversified across other property typologies and even businesses. Completion track-record is the key concept.”
3. Well, are metro cities the best places to invest in properties?
Wondering what would be the answer to the aforementioned question. Well, here you go! There is no denying the fact that having a property in a metro or a Tier 1 city has its own perks and plus points and one of the topmost is the substantial rental income. It is known fact that rents in any metro city would be much higher than that of a non-metro city. So much so, that if the capital appreciation of the property is low, then too, the rental income would be higher. On the contrary, experts these days are stressing more on investing in the Tier 2 and Tier 3 towns.
4. Do you believe renting is better than buy property in India?
Well, many would say yes, and many would say no, but there is no direct formula to answer this question as it all depends on the preference of an individual or the buyer. For those who plan to live the rest of their lives in a particular city, buying a home is always a better option than taking a space on rent. Rather than paying rent and that too of no use in future, paying EMI is way far better!
5. Stop believing that real estate agents are of no help!
In order to save on the commission of a broker, or brokerage, so to say, people step backwards in hiring a real estate agent. Don’t you think that expert and professional advice and assistance is always better in doing big investments as that of property?
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