Attributed to CA. SH Teckchandani, General Manager – Commercial Sales and Leasing, K Raheja Realty.
Raheja Residence, Malad East
Attributed to CA. SH Teckchandani, GM – Corporate Sales & Leasing, K Raheja Realty Investing in real estate is considered one of the most stable options for long-term investment, especially among millennials in the post-pandemic era. Today, 75% of millennials invest in real estate that provides individual peace of mind while safeguarding their future.
Very often, investing in real estate yields huge monetary benefits to the owner when the locality witnesses an evolution in infrastructure or connectivity, especially in developing areas of metropolitan cities such as Andheri & Malad. Before the pandemic, people were more attracted to short-term investment options to store excess cash, few of which included mutual funds, direct equity investments, bonds, etc.
Older millennials didn’t want to buy homes because they were more attracted to the flexibility of changing jobs and moving to other cities in search of better career opportunities. As the pandemic gradually wanes, the appetite to invest in the real estate sector is only increasing due to the impact of an intense pandemic and understanding the importance of having an appropriately sized shelter above of our heads. The post-pandemic real estate sector has seen a reasonable rebound in 3 & 4 BHK Luxury Apartmentswith maximum mid-segment launches and home sales increased by 21% with 2.37,000 units sold in 2021. The commercial capital, Mumbai, recorded the highest sales of around 76,400 units.
Today, over 85% of the working class prefers to invest in real estate, here are some considerations to keep in mind before getting into real estate:
Doing research before investing in real estate will make the process much easier and ensure you are investing your money in the right place, based on your budget and needs. Doing your homework before shortlisting a property is essential today. Research on market trends and prices, for which you can take help from various government websites or consult professionals belonging to the real estate sector. If there are monetary requirements, research the home loan documentation process, interest rates, etc. The government also offers various tax benefits to new home buyers. Make sure the investment is risk-free and all legal requirements are met. Having information on RERA clauses will be an added advantage. In the case of investment in a project under construction, if the promoter does not return possession by the date specified, the buyers may withdraw and demand repayment with interest and compensation in accordance with Article 18(1) of the RERA.
Goodwill of the developer
Buying a property can be tedious and tedious, but staying aware of all aspects in advance will ensure you get the right property. A major aspect could be knowing the developer of the property and investing in a project undertaken by a legacy developer like Real estate group K Raheja, visit the developer’s website, learn more about their profile, see the status of projects under construction, talk with past clients and understand their experiences. This will help you get an idea of the credibility the developer has in the industry, which will allow you to invest money in the right place and have a smooth and hassle-free experience.
When investing in a property, make sure you complete all legal formalities and receive all original documents, whether renting or buying a property. Make sure the property is free of any legal disputes. To avoid any future challenges, insist on receiving the title report of the property. Make sure you receive all the original documents at the time of purchase, such as the sale and purchase contract, the letter of possession, payment receipts, etc.
Return on investment
In the post-pandemic world, people prefer to make decisions with a long-term perspective rather than short-term profits. Luxury apartments 3 and 4 BHK in developed regions such as Andheri and Sick East will be an asset that not only improves your current situation, but also secures the lives of future generations. If the locality is witnessing major developments, chances are you will enjoy a substantial profit at the time of resale. With the increasing demand for real estate, suburbs have seen significant development in recent times. Developers are building budget homes that are an opportunity for everyone to invest financially in a healthier future, while the Goregaon & Malad development is seen as an upcoming commercial hub after BKC, giving hope for closer work his home.
Amenities and recurring maintenance costs
In case of purchase, find out about the maintenance costs and other miscellaneous costs that you will be obliged to pay. Developers offer projects with multiple amenities like swimming pool, gymnasiums, etc. These conveniences result in recurring maintenance costs. The smaller the project, the higher the maintenance per apartment compared to larger projects, resulting in better cost sharing per apartment. Therefore, when investing, always compare the cost of maintaining such equipment, choose larger projects that offer more equipment at a reasonable ongoing cost.