Between 2010 and 2020, the Delhi NCR region witnessed the lowest increase in real estate prices in a 10-year time horizon. The prices rose by just 19%, versus a 38% rise in prices in the seven top real estate markets of the country, according to a report by real estate consultancy Anarock. Delhi is regarded as one of the most coveted regions to own a house because of the opportunities available in this area. With a relatively slow rise in property prices here, the timing seems appropriate for buying a home in Delhi and settling down.
Buying a property is one of the biggest financial decisions of a person’s life. You may still be exploring houses in Mumbai, Delhi, and similar metropolitan cities. Before you decide to buy a property in Delhi NCR, here are some of the things to keep in mind:
Before buying a flat in Delhi NCR, ask the builder about which amenities are offered. Look for power backup, waste disposal, lifts, and recreational facilities. Parking can also be a big issue in India’s capital city. So, ensure that your house has a dedicated parking space. Additionally, in many parts of Delhi, shortage of water is a serious issue. In fact, according to a 2018 Niti Ayog report, the city can run out of groundwater by 2020. Do your homework and ask the neighbours about how consistent the water supply is in that locality. Also, ask the builder if there is rainwater harvesting. To ensure safety, look for properties that have CCTV cameras, gates, and guards.
The Delhi NCR region is massive, covering 54,984 square kilometers. So, just picking a location without any planning and research is unlikely to work. Look for houses that are close to your place of work, or else you would be spending hours commuting. Also, if you are someone comfortable with public transport, look for a place near a Metro Station. Also, look for the schools, hospitals, markets, and availability of open green spaces near the house.
Check the Developer Credentials
Some real-estate developers have a track record of not completing construction on time. This causes great inconvenience and can even lead to a court case. To ensure you do not face a similar situation, do extensive checks on the developer before buying a house. The buyer should check the past record of the developer, feedback of the delivered projects, and if the developer has the necessary approvals and certificates.
You might love the house, but your requirements may change in the future. You may need to explore bigger flats in Delhi or houses in other cities like Mumbai or Bangalore. In such situations, you might have to sell the house. This makes it really important to know about the potential resale value of the house. Choose houses in areas that are safe, well connected, and stable. These factors can help you maintain their value.
Apart from these, inspect the construction quality of the house to ensure high-quality materials are used. Hope the above factors will help you to make an informed decision about buying a new home in Delhi!