Location Of The Property

Delhi, being the national capital, has a host of hot property locations in its premise. However, the downside to this is that, there are many bad locations too. Drilling down on the location where one wants his new property to be for either residential or official purposes should be the first and foremost step. In India, rates of real estate in South India are slightly on the higher side when compared to the NCR.

If the buyer doesn’t like his house or the design of his construction, he always has the option to do some renovations at a later point of time. However, if he doesn’t like the location of his property, he cannot do anything in the future. Hence, location is the most important factor in the process of property purchase. Sometimes areas near airports or railway stations might sound like hot deals. The buyers might also be thrilled at the low rates trending on these areas, but one should never fall into this trap. Reselling this property at a future point of time might become almost impossible as there are not many takers for such areas.

Buyers who are looking to buy property just for an investment and plan to sell it off soon after purchase at high profits are the worst affected, because for these kinds of buyers both very  bad and very good locations pose a serious threat. In very good locations that already have a great reputation, attractive deals or discounts may not be possible. The rates at these locations are very high and appreciation of property in these areas happens slowly over a long period of time. This will only be suitable for buyers who have a long term vision while buying property and not for buyers who are looking to sell off quickly at profits.

From all this, it is evident that location proves to be the key influencing factor in the decision to buy property. The following are some questions to consider while buying commercial property.

• Is the current location easily accessible for the buyer’s customers, employees and vendors?  Do they find it difficult to reach the venue?
• What is the level of infrastructural development in the location currently in terms of transport and telecommunication?
• Is the property near or far from residential locations?
• Are there any probabilities for the location to see an “impulse” or “drop in” phenomenon in passenger traffic system?
• Is the property surrounded by other businesses? If yes, are these businesses competitors to the buyer’s business?
• Is there a fire brigade in close proximity to the property?
• What is the availability and prevailing rate of essential utilities like water, gas, power, sewer etc?
• Will the buyer transport goods from Delhi to other parts of India? If yes, how will this happen? Are national highways and expressways nearby the property?