Bhopal is the capital of Madhya
Pradesh and hence it has a lot of industries present. A lot of people migrate
to Bhopal for working in the manufacturing sector of the city. Even though it
is not a metropolis, Bhopal is quite an old city and has many employment
opportunities. Because of the burgeoning population of the city, the flat
culture has been introduced into Bhopal property. Most people in the
city are buying flats over lands for building their own apartments. Why are
more people opting for flats?
1.
Apartments offer good lifestyle choice and they are mostly
preferred by working and young professionals.
2.
When choosing where to invest, find out more about the
neighbourhood.
3.
If the property is near a workplace or office area, than rental
income can be earned from it. Plots do not offer these benefits.
4.
Cost involved in buying the flat is not only related to the
locality. Other factors such as amenities available, developer’s reputation,
size of the flat and the category to which it belongs also determines the
demand for flats.
5.
Common facilities available in the apartment such as water
supply, power back up, electricity and twenty four hours security. As a part of
maintenance, you may have to spend a token amount every month, but your quality
of life would be much better in such a set up.
6.
The value of a flat depreciates over time although they are
easier to sell than plots. Buyers who can invest limited amounts opt for flats.
7.
Irrespective of the fact that you are buying a flat or plot, you
need to invest your hard earned money and hence you need to invest wisely.
If you too live in Bhopal and
would want to buy property in the city, you need to be careful when you buy a
flat. A lot of people have faced this problem with Bhopal property that
after moving in, they have discovered that the building is not well maintained,
the neighbourhood is noisy and highly unsecure in terms of theft. When you are
thinking of buying a flat, there are certain parameters that you should
consider. Some of the parameters have been discussed below:
Neighbourhood
When you are thinking of buying property in Bhopal, it is not a matter of investing your month’s pay or the stay
of a few days that you can manage somehow. When you are buying an apartment, it
means investment of savings of years and perhaps taking out a loan too. Since
you will probably live on the property for more than 10 to 20 years, you need
to buy your flat in an area which is good enough. The best thing to do in your
situation would be to invest in an area that you are familiar with. That way,
you will know the area like the back of your hand and your investment would
bring in better returns. The chances of your investment going kaput are low and
hence pick an area which you are much familiar with.
Available Infrastructure
You may come across a property
that is perfect in terms of the layout that you want. However, the civic and
social infrastructure of the area may not be to your liking. Schools,
hospitals, colleges, work areas may not be close by and you might have to travel
miles in order to reach a medical care centre in case of medical emergencies.
Most good schools insist that the
distance between the school and a child’s residence must not be more than 5kms.
Therefore, if there is a school that you would want to send your child to, it
would be best if you buy an apartment which is near the school. For newer
townships, the possibility of creation of schools in a short span of time is
limited. However, if you opt for a resale Bhopal property, you would
know exactly what the infrastructure of the area is on offer. You would be
making a better informed choice.
Elimination of regular areas of
concern
Most buyers who opt for flats in
newer complexes have to worry about VAT, service tax and timely delivery. But
if you buy a pre-constructed flat, you need not worry about these aspects at
all.
Cost Effective
Even though a lot of buyers are
postponing buying a house because they anticipate a correction of prices, the
better alternative would be to opt for a good residence in a resale market
which comes at cheaper rates. There are quite a few investors who want to exit
the property prices by cutting their losses. You can negotiate on the capital
value and get a great deal. Also, if you live in a rented apartment, buying an
apartment that is ready to possess would be a good idea because you would save
on the first few EMIs that you would have to pay for an apartment under
construction along with the rent that you would be spending prior to moving
into your new apartment.
What other points to bear in mind?
1.
You should always consult a broker, lawyer or real estate
professional who could warn you about the pitfalls.
2.
Apartments being resold are good when they are not very old. The
maximum relaxation that you should allow is 10 years. However, if you are
settling for an older flat, make sure the location is strategic and is worth
the amount you spend.
3.
Based on the building’s age, you might have to repair and
renovate the flat a bit. Certain added costs may also be entailed. Some other
expenses include registration charges, transfer of feed, broker or lawyer fees
and stamp duty.
