India is going through a major economic change. The country is a $3 trillion economy and is expected to become a $5 trillion economy in the next few years. India is the world’s fastest developing country at a time when the global economy is cooling off. The rapid economic growth coupled with the rising purchasing power of people is creating robust growth for properties in India.
Factors Contributing to Property Demand in the Country
India came out of its slow economic growth rate after 1991. Post-1991 India is a different one from the pre-1990s one. For five decades after independence, the Indian economy grew at a slow rate, mocked by economists as the ‘Hindu Rate of Growth’. The Indian economy, in its first five decades, was unable to create prosperity. The slow economic growth rate and population explosion combined to have a deleterious effect on the country’s growth. The Indian leadership tackled the crisis by opening up the economy and embracing the world’s globalisation. The result was rapid economic growth, expanding the Indian middle-class base and increasing people’s purchasing power.
People in India, in the past twenty five years, have tasted prosperity. The newfound fortune among the Indian people is responsible for creating higher demand for goods and services. One of the sectors that have seen high demand is real estate.
Real Estate: A Success Story
India, for two continuous decades, has cloaked growth above 5%. The coming of multinational companies and the creation of jobs have created a wealthy society. Rapid urbanisation has also led to an upsurge in demand for comfortable living spaces. The migration of working professionals to cities for better opportunities also contributes to the rising demand for real estate.
Factors You Must Think About when Buying Property in India
Location is the most crucial aspect of any property in India. It is the location of a property that decides its value and future capital appreciation potential. Many second-tier towns have replaced metropolitan cities as property investment hotspots. The reasons for emergence of tier-two cities as prime property locations is many. The country’s rapid urbanisation has created many new opportunities for the property market.
Noida is one such emerging real estate investment destination. It is a strategically located city on the fringes of Delhi – the national capital of India – and is home to many top-rated global companies. The upcoming Noida International Airport in Jewar is expected to further increase real estate value in the city, positioning it as one of the most favoured property markets. Noida’s excellent infrastructure and an expanding salaried class have contributed to the city’s rise.
Sikka Kaamna Greens, prime property in sector 143, is one of the best properties on offer. It is close to crucial commercial centres, premier educational institutions, and hospitals. Mall of Noida, another prime property investment destination in Noida, offers seamless access to shopping and entertainment. Mall of Noida has emerged as a favourite commercial property investment destination among investors looking for higher investment returns with minimal risk. Last but not least, Fairfox EON Noida offers top-notch amenities and an affluent life by ensuring easy access to IT Parks and other business centres.
Roads are a parameter of an economy. Excellent connectivity is a prerequisite for any region’s development to its full potential. Noida has a well-planned infrastructure, ensuring smooth intra and inter-city connectivity. The ease of connectivity brings capital from outside, helping the city grow fast. The city boasts Yamuna Expressway, one of the longest expressways in India, connecting the city to different nearby and far-off places. Asia’s largest airport is coming to Noida. The work on the airport is in full swing, and the first phase of the airport is expected to be complete in the next few months. The completion of the airport will boost the region’s economy by attracting investments from far and wide.
The coming of the airport will see development in other allied sectors, too. For example, the airport will create opportunities in tourism and transportation. The arrival of many companies will attract professionals from different parts of the country, creating a demand for goods and services. Noida also has an extensive and intricate network of roads smoothly connecting various parts of the city. The ease of connectivity is one of the primary reasons for the city’s emergence as a favourite investment destination among real estate investors.
Mall of Noida benefits from its prime location. It is near the Delhi Noida Direct flyover, also known as DND Flyover, and attracts customers and visitors from all the nearby regions. On the other hand, Fairfox EON’s location close to the Noida Expressway makes it a desirable choice for investment.
Location plays a crucial role in deciding the value of real estate. The mere presence of top-notch properties and facilities within a project will have no value if the project is not strategically located.
Amenities and Facilities
Amenities and facilities are other factors to look out for while buying property in India. Gone are the days when property buyers looked for the bare minimum. Today, most investors look for luxury, privacy, and a unique living experience. Commercial properties, too, are defined by their amenities and facilities. Commercial properties offering office space, retail shop space, etc., are expected to have the best amenities and provide top-notch facilities.
Properties sensitive to customers’ needs offer amenities that make life comfortable and luxurious.
Sikka Kaamna Greens offer amenities like a swimming pool, vast open space, a serene environment, exclusive recreational zones, etc. The availability of such amenities ensures ease of living a modern life. The Mall of Noida is centrally air-conditioned, has fast-speed elevators and escalators ensuring easy connectivity between different floors, round-the-clock security, and an exclusive zone where people can unwind.
Nearness to the facility is another crucial factor whose importance cannot be overstated. Important facilities like educational institutions, hospitals, recreational zones, etc., are a must to make a property worth its price. Home seekers wish to have all crucial facilities nearby so that they don’t have to spend a long time on travel. When modern life is marked by a lack of time, families don’t prefer a secluded place with connectivity issues.
Sikka Kaamna Green, in Sector 143, is accessible from multiple places. It is also close to some of the best schools, colleges, and hospitals. The ease of connectivity makes the project a roaring success among investors. Mall of Noida, located close to the Delhi-Noida flyover, offers easy connectivity to different corners of the city, attracting visitors from everywhere. Commercial property investors’ first choice of investment in Noida is the Mall of Noida because of its excellent location besides amenities.
The importance of a builder’s reputation is a factor you would not avoid lest you want to be taken for a ride. A project’s success is decided by many factors. The reputation of its builder is one of them. Location, amenities, facilities, etc., are crucial factors that make or break a project. But the experience and expertise of the builder are as necessary.
In a country like India, investors tend to invest in upcoming projects because of the benefits offered by developers. Ready-to-move-in homes or shops are expensive compared to under-development projects. When you are investing in an under-development project, you must keep two things in mind: (1) the experience of the developer, (2) the expertise of the developer, (3) and the developer’s portfolio of work.
Let’s discuss all these three points in a little detail:
A developer’s experience is crucial for the success of a project. Successful completion of real estate projects demands adaptability and flexibility. A developer with little experience will not be able to respond swiftly to changing market dynamics and may end up getting into debt. A project with debt will lose market value. On the other hand, an experienced real estate developer has the agility to respond to changing market needs and do the needful.
Expertise comes with experience. The use of state-of-the-art architecture and cutting-edge technology to offer a comfortable and luxurious living experience is something that a developer with expertise will be able to deliver without cost escalation.
Portfolio of work
It is important to go through the portfolio of developers to know what kind of project they have delivered. Different developers have different expertise, and there is no concept of one-size-fits-all in real estate. If you are looking for a commercial property, your needs and requirements will differ from a residential one.
Sikka Kaamna Greens or Fairfox EON Noida are two projects catering to diverse investors. The project developers have deep experience and expertise and a dynamic portfolio of work. Their years of experience manifest in excellent delivery, satisfying investors’ needs.
Cutting corners while investing in real estate can be disastrous. Invest only in properties that are RERA certified and are authorised by the government. It is crucial to have the deals and all other related agreements properly documented so there is no future problem.
Sikka Kaamna Greens, Fairfox EON, Mall of Noida, etc., are all RERA certified and authorised by the government to offer their products to investors. Investing in these projects brings higher investment returns and is safe.
Before you invest in real estate, you must know the objectives of your investment. The goals of investment are like a roadmap that ensures you don’t end up investing without having clarity of purpose.
Buying a property in India is a lucrative option, promising to bring a windfall of gains. The country is rapidly urbanising and developing. The country’s development in different sectors has created a demand for living and commercial spaces. Many new cities have emerged as a great investment destination. In the Delhi-NCR region, Noida is one of the emerging property hotspots. The city is witnessing rapid growth and is a hub for world-class companies. The coming of the companies has also brought a wave of working professionals who are driving the demand for goods and services. There are many avenues for investment in Noida. Firstly, the increasing middle-class population creates a robust market for living space. Secondly, the demand for goods and services has led to many businesses looking for strategically located commercial spaces. Mall of Noida, Sikka Kaamna Greens, and Fairfox EON are a few examples of lucrative projects that offer higher returns on investment and a secure future.