Planning To Invest In An Upcoming Locality? Try These Tips
Upcoming locality, a term that we frequently hear across project descriptions, is an area that is newly created as a residential real estate hub. These localities, generally in the periphery of a city, are an extension when the city is short of space to build new projects. While these localities are still in their development phase including residential, commercial, civic and social infrastructure, there are homebuyers who are open to an investment here.
Why? These localities, because of their under-development phase, offer real estate at a much lower or affordable price when compared with real estate in prime localities of the city. Also, one can look at great returns if they plan to sell the property once the area is fully developed.
But, how does one know that a particular upcoming locality is liveable or is worth the money and will give returns in the future? MakaaniQ shares tips that would help you make a guided decision:
This tip will come handy when you are planning to pick an upcoming locality you want to invest in. Shortlist the localities suitable for you and then read about all of them. Know about the localities, their current status in terms of civic and social infrastructure, connectivity, commercial spaces around, and also, upcoming residential projects. What is critical is to know about the under-construction infrastructure and how is it progressing. For instance, if the locality is expected to have a highway connectivity, read about how the progress has been, whether there are any delays and the impact of this connectivity. All these factors put together can make the property profitable.
When learning about the locality, another factor that can make the locality a hit is the list of developers coming up with projects here. If some of the renowned and experienced developers are coming up with projects here, it says a lot about the potential of the locality. Reputed developers only invest in areas they see a potential in keeping in mind their own credibility.
Make a visit
After you have read around, go ahead and make a visit to the locality. Drive through the lanes, look at the projects coming up, keep a tab on how much time you took to get there, how much time will it take for you to commute from there to your workplace. Learn about the development information you read about the locality and how true it is in reality. You could also make a visit to the under-construction projects and see what could fit your bill.
Check proximity to amenities
Amenities are a mix of both social and civic infrastructure that a homebuyer will be using on a day-to-day basis. See how far is the nearest grocery store, how far is the closest Metro station/bus stand/railway station/airport and also, how far is the closest leisure destination like a mall. If you have children, do see how close the educational institutions are.
Worth living or just an investment
When planning to invest in an upcoming locality, make sure you make up your mind whether you want to live in that locality or plan to just invest for future gains. This would help you pick the right location. For instance, if you want to live in this upcoming locality, the development here should be fast paced and near completion for you to have a pleasant stay. On the other hand, if the plans are to invest in the property for future gains, then you could opt for a locality where development is still in a nascent stage. This way, the property in the former case would cost you a little more than what you would pay for the property in the latter case.