What are buyers looking for in North, East India

In a recently held Magicbricks webinar, noted experts E Jayashree Kurup, industry expert and head-content and research, Magicbricks and Uma Sitharaman, lead researcher, IIMB-Century Real Estate Research Initiative (CRERI) presided over the webinar.

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There was an overwhelming response from consumers. Our experts picked up the following queries-

Turn to 'Property Advice' for the right solutions!

“I am from Bhopal but would like to invest in a 1BHK in Kolkata. Is it a good decision? Would it have resale value?”- Piyush Mehta

There are some basic tips. Log on to a real estate portal like Magicbricks.com and put in your budget and preferences. It would give you locations where you can park your money. PropIndex can also help with identifying areas that are in demand or have sufficient supply. Although there was euphoria after the Modi government stepped in, it has not translated into a boost to realty expected in the initial phase. Therefore, if you are keen on investing, go in for areas that have adequate supply. Shortlist areas that give good rental returns and stay invested for 3-5 years. Once the market goes up, owing to cut in home loan interest rates or favourable government policies, you may reap gains. It is a good time to buy as values are low. Some of the localities that fit your budget could be Joka, Thakur Pukur and Baruipur.

“What are the prospects of cities such as Lucknow and Patna?”- Jaydeep Gupta

Both markets have good potential owing to local drivers such as premier educational institutes around Gomti Nagar or even national level developers. In Patna, the market is slow because rentals have slowed down over the last few years. But although there have been buyers who are investing in NCR, there are others who are banking on infrastructal developments in future. Mostly it stays an active market with substantial supply. However, you may want to be cautious because there have been project delays and therefore need to check for track record of the developer.

“Did the Gurgaon affordable housing just get dicey because of government change? Will luxury projects around this area suffer?” Ashish Vardhan

Although Gurgaon is a very politically driven market, affordable housing policy herein is not because of any one government or a single developer. It has been a concerted effort by the Haryana government which markets certain sectors as affordable and which could cater to a set target audience. Therefore, prices are in the range of Rs 12-22 lakh and there has been a cap that properties cannot be priced at more than Rs 4,000 per sq ft. These are mostly for end-users who have to hold it for 5 years and are closest to single window clearance. However, with the government wanting to push more affordable projects there are a lot of developers in the market so check for the track record of these players.

Luxury in Gurgaon is largely driven by mid to high-end segments who are employed in corporate firms mostly. Having affordable projects in the vicinity may not hit the luxury segment because each services different segments of buyers. Gurgaon has a strong investor driven market and there is robust demand and supply. With over 20 million sq ft of commercial space, occupants are keen on driving less to work or walk to work. Government is trying to service the less privileged so they can also live closer to workspaces since rentals are very high and at most these rental housing areas come up as urban slums.
 

Source:http://content.magicbricks.com/industry-news/delhi-ncr-real-estate-news/what-are-buyers-looking-for-in-north-east-india/80257.html