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If you are avidly interested in the dynamic world of real estate, there’s a lot going for you. And we’re not just saying this from a homebuyer’s perspective; anybody who wants to be an amateur realtor can dabble in reality or someone who wants to make a serious career out of it can pursue it as a professional. The vistas are plenty. To begin with, you must know the pulse of the prevailing market.
SWOT the locality
To begin with, whether you’re raw into the real estate industry or an expert, you must know the locations and their pros and cons. For this you will have to step out of your comfort zone – your armchair – and get outdoors to study each residential locality. Begin with your own neighbourhood and SWOT it.
Conduct a SWOT analysis similar to the marketing domain. Study the Strengths, Weaknesses, Opportunities and Threats of each residential locality. Let’s break it down for you.
Strengths: Look for what makes the neighbourhood a hot draw for homebuyers. Is it the water-efficient supply and drainage, or easy access to the transport facilities? Or the International education campuses and MNC offices? Or wide roads and active Residential Welfare Associations (RWAs)? Strong infrastructure and amenities such as these are some of the perks that homebuyers look for and the localities can command a high rate per sqft.
Weaknesses: These will usually be in contrast to all the advantages of the locality listed above. So, if the locality has power or water supply issues through the month, or the roads get clogged perennially in the rainy season, they can be detrimental to the locality’s market value.
Opportunities: Anything with future potential is indeed a good opportunity. Look for any upcoming infrastructure projects such as new road connectivity or the widening of an existing road, Metro stations, etc. These can definitely enhance the value of the locality in the future.
Threats: We’re not talking about a terrorist attack or a natural calamity. A threat to a quiet, peaceful residential neighbourhood could be in the form of industrial pollution, for example, if a small garment unit is planned in the locality or perhaps, a house is let out to a resto-bar, etc. Or maybe if a lake is encroached upon for a new building and so on.
Guidance Value vs Market Value
These are two very significant terms in real estate you must remember.
Guidance or Guideline value of the property is the estimated market value of the property as per the records maintained by the Government in each State.
Market value is the most probable price that a property should bring in a competitive and open market. This means, that an established and reputed developer with a strong track record of successful projects and having a brand presence in the city can command a higher rate per sq feet than others in the same locality.
Access research reports
Keep in touch with real estate news and read up on the various research reports and analysis by realty firms. These agencies get the ground report by conducting in-depth surveys of the market in each zone – both within the city and the outskirts.
Get on the field
While the research reports by realty firms can give you ballpark figures of the prevailing rates in each market, nothing beats getting your own research and analysis.
Connect with top developers like HM Constructions https://www.hmconstructions.com/ who have been the market leaders in the city with a host of successful projects that have in turn enhanced the residential value of each neighbourhood with their esteemed luxury enclaves. They will know the guidance value of each location and will also inform you about their deals sealed successfully. This way you’ll also know the level of transparency that exists in the business.
Luxury, mid-luxury, mid-segment: understand these terms
Each neighbourhood offers a mix of residential options for each segment of homebuyers. When you visit the websites of each developer listed on the RERA portal, you’ll have an idea about each category of housing. This way you’ll be able to independently build up your own data on uber-luxury, luxury, semi-luxury, mid-segment and affordable apartments in your locality. Since each of these segments ranges from a certain per sq. feet rate to the highest prevailing rate per sq feet depending on the amenities in each project, you’ll also need to ascertain the guidance.
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