Once you've decided on buying a home for the family, comes the bigger challenge - which location and what kind of home to buy. As you go about doing your due diligence, you will be faced with a plethora of choices, each more confusing than the other - discounts, offers, visible and notional advantages, claims and tall claims... not to mention peers, well-wishers knowledgeable and otherwise offering inputs. It is here that you need to decide on what is right for you from today's and the future perspective. Here are a few broad inputs to help you take an informed decision.
1. Why Hyderabad:
Hyderabad today offers several attractive options for those looking for a home. After a short period of confusion post the reorganization of states, the real estate scenario has stabilized in the city. The city’s infrastructure development including the Hyderabad Metro Rail project will attract investors considering that the city’s important residential and commercial sectors would be better connected and decongest road traffic.
2. Current Market Senario:
The other aspect in favour of the city is the low cost of living it offers when compared with other Indian metros considering the job opportunities, healthcare, education, social infrastructure and connectivity it offers. Google, Microsoft, Genpact, Accenture and Facebook have a strong presence in Hyderabad and the last two years has seen a steady growth in demand for office space with leading players like Uber, CDK Global, Amazon, Deloitte, JP Morgan, Qualcomm, Hyundai Mobis and UHG taking up office space. The city houses several leading schools including Gitanjali, NASR Oakridge, Cherek, Future Kids, Niraj International and DPS. Reputed institutes of higher learning include colleges like ISB, Symbiosis, ICFAI, IIT-Hyderabad and NMIS.
3. The Locations:
On the residential property front, the western corridor consisting of Gachibowli, Narsingi, Kokapet, Tellapur and Manikonda are experiencing brisk growth with Madhapur and Gachibowli in demand for commercial space as well. Other emerging areas are Kukatpally, Nanakramguda and Kompally.<
strong>4. Decide on Key Parameters:
So while deciding on a home, of course budget comes first. Then comes location. Consider a location that offers excellent-connectivity to your place of work, education institutions, hospitals, centres of recreation etc. proximity plays a key role considering that you need to save travel time and money on destinations you need to commute to regularly. This aspect needs to be considered from an immediate requirement perspective and also a future perspective – for ex., kids getting to college, regular medical care for parents etc. For ex., would a 2 bedroom suffice or would you need a 3 bedroom home. Do you prefer all bedrooms to be on the first floor or 1 has to be in the ground floor if you are going for a duplex type of property.
5. Choose wisely:
Reputation of the builder is crucial considering that you are investing your life’s saving to create what would possibly your most valuable asset. Check thoroughly to ensure the builder's track record, reputation, other projects, quality, schedules, legality etc. Titles must be absolutely clear. Do ensure that each document is authentic, plans are approved and deviations if any are within permissible limits. All paperwork must be in place - certifications, clearances, approvals and certificates. Insist on them and do not compromise on these whatsoever. As for the construction, the building has to be of good quality - materials used must be from reputed vendors, fittings and accessories must be from good brands and would be as promised.
Get complete clarity on the payment terms and deliverables with clearly defined timelines. Be clear on aspects associated with floor area, car parking, deposits etc. and ensure there are no hidden charges or unpleasant surprises later.
6. Make an informed decisions:
Take your time, make enquires, check with friends and well-wishers (up to a point!), list out your immediate/ future requirements and then make an informed decision that would enable you to decide on a home that helps you lead a life of comfort.
Please do share with us your experiences of buying right home. Let’s start a healthy discussion.