The real estate sector in our country is always dependent on fundamental factors like demographics, interest rates, location and the condition of the economy. Incisive insights vis-à-vis the best time for purchasing homes or offices, price escalations, recessionary phases and other indicators have an overbearing influence on our purchasing decisions.
Let’s enumerate some of the other notable elements that determine the value of a property.
Location is the key
There is no doubt that location is one of the most overriding aspects to consider regarding the valuation of any property, whether it is residential or commercial. Any property that is built in developed zones, as well as areas susceptible to more appreciation, commands more price than the ones in the less-developed zones. Again, buildings erected on a freehold land will fetch a higher value than those on leased plots.
Land value includes both the value of the land itself as well as any enhancements made to it. Properties developed in areas where land is available at a premium generally have a higher valuation than those constructed in regions where there is ample land available.
Rich in amenities
The well-exposed buyer today scouts for properties that are rich in amenities and offer something ‘more’. Top-of-the-line infrastructure and amenities like green buildings, open space reserves (OSR), parks, swimming pool, gymnasium, ample parking facilities, community centres and dedicated play zones for children are some of the demands of the new-age buyer that top developers today are catering to.
When it comes to infrastructure, factors like proximity to the airport, railway station, educational institutions, medical centres, business centres, shopping hubs, etc., contribute to value escalation of realty projects. Homes and offices in safe neighbourhoods that provide a peaceful, social environment with minimal crime rates are much in demand in today’s times.
The size of the property has a significant influence on its value – bigger spaces sell for higher prices. Of course, traditional, neutral layouts have more value than obscure layouts which appeals only to a niche audience.
The internal condition of the property
Typically, homes and offices that are newer appraise at a higher value. Factors like the foundation, structural integrity, Vaastu-compliance, electrical wiring, plumbing and other internal fixtures are also worth considering during any property valuation.
Arrjavv: Providing you with the best
Whether you are considering buying a commercial property or a new home, Arrjavv, as a doyen in the world of real estate, ticks all the right boxes when it comes to meeting the needs of the modern buyer. The Group has created a niche for itself in Kolkata as well as its outskirts for creating top-notch homes and commercial spaces. It has earned a reputation for itself for standing out in a crowded market with an unmatched ability to select locations and develop them in a way that optimizes their geographical attributes. With skills acquired since the inception of the organized Indian real estate, the Group has pushed the envelope and consistently marvelled all its customers by gifting them with life-changing homes and smart commercial spaces.