Delhi/NCR Bachelors, the most keen buyers

It is usually said that if you want to master any art form, start young. Well, some youngsters in Delhi NCR have taken this adage to the property business. As per a recent survey, entitled ‘Are you a first time home buyer?’, Delhi/NCR  have the highest number of single property buyers!

The survey intended to find the preferences of first time home buyers, who are looking for 2/3/4 BHK apartments in Delhi. It indicated that more than 35 per cent of the single first time home buyers were either from Delhi /NCR.

Look for affordable flats in Delhi

“Youngsters, particularly single professionals, indulging in property purchase is rare. However, the fact that the maximum number of these professionals are based in Delhi/NCR  does not come as a surprise. These are the IT professionals in these cities who earn well and are living away from their home towns,” says Mohd Rashid, Citi Propmart Pvt Ltd.

They prefer to pay EMIs than spend huge amount of money on monthly rent, adds Rashid. The survey stats also indicate the same sentiment with 40 per cent of these buyers in Delhi/NCR claiming the same.

So, what do these single professionals aim at buying? Slightly over 50 per cent of these buyers were interested in property in Delhi/NCR within a range of Rs 20-40 lakh while approximately 30 per cent were looking for builder floors.

So, even though single property buyers still form a very small percentage of the total property buyers in the country, the numbers are definitely growing. Delhi/ NCR seem to have set the trend for others to follow.

 "Youths ought to attempt and put resources into a little property to launch their venture portfolios. For self-utilization they ought to try for flats and for venture they ought to pick plots."

Are you a single professional in these cities waiting for the right time to buyreal estate property? As someone once said, ‘do not wait as the right time to buy property is ‘now’.

Points that should be considered while buying real estate property

Tips on searching for properties online

Some years ago, the only approach for prospective homebuyers to find a suitable real estate property was to contact a broker. However, thanks to the internet, many homebuyers prefer shortlisting their options online. Of course, personal inspection of a property is still necessary before the final purchase.

Today, more and more people looking for flats begin their hunt online. Best real estate websites are replete with information on newly constructed and under-construction projects across cities. Property portals also provide information on options available in a certain location, the unique aspects of the area and the India property pricing trends.

However, relying solely on property marketing portals is a mistake. The information they provide can be incomplete and sometimes even misleading, says Kishor Pate, CMD, Amit Enterprises Housing Ltd.

For instance, most home seekers scanning the internet are often looking for the cost advantage of investing in an under-construction project. Naturally, the primary search parameter tends to be the price. However, internet searches based solely on price, city and location can generate insufficient and skewed results.

Homebuyers should be aware that while buyingproperty in an under-construction project by a reputed and well-funded developer is safe, an incomplete project by an unknown builder does not offer such assurance. Also, a well-known developer’s reputation is a safety stamp for construction quality and good internal fittings.

Property listings posted by individual brokers dealing in all sorts of projects usually do not provide this vital information. After all, disclosing details such as name of the project and its developer would kill their marketing advantage. However, it is necessary to know these details before one can shortlist options based on quality, investment, safety as well as price.

There are, of course, exceptions to this information gap. For instance, many large real estate brokerages have exclusive project marketing mandates with reputable real estate developers. Property listings by such brokerages do tend to provide all the necessary details.

Real estate marketing portal listings are usually the first search results to show up during an online property search. This is because these platforms invest heavily in search engine optimization to attract internet traffic. However, no online search for an under-construction property is complete on the basis of just these results. Aspiring buyers also need to visit the websites of reputed developers.