People who can afford to spend on lifestyle and property items always look for opportunities to bag the best deals in the property market. The increase in population witnessed the tremendous amount of competition among real estate and property marketers. Over the years the number of high spenders has increased significantly and this led to the current booming property market across the globe.
Real estate scenario in India
In India, the population is enormously high. With limited natural resources, such high population leads to resource crunch. There are many buyers in the real estate market. Therefore, the property dealers of different regions, like dealers search for rental house in Coimbatore which keep values at elevated levels so that the competition among the buyers who rent their property is high.
Factors on which the cost of property depends
This country is developing. The important cities including the metros are the hub for buying and selling residential and commercial complexes, flats, apartments. Working professionals, who can afford to buy a house, prefer locations that are in proximity to their office spaces. Depending on the budget, they invest money in purchasing 1, 2 or 3 BHK apartments. In this context, it needs to be said that the prices of these property items vary from place to place. There are a number of parameters on which the costs depend. Among the important factors that determine the cost of a flat, apartment in a city is included the positions of the flat with respect to infrastructures like roads, railways, airways.
The property values vary across cities
In India, there is a huge difference between the statuses of some cities. This implies that they are of varying standards. And as a consequence the property values in different cities are not the same. For instance, in Mumbai city, the cost of living is significantly high as compared to Calcutta. So if you are looking for property related items in areas like Bandra, Dadar, Churchgate, Borivilli, Goregaon, Santa Cruz, Andheri then you have to shell out quite a lot of money.
Living standard in posh areas of Mumbai is high
The cost of a 1 BHK flat in Bandra is around 80 lakhs or more. And with the increase in the size of the property, the value of it gets enhanced. Therefore, if you are looking to buy 2 BHK or 3 BHK flats in posh areas of Bandra, Dadar then you need to be really rich. Multinational companies have their offices in Mumbai. The city has IT parks recruiting people from all across India. Therefore, it is natural for high paid professionals of MNCs to look for property items close to their offices.
Affluent people in the city as well as those coming from other parts of the country attach preference to purchase houses in posh localities. But it depends all on the availability. Sometimes, the real estate developers engaged in building residential complexes ask their customers to wait till the completion of the development work. There are situations, when the buyers purchase property items from real estate owners at a mutually agreeable price.
Use of modern technology reduced risks of accidents
There was a time when the developers used outdated technologies for building and developing purposes. This often led to the occurrence of accidents, leading to casualties. But in recent times, things have changed to some extent. Nowadays, improved technology and building materials are used for construction purposes. The builders are also acclaimed and posses requisite credentials to embark on important construction projects. The property dealers make significant income by selling the flats, apartments, commercial complexes at inflated prices.
Super-rich invest huge on luxurious apartments, villas
However, people who are super-rich, that includes business-men, corporate honchos like CEOs, other high paid professionals spend significant amount of their income in purchasing luxurious , well furnished apartments, villas. The cost of such items runs into crores of rupees. While doing the purchase, these people emphasize on buying property items that are close to their work spaces.