Planning to buy a new luxury home? Knowing these key points will make your life less stressful
India’s residential real estate market continues to grow at a rapid pace driven by new property launches, attractive pricing, and strong consumer demand. As per the JLL report in Q2 of 2023, there were 64,500 residential units sold, which is a growth of approximately 4% compared to the previous quarter. Residential sales have consistently reached new highs each consecutive quarter over the last year. Sales in Q2 of 2023 exceeded the previous historical high of Q1 of 2023, making it the highest quarterly sales since 2008.
To cater to people’s desire for a higher quality of life, builders are now concentrating on constructing larger and well-equipped homes. In the first half of 2023, new premium apartment projects increased by 61% compared to the previous year, and mid-level apartments went up by 7%.
It’s no secret that the demand for luxury housing has been on the rise, and here are some things you should know before investing in any luxury property:
The objective of the property: Having a clear idea of what you want to do with the property, whether you want to live there permanently or rent it out to make a living, will go a long way in helping you choose the right property for you. It all depends on your goal of buying the property.
Budget Realism: Determine your budget realistically. Calculate not only the purchase price but also the associated costs, including registration, stamp duty, maintenance, and property tax. Avoid stretching your finances too thin.
Also Read: Salaried employees can save tax after selling ESOPs in open market. Here’s how
RERA registration: Verifying whether the property you’re looking to buy is registered with the Real Estate Regulation Authority (RERA) is a fundamental step. This
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