Property’s Age of Construction
The age of the building matters. Buyers prefer property built within the last 5 years. These have better wiring, plumbing, and structure.
Old homes can also sell well if they are well-maintained and clean. But if the society looks damaged, buyers will lose interest. Properties older than 25 years depreciate in value. For independent homes, land value becomes more significant than the structure itself.
Facilities Nearby Property
When buyers search for a property, they also consider what facilities are available nearby. These nearby services or places are referred to as amenities. Good amenities improve daily life and increase the property’s value. Here’s what matters:
- Shops and Daily Needs: Easy access to grocery stores, vegetable markets, ATMs, and pharmacies saves time and effort, especially for families and elderly residents.
- Hospitals and Clinics: In the event of an emergency, prompt assistance is crucial. If any reputable hospitals or clinics are within a 10- to 15-minute drive, it increases the property’s value.
- Schools and Education Centres: Families with children often look for properties near reputable CBSE or ICSE schools.
- Parks and Green Areas: Green areas, such as public parks, jogging tracks, or walking paths, appeal to both families and senior citizens.
- Restaurants and Food Outlets: Nearby food joints, sweet shops, bakeries, and medical stores are seen as added benefits by working professionals and tenants.
Infrastructure Near The Property
Infrastructure means the basic systems that support daily life in an area. This includes roads, drainage, public transport, and other services. Strong infrastructure makes a property more useful, liveable, and attractive to buyers. Let’s break it down:
- Road Quality and Width: Well-maintained roads improve travel and reduce damage to vehicles. This creates a good first impression.
- Drainage, Footpaths, and Streetlights: Proper drainage, clean footpaths, and functioning streetlights help buyers feel more secure and comfortable.
- Upcoming Roads and Expressways: New roads, flyovers, or expressways being built near a property increase its future value. Projects like the Dwarka Expressway in Delhi and the Outer Ring Road in Bengaluru have generated interest in nearby areas even before their completion.
- Local Services and Cleanliness: Basic services, such as garbage collection, public parking, and well-maintained surroundings, reflect the area’s effective management.
- Government Projects: Ongoing smart city programs, new railway stations, or development work by local authorities increase property value over time.
Property Developer’s Reputation
The reputation of the developer affects how buyers see the property. A well-known developer creates trust and confidence. Buyers feel more secure when the builder has a good track record. It also streamlines the sales process. Here’s how reputation makes an impact:
- Construction Quality: A trusted builder usually uses better materials and finishes. This means fewer repairs and longer-lasting walls, floors, and fittings. Good construction also reduces problems like cracks or water leakage over time.
- After-Sales Service and Maintenance: Builders who provide proper maintenance after handing over the project are preferred. If the society is kept clean and repairs are handled quickly, it reflects well on the builder’s management.
- Legal Transparency: Reputed builders possess clear land titles, RERA registration, and complete documentation. This makes loan approvals and ownership transfers easier.
- Society Image and Resident Feedback: Over time, people living in society share their experiences. If most residents are satisfied, the builder’s name gains a positive image. New buyers often seek out feedback before making a decision, so positive feedback helps facilitate a smooth resale process.
Property Connectivity
Connectivity refers to the ease with which people can travel to and from a property. Good transport links save time and make daily travel comfortable. Here is how it plays a crucial role:
- Public Transport Access: Properties near metro stations, bus stops, or railway stations are more attractive. Easy access to transport helps people reach schools, offices, or markets quickly. In cities like Delhi or Bengaluru, properties located near metro lines tend to sell faster.
- Airport and Railway Station Proximity: Some buyers travel often for work or family reasons. Homes with shorter travel time to airports or major railway stations are preferred. For example, areas like Shamshabad in Hyderabad and Dwarka in Delhi receive attention due to their proximity to airports.
- Main Road and Highway Connectivity: Being close to wide roads, flyovers, or ring roads reduces traffic problems. If a property has a direct link to office hubs or industrial areas, it becomes more useful for working people.
- Availability of Cabs and Autos: Having regular and easy access to taxis and auto-rickshaws is crucial. If cab drivers refuse to come to the area or autos are not available, it creates problems for daily travel.
- Future Transport Projects: If a new metro line or road project is being developed nearby, buyers view it as a future benefit. Even if current access is limited, the upcoming connectivity is expected to increase the area’s value over time.
Property Utility Access (Water, Electricity, Etc.)
Utilities are the essential services required for daily living in a home. These include water, electricity, gas, internet, and sewage systems. If these services are unavailable or irregular, buyers may reject the property. Here’s what makes a difference:
- Regular Water Supply: Buyers prefer properties with a 24/7 water supply from the municipal system. If the property relies solely on tankers or borewells, it may raise doubts.
- Uninterrupted Electricity: In many Indian cities, power cuts are still common. Buyers often ask if the area has regular electricity and whether backup systems, such as inverters or generators, are available.
- Proper Sewage and Drainage System: A well-maintained sewage line helps prevent bad smells and water overflow. Buyers check for blocked drains or dirty surroundings. Poor drainage systems lower the value of even well-designed properties.
- Gas Line Connection: Piped gas is considered a safe and clean energy source for cooking. In urban areas, buyers check if the flat has a working gas line or if the pipeline has been installed.
- Internet and Mobile Connectivity: Having good broadband and mobile signal strength is essential, especially for those who work from home. Areas with strong fibre internet options, such as Airtel, Jio, or ACT, are more preferred.
Property Parking Availability
Parking space is a key concern for most property buyers, particularly in urban areas. With more people owning vehicles, having proper parking is no longer a luxury; it is a basic necessity. A property with safe and legal parking has better chances of selling quickly. Here’s what matters when it comes to parking:
- Dedicated Parking Spot: Properties with a fixed parking space, either covered or open, are preferred. In gated communities, assigned parking for each flat ensures safety and order. Covered or basement parking also protects vehicles from weather damage.
- Legal Clarity on Parking: According to Indian law, builders are not permitted to sell open parking spaces separately. Still, in some cases, the rules are not followed clearly. Buyers today request proper documents, such as builder allotment letters, RERA layouts, or Society No Objection Certificates (NOCs), to confirm parking rights.
- Guest and Visitor Parking: Some apartments do not have enough space for visitors’ vehicles. This causes inconvenience during family visits or functions. A property with clearly marked visitor parking is seen as better planned and more family-friendly.
- Two-Wheeler Parking: In many cities, scooters and motorcycles are still used more than cars. A lack of proper two-wheeler parking creates congestion and damages the appearance of society. Buyers expect a separate and safe space for parking bikes.
Property Documentation Readiness
Before buying a property, most buyers carefully check the legal documents. Even if the property appears perfect, buyers may walk away if papers are missing or unclear. Proper paperwork builds trust and helps in getting home loans or completing the sale on time. Here’s what buyers want to see:
- Clear Title Deed: This document confirms ownership of the property. It must be in the seller’s name and free from any legal dispute. Without a clear title deed, buyers and lenders will not proceed with the deal.
- Encumbrance Certificate (EC): The EC indicates whether the property has any outstanding loans, mortgages, or legal claims. A clean EC indicates that the property is free from any debt and can be sold safely.
- Approved Building Plan: This plan is approved by the local authority. It demonstrates that the construction adheres to official rules. Unapproved changes or unauthorised additions to this plan can create legal issues and delay the sale.
- Occupancy Certificate (OC) and Possession Certificate: The OC confirms that the building is complete and safe for occupancy. The Possession Certificate is issued upon the property being handed over. Both are needed for home loans and registration.
- Society NOC or Share Certificate: In apartments or cooperative societies, these documents indicate that the society has agreed to transfer ownership to the individual. Without them, buyers cannot take legal control of the property.
- Original Sale Agreement: This document outlines the details of the initial sale between the builder and the first buyer. It helps buyers check the agreed price, built-up area, and terms of sale.
- Property Tax Receipts and Utility Bills: Up-to-date tax and bill payments show that the property is well-maintained. If dues are pending, buyers may perceive the seller as careless or hiding issues.
Property Time On Market
The time a property stays listed for sale is important. If it remains unsold for too long, buyers start to question its value. Even a well-maintained home can lose value if it remains on the market for an extended period without receiving any offers. Here is how time on market influences resale potential:
- Drop in Buyer Interest: If a property remains unsold for more than 90 days, buyers may suspect something is wrong. They may assume the price is too high, or that there are legal or structural problems.
- Lower Offers from Buyers: When buyers feel a seller is in a hurry, they often start with lower offers. This reduces the seller’s power to negotiate. The final price may ultimately be less than the property’s actual worth.
- Old Listings Rank Lower Online: Most real estate platforms prioritise new listings. Older ones slowly move down the list. If the property is not updated or refreshed regularly, fewer people will be able to see it online.
