You don’t have to be an Einstein to know that the Indian economy is going through a period of unprecedented growth. Quite unimaginable till a few years ago, India’s growth story today is real, sustainable, and hopefully, for long. The most significant indicators of this euphoria are the positive changes taking place in the real estate sector.

Let’s look at the profile — both demographic and geographic— of a typical house owner. The ownership age has come down drastically by almost a decade with the average house owner now being 35 years. Likewise, the geographic change is also significant. House owners today are spreading their wings wide and are willing to buy property in any part of the country provided the deal is a ‘steal’! Moreover, property isn’t just a commercial decision; it is driven by vanity and pride as well.

But beware. These conditions are also a hotbed for many unscrupulous elements to con naive buyers through a maze of unrealistic dreams. Advertisements, project launches, marketing gimmicks—the list is endless. Sometimes even the most prudent buyer is confused and takes a loan that would erode 30-40% of his monthly income for half his working life.

Before setting out to buy that dream house it would be wise to fix your budget within which you can play. Once this is done, you begin your search. Prudence is a virtue which if abandoned can wreck the realty dream fatally and finally. So what does being prudent mean? It means getting satisfactory answers to the following questions else the deal is off.

--> What is the background of the builder? These days they seem to be popping out of every nook and cranny.
--> Has the builder delivered in the past? Judge your builder by what he had built and not by what he proposes to build.
--> Has the land been acquired? Through ‘pre-launch’ projects many deceitful companies collect huge amounts of money from unsuspecting buyers, even before they acquire the promised land.
--> Who are the promoters? Do your own homework and find out who the promoters are. Golden rule: Trust your instincts.
--> How is the builder perceived amongst the real estate fraternity?

What is the location of the property?
• Distance from place of work
• Network of schools.
• Availability of public transport like a metro connection.
• Health infrastructure.
• Availability of shopping.
• Supply of essential utilities like supply of water, electricity, sewage connection etc.
• Connectivity to arterial city roads, street planning, parking and children’s play areas.

One should give each of these questions weightage according to one’s needs. It is always good to remember that even in boom times there are no shortcuts to success.
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  • Very good information from buyers point of view...keep shareing
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