Buying a home is an important decision in the life of an individual. Therefore, it is important that most important factors be considered. Right from the safety of the neighborhood to the connectivity of the road, every little detail affects the pricing of a locality and property. It might be confusing for a potential buyer to understand the vastly drastic price points of various locales and projects in Pune. For example, why is a Township Project in Baner more expensive than an apartment in Kharadi? This post should help clear most doubts.
Factors Influencing Property Valuation
Here are five factors that influence the property pricing in a particular locale.
1. The Property - The amenities offered by your builder and the ones available around the property influence the cost of the apartments in that property. The better the property, the more the takers. Therefore, the value increases.
2. Infrastructure Development - Details of infrastructure development are not just aspects that adorn property brochures. It is of utmost importance because when you live here, the smallest detail will matter. Something as small and insignificant as unavailability of helpers can prove to be an inconvenient and expensive affair. The buyer will take this into consideration, and hence, homes around infrastructure development will be priced higher. For example, proximity to schools, malls, and highways will increase the price of the house.
3. Land Availability - Areas that are already populated generally feature better connectivity and amenities. Therefore, the prices in these areas are on the higher side. They also feature some amount of stagnation in terms of growth as well. They will not grow at the same speed as an area that is in the development stage.
4. Disposable Income - The disposable income of the people around that area will affect the valuation of the properties. The higher the disposable income, the higher will be the prices.
5. Commercial Development - Every area sees some growth in terms of commercial activities. This is either the result of residential property growth, or it serves to drive growth of residential properties. One way or another, residential and commercial growth is interdependent to a great extent.
All the above-mentioned factors drive the pricing of a particular property or locality. This should help you in understanding residential properties in terms of convenience of living as well as monetary growth.
Factors Influencing Property Valuation
Here are five factors that influence the property pricing in a particular locale.
1. The Property - The amenities offered by your builder and the ones available around the property influence the cost of the apartments in that property. The better the property, the more the takers. Therefore, the value increases.
2. Infrastructure Development - Details of infrastructure development are not just aspects that adorn property brochures. It is of utmost importance because when you live here, the smallest detail will matter. Something as small and insignificant as unavailability of helpers can prove to be an inconvenient and expensive affair. The buyer will take this into consideration, and hence, homes around infrastructure development will be priced higher. For example, proximity to schools, malls, and highways will increase the price of the house.
3. Land Availability - Areas that are already populated generally feature better connectivity and amenities. Therefore, the prices in these areas are on the higher side. They also feature some amount of stagnation in terms of growth as well. They will not grow at the same speed as an area that is in the development stage.
4. Disposable Income - The disposable income of the people around that area will affect the valuation of the properties. The higher the disposable income, the higher will be the prices.
5. Commercial Development - Every area sees some growth in terms of commercial activities. This is either the result of residential property growth, or it serves to drive growth of residential properties. One way or another, residential and commercial growth is interdependent to a great extent.
All the above-mentioned factors drive the pricing of a particular property or locality. This should help you in understanding residential properties in terms of convenience of living as well as monetary growth.
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