When you’re trying to hop into the robust world of real estate in India, whether you’re interested in commercial or residential properties, there are a lot of things to keep track of. The industry is booming, but you need to know the ins and outs of what people expect if you’re an investor and what kinds of properties of which to steer clear. Not only that, but you’ll need to take into account exactly what you’ll be dealing with. Renting out property you own can be a trial if you don’t do it the right way, so make sure you read the following tips to keep fully abreast of the current real estate market in India.
- Investor or Homeowner?It can be a hard call to figure out whether you want to invest in real estate and rent it out to tenants, or to purchase a home for yourself. Comfortable homes built by companies like Unitech offer desirable amenities that development builders in Gurgaon are striving for. Depending on where you live now, you may decide you want to personally inhabit the properties you find. However, if you still want to invest and are satisfied with your own home, SiliconIndia suggests that investors consider renting out rooms to temporary tenants, such as students who come to attend school in the area. Therefore, even if one day you’d like to retire and live in the property you’re renting out, it’s important to remember that real estate holdings can always turn a profit. A property should never sit idle and collect dust, since in this day and age, it’s more valuable than ever.
- A Booming BusinessOne of the biggest business sectors in India right now is real estate. According to the Business Standard, India will need 76 million workers in the real estate industry by 2022. In other words, as one of the primary job creators in the country and an emerging industry that’s only just beginning to find its feet, there’s no better time to get into the game than now. There are thousands of Indians who will now demand a higher standard of living as they get older, as well as right now. If you have a comfortable flat that can properly accommodate your expectations, or even the expectations for your tenants, then you’re in the right business juncture to make a profit.
- Good for Kids and WorkersApart from the typical amenities you’ll find in many gated communities for homes, such as clubhouses, pools, and green spaces, there are also plenty of activities for children and adults alike in nearby cities. For example, The Times of India reports that there’s a huge selection of leisure activities for children in Gurgaon, including swimming, ice skating, martial arts, and other arts-related interests. If you’re interested in relocating or renting out a property in this region, there’s plenty of incentive for the parents of young children or even students to be interested in renting the home you purchase. Always remember that one of the best places to invest in residential property is anywhere that has universities, major corporations, or hubs of public transportation nearby. These are always perks for people who commute to their workplace, which is most people in India. Emphasizing access to these amenities will increase interest in any residential property in which you invest and try to rent out.
- It’s Time to Hop AboardNow is the time to join the real estate parade in India. In the midst of an older generation that has very different expectations than the current one, the future is most important. Although traditionally, something else might have been expected of young people, these days it’s all about luxury housing and where it’s located. Always bear in mind that wealth is frequently determined by a job and a certain level of income. Therefore, when you invest, make sure that your property is at least located near an institution of higher education. Although renting rooms to students can be taxing and sometimes seems like more of a headache than it’s worth, those same tenants may come back to you five years later as successful entrepreneurs or other people in a professional field, looking for safe housing. As long as you invest now, you’ll be ready.
Overall, there are basically a lot of great deals you can get on Indian real estate right now that you can’t find anywhere else in the world in desirable locations. India has a booming economy and a real estate industry to match, and it’s time to catch up with the times if you’re interested in becoming involved with this world. Whether you plan to buy and put up tenants, or for yourself, now’s the time to make a decision. All it takes is a little gumption and some savings to invest in a property in India, and given that the market can only continue to improve, it might be the wisest decision you’ll make all year.