Affordable housing is a buzzword in Indian real estate industry nowadays. After the government has given affordable homes infrastructure status and shared the goal of ‘Housing for All by 2022” number of projects launched in this category has increased tremendously. Every second builder is launching residential complexes calling them affordable projects.
Some cities like Noida have seen more increase in number of projects launched in this category. Though Luxury project in Noida are also in demand, still demand for affordable homes is higher. The city has high migrated population living here for job and look for low priced homes which they can buy from their small income.
However, buying a low priced also has its own risks. Being a buyer of an affordable home, you should pay attention to these factors.
Titles and bank loan: How will you feel if you get to know that the home in which you are living has been made on an illegal land? None of us would want to get this shock in life. To avoid any such situation in life, ensure titles and property papers in advance.
Reputation of the builder: Builders in Noida are infamous for cheating homebuyers and delaying projects for years. There are many fake builders who promote a project, collect money from interested buyers and then get vanished in thin air. So make sure you book an apartment only with a reputed builder.
Location: Most of the affordable projects are launched in far flung areas in city’s outskirts. The reason behind this is availability of land at cheap prices. Though there is no harm in living in apartments developed in city’s outskirts, but there is always a risk of neighborhood in these areas. So make sure you verify about it in advance.
Connectivity: Be these are the roads leading to the project or availability of public transport, you should check everything. If the area doesn’t have own bus stop, confirm about the distance of other bus stop from your residential complex.
Amenities and maintenance cost: Although you cannot compare amenities of Affordable project in Noida with mainstream projects, you can expect some basic facilities like security, parking, power supply and water supply. Further, you should also ask about maintenance cost in advance as sometimes builders keep booking amount low to lure buyers and then extort a lot of money at the name of maintenance charges.
While purchasing a home, you shouldn’t just look at the price; rather, you should pay attention to the factors that affect quality of your life. Even if you are investing in a reasonably priced home, you have complete right to get comfortable life.