Importance Of Location And How It Can Be Improved
New buyers often want to look for the ideal location but can’t seem to make the right choice. It has to fit within their budget along with fulfilling the other criterions as well. A location only becomes a good investment only due to the social factors, physical factors, and economic infrastructure. All these factors also influence the price of the location.
Things to Consider While Investing In a Location
You have to evaluate the property in the micro-market properly. The major question is whether the factors that affect the land directly are the things you should keep in mind or the investments or projects built on the land are more important. Both of these criterions need to be fulfilled. For example: in a city, the southern area is more populated as it comparatively better connected to all the major business areas in a city. Pranay Vakil who is the Chairman of the Praron Consultancy has spoken in favor of this theory. He reportedly said, “I agree that the physical infrastructure of some of these south locations is not up to its positioning, but I think it is only one aspect to evaluate a given property market and there are other equally relevant issues to be seen – like social infrastructure and distance to the workplace.” Ashutosh Limaye who is the head of the research and real-estate of intelligence service of JLL India said that is a psychological symptom when you announce to buy a house in these areas. He said that “Different cities are considering this occurrence. Exceptionally restricted new supply of residence in prime neighborhoods is the influencing reason of the rich looking out for new areas for contemporary luxury homes”. He believes that this phenomenon is happening and will continue for some time. But he also feels that there is a strong competition between the older areas and the newly developing areas and the new areas are attracting the attention of the rich.
New Investments in a Location
There have been several investments all over the country to increase the value of the land. One of them includes the decision taken up by the Development Authority of Bangalore. There is a major plan kept in store for the year 2031 is creating roads on the lake beds. Even though the decision was taken by keeping the benefit of the people in mind, the urban experts have other opinions. If there is no alteration in the plans, then the lakes have a severe chance of getting damaged, according to the reports of the urban experts. The draft master’s rough plan includes that four cities will have roads on the lake beds. The lakes, especially in the area of Doddabanalli, Chimmasandra, Kundallahali, Siddapura are more vulnerable to damage. However, the officers at the Development Authority of Bangalore have brushed away such concerns. They feel that it is only a rough sketch and they are accepting suggestions from the public as well as the adults to improve the plan. The suggestions will only be accepted until 23rd January. The experts are, however, angry as they feel that the BDA cannot commit such major blunders. They feel that there are several other such cases and these blunders are made to help the self- interested groups.
A Good Investment in Location
Several characteristics determine whether it is a good or bad investment when it comes to real estate. There are several large scales as well as small-scale factors. The large-scale factors include decent job trends. Whenever you decide to invest in a location, it is usually because you want to give to the tenants on rent. It is pretty obvious that these job trends influence the tenants as they are attracted to places where they can find good work and money. Jobs which are diversified also help to attract more customers. The other factor is population growth. Any place which has a high chance of population growth is termed as a good investment. The economic state also influences the investment on a piece of land. The price to rent ratio is another important factor. The value of the houses show is low. This is because you get higher returns from the rent that is charged to the tenants. Other factors influence investment in small scale. Emotions play a huge role as places which are close to parks, restaurants and many more such places get investors easily. You have to check the workability score of a place to decide whether to invest or not. A well-connected location with a decent public transportation system always helps. The rental laws also help you to determine whether you want to invest or not. So, investment in real estate is lucrative and must be done judiciously.
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