What are the factors that determine the property rate? Everyone yearns to buy a property- be it for their use or investment purpose. There is so much construction happening everywhere and we notice that some places are in our budget and some look far beyond our budget. Ever thought what is the reason behind this, and what are the factors that determine the property rates? Here are the 5 main factors that determine the property rates in any area-
1. Property Location
The prime consideration for rates of any property is its location. The worth of the land is determined by its locality and surroundings. A project that is constructed right in the middle of the city with all markets and the bus/train station, the airport, or other social infrastructures at a feasible distance, will definitely be costlier than any other project located at some distant location in the city. Thus, we can say that it is common for real estate developers, agents, or brokers to quote a higher rate for properties (both residential and commercial) in a well-developed community, society against those that are under development or less popular.
2. Good Infrastructure and Better Connectivity
Infrastructural development is one of the most important factors that determine the value and cost of a property in India. The presence of markets, malls, schools, airports, bus stations, railway stations, and other important social infrastructures is an important factor that influences the price of the property or value escalation.
Clearly, infrastructures play an important role but, when we talk about the infrastructure it is important to also notice the proximity (connectivity) of the property to these infrastructures. The cost of the property will vary in accordance with its proximity factor.
3. Area Size
The square feet area of the house will determine the property price. The bigger the property, the higher the rates, as easy as it gets. The developers come up with various carpet area size options so the customers can choose the area and thus get the home fit into their budget.
4. Building Construction
The quality of construction material and raw material used in the construction of the project is a major factor in deciding its price. The frame structure, internal and external wall construction, tiles used in construction, material of the doors, type of paint being used are some of the determinants that vary the raw material cost in any project. However, while many consumers might not actually know which of the materials are good, many real estate developers take time to explain the raw materials they use thus, giving an advantage to the common man to analyze them at their end.
The number of amenities in the project (especially residential projects) also determine the property price. If any project has amenities like a clubhouse, gymnasium, swimming pool, etc., the price of the property goes higher. The building and the maintenance cost are all included in the property price.
Before you buy a property, make sure you have analyzed all the factors well so that you make the right choice. Buy a property with Namrata Group and be assured of getting the best homes at the best property rates.
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