Here’s how you should navigate the luxury real estate market
The luxury real estate market in India has experienced an unprecedented surge in demand, even surpassing the available supply in many cities.
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The luxury real estate market in India has experienced an unprecedented surge in demand, even surpassing the available supply in many cities.
This surge in demand is not limited to the primary market; even the secondary market is witnessing a scarcity of luxury and high-end properties across Delhi, Mumbai and Bengaluru. Delhi has seen significant transactions involving land and bungalows in prestigious areas like the Lutyens' area and the southern parts of the city.
The demand for luxury floors has also seen a notable increase. With limited ready-to-move-in properties entering the market, prices in many pockets have seen a substantial surge of 30-40 percent over the past three years.
As a luxury homebuyer, it is important to have a clear understanding of your specific needs and preferences. Determine the type of property, desired location, amenities and other essential features that align with your requirements. Creating a list of non-negotiable features and amenities can help you identify properties that closely match your wish list.
When you come across a property that fulfils your wish list and meets your expectations, prompt action is essential. In a market where desirable properties are snapped up, the adage ‘he who hesitates is lost’ applies.
Before finalising a purchase, thorough research is vital. Assess the market value of the property, review its legal status and identify any potential issues. Engaging professional services, such as property inspectors and lawyers, ensures a smooth and secure transaction.
Additionally, it is important to have your finances in order and secure necessary financing well in advance. This financial preparedness enables you to act swiftly when the right property becomes available.