The localities around metro cities that were considered off-radar a decade ago have now groomed themselves into something even the posh postcodes envy. From Dwarka in Delhi to Whitefield in Bangalore, the far-off locations on the outskirts of main cities have proven to yield better. Because of their affordability and an improving infrastructure, these happen to be the most popular localities for property investment. However, just an affordable rate is not enough; you need to judge whether a locality is safe from investment point of view.
Let us talk about a few points that you, as an investor, have to keep in mind before investing in an upcoming locality.
Price appreciation will take time
Though an upcoming area can be affordable than its developed counterparts, you might have to wait for a long time for the prices to see a handsome appreciation. Since the physical and social infrastructure around the area would be in the initial stages of growth, the real estate sector will also go hand in hand. And as we know, there are several delays in the construction of roads on account of approvals and legalities. A full-fledged development takes time and so the value appreciations will also take time. The investors have to be patient.
The locality might not be habitable immediately
The location of your dream home might not be exactly how you pictured it. A shimmering skyline of sky-high towers complemented with wide roads and flyovers does not happen in a day. Even if your house is ready for possession, several other projects will still be under construction. So for sometime, the view from your building will actually consist of heavy construction vehicles and workers dressed in orange. You have to be prepared for that.
Construction hassles might be there
Not necessarily, but as a buyer you must be prepared for construction delays or other hassles. You investment is safe but a patience level has to be maintained to counter the delays in construction and other legal hassles. The developer might face some approval issues because of which the project may be delayed.
The biggest advantage these localities have over the more established ones is the affordability factor. You should not keep yourself from investing in an upcoming locality. There is huge opportunity in these locations in term of returns. A good quality basic infrastructure is all a locality needs. It is the catalyst of further development which leads to a great future of real estate in these upcoming localities.
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