If you go by the noise in the market, it seems all the big guys want you to buy their flats for which they are asking ridiculous prices ( they swear that the prices will only continue to rise). Or maybe you are asked to buy a flat or a villa only 70 km from Bangalore, in the middle of nowhere... This will be a part of the city in 2030, you see...
What choices do you have?
I see the following three:
· Old property vs New Property?
· Central city vs Flourishing Suburbs?
· Flat vs Villa?
Old vs New- I would go for new. Typically, existing properties, the used property market, is already at the peak of its price- they tend to be inside the city, read expensive , already have a community around them, and very little scope for further development. Also the transaction costs and taxes are higher. Finally, there is this question of coughing upto 50% as “black” money- which tends to be an issue for professionals. So I personally would go for a new property over a used one.
Centre vs Suburb- I would go for suburbs. Did you know that more than ½ the lodges in the Majestic area are up for sale? Land Prices on outer ring road have gone up much faster than prices in brigade road. You see, you get the benefit and upside of the formation of community and development in less developed areas, whereas, in the centre of the city, these are already factored in.
Flat vs Villa- I would go for villa- after all,I want to own the land on which my house is built, and also own the airspace above my house, not to mention the freedom of owning all the walls and the roof and the floors, without someone from my left, right, front or back or above or below coming and telling me what to do and what not to do. Finally, if i want to build a couple of floors more later, who’s to stop me? Hence a villa, every time!
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