This is the first article of its kind to highlight the top 20 best buy options for buying a house in the country.
In the run-up to the recent Indian financial crisis, the country saw a surge in real estate speculation, particularly with the launch of new real estate markets, with prices of luxury properties surging.
The number of real estate listings across the country soared, with a record 4,000,000 listings in the last 12 months.
The country has witnessed a steady rise in real-estate prices over the last two decades, reaching a peak in the year 2000, when it was selling for an average of Rs 1,4,000 per square metre.
In a time of uncertainty, there has been an increased demand for luxury houses.
The price of a house is not only determined by the market but also the quality of the property itself, says Anupriya Singh, a partner at consultancy firm, MLCI.
The top real estate buy options include:A house with a market value of Rs 5 crore.
A house with market value less than Rs 5 lakh.
A single-family house valued at less than 1 lakh.
A single-story duplex with a value of less than 2.5 lakh.
An apartment house with an average market value between Rs 4 crore and Rs 10 crore.
A duplex of five bedrooms and 10 bathrooms.
A multi-storey apartment house worth Rs 15 crore.
An entire property worth Rs 50 crore or more.
Singh said these properties are not cheap, and there is a big difference between the average price of these properties and the real estate market in India.
“They can be considered as luxury properties in that the quality is very good, but they do not come cheap, at least not in the way the buyers think.
They can be quite expensive,” she said.
Singhu said that for a buyer looking to buy in a country where the average home is worth Rs 5,000 crore, it may be more sensible to invest in a multi-story house in Mumbai, for instance, which has an average value of around Rs 8 lakh, and buy a duplex in Mumbai.
Singhan said a multi floor apartment with a price tag of Rs 20 crore is one of the cheapest options, as it has a very good reputation in Mumbai’s urban area.
“The average price per square foot is about Rs 1 crore, and that is a lot less than the market value, so a multi level apartment will be the way to go,” she added.
Anupriy Kumar Bhattacharya, president, Land Bank of India, said that it is important to realise that there are multiple factors that influence the price of real-life properties in the market.
“The first is the location of the house, with Mumbai being the most expensive in the city.
The second is the quality, such as the quality and the layout of the space,” he said.
Bhattachary said there are a variety of factors that affect a buyer’s decision on a house, and they should also take into account the condition of the properties.
“We recommend the buyers to consider the quality as well as the location, but the last one is also important, he said, adding that buyers should consider the condition and the overall character of the place.”
Real-estate agents and builders also have a responsibility to ensure the property is suitable for the buyer and not the seller,” he added.