Buying a house is a significant milestone in one’s life, but it’s crucial to approach it with a well-thought-out Home Buying Strategy to avoid impulsive decisions. Whether you’re a first-time homebuyer or considering buying a new home, having a structured plan can make the process smoother and more rewarding.
Set Clear Goals: Start by defining your requirements and preferences for a new home. Consider factors like location, size, amenities, budget, and future growth prospects.
Financial Readiness: Assess your financial situation realistically. Calculate your budget, including down payment, monthly mortgage payments, taxes, insurance, and maintenance costs.
Research and Comparison: Researching and comparing different neighbourhoods and properties is crucial in formulating an effective home buying strategy. By exploring market trends and pricing variations across various areas, you gain valuable insights into the real estate landscape. Comparing features, prices, and benefits of different properties enables you to make informed decisions based on your preferences, budget, and long-term goals. Whether you prioritise location, amenities, or investment potential, thorough research and comparison help optimise your home buying experience.
Home Building vs. Purchasing: When considering the choice between building a new home or purchasing an existing one, it’s essential to weigh the pros and cons carefully. Building a new home offers customization options tailored to your preferences but requires time and potentially higher costs. On the other hand, buying an existing home provides immediate occupancy and known costs but may involve compromises on customization. Evaluating factors such as timeframes, costs, resale value, and personal preferences helps determine which option aligns best with your needs and priorities.
Consult Experts: Seek advice from real estate agents, financial advisors, and legal professionals. They can provide valuable insights and guidance throughout the home purchasing process.
Visit a Constructions Specialist: Bhavya Constructions is renowned for its quality homes and transparent dealings. Visit their projects to explore options that align with your preferences and budget.
Pre-Approval and Documentation: Get pre-approved for a mortgage to strengthen your bargaining position. Ensure all necessary documents are in order to avoid delays or complications.
Negotiate Wisely: Negotiate the price, terms, and conditions with the seller or developer. Don’t rush into deciding in a hurry; take time to review offers and counteroffers carefully.
Home Inspection: Prioritise a thorough home inspection to uncover any potential issues or repairs needed to avoid future challenges.
Finalise the Deal: Once satisfied with all aspects, finalise the deal, sign contracts, and complete the necessary paperwork. Ensure all agreements are clear and legally binding.
A well-planned Home Buying Strategy is essential to navigate the complexities of owning a house successfully. By following these steps and seeking guidance from experts like Bhavya Constructions.
As India is continuing to witness a real estate boom, the construction sector is growing at an accelerated rate of 7-8% annually, making it one of the fastest growing construction markets in the world. The rising demand for both residential and commercial developments, along with new government regulations that work in favour of buyers, has put increasing pressure on builders to deliver world class construction at a faster pace. In order to satisfy the rising demand, developers are adopting new materials, techniques and innovative technologies to escalate productivity and efficiency in order to complete projects in faster turnaround times.
Some of the modern construction methods and practices that are gaining acceptability amongst prominent builders in the country include:
Prefabricated / Offsite Construction
This is the practice of assembling a variety of components of a structure at a manufacturing site and transporting them to the jobsite to be assembled and permanently installed. Advantages of plant based construction methods include faster construction cycle times, higher quality output, reduced waste and increased safety of workers.
This method is actively being used by the Indian government as part of its affordable housing plan, for example, over 3000 multi-storey flats being built at Agartala, Lucknow and Rajkot have their assembly plants in Indore, Bhopal, Bhilai and Pune. Similarly, for another 1,024 flats under construction in Indore, the work is being carried out offsite in factories in Nagpur, Pune, Hyderabad and Bhilai.
Pre-cast Concrete System Technology
This durable and versatile technology from the US and Finland is being adopted increasingly by Indian construction majors as well as the government. The technology enables precast concrete elements such as roof slabs, beams, columns, wall panels, partition walls, facades and staircases to be produced under strict quality control measures in state of the art factories by highly trained personnel. These elements are then erected on the construction site with the help of the cranes and joined together as per the design specifications.
This construction system offers multiple benefits; it is highly cost effective, much faster – 1/3rd less delivery time than traditional methods – and less labour intensive.
Building Information Modelling or BIM
An example of how technology is transforming India’s construction sector is the increasing use of Building Information Modelling (BIM). BIM is a process for creating and managing information on a construction project across the entire project lifecycle from the initial design all the way through to construction, maintenance and de-commissioning. As part of this process, digital representations of every aspect of the built asset are developed. These typically include detailed 3D models as well as associated data such as product, execution and handover information which is assembled collaboratively and updated throughout the project. The major benefit of using BIM is the fact that it facilitates real time collaboration, allowing teams, plans, and data to flow and connect during all phases of a project resulting in better overall coordination and outcomes.
Despite imminent fears of a post Coronavirus “slow down”, India’s property market, both residential and commercial, continues to flourish. Positive factors, such as the lowest interest rates experienced in the last decade and other incentives such as a reduction in stamp duty, have motivated homebuyers to purchase their dream homes. Long periods stuck indoors and a sharp decline in social activities as a result of Covid restrictions, have altered buying preferences in favour of larger spaces, green surroundings and modern amenities, placing purchase power firmly in the hands of potential buyers. The commercial sector is equally experiencing heighted investment interest, as the increased dependence on technology has led to the emergence of a growing number of IT and start-up companies with massive demand for office space.
Amidst this favourable outlook, India’s ‘Lion City’, roars “opportunity” to potential buyers with a healthy investment appetite. Our ‘King of India’s Jungle’, Hyderabad, is one of the fastest growing cities in the country and topmost real estate markets in Asia Pacific. It is also considered to be amongst the best cities to live in terms of quality of life and affordability. In addition, it has become a hub for pharmaceutical and life science with many leading companies such as Hetero, Aurobindo Pharma, Divi’s Lab and Dr Reddy’s having recently purchased acres of land in the city.
So, whether you are a local or NRI looking to invest in property, here are a few reasons why Hyderabad is a good option to consider.
1. A Great Place to Live In
Many people see Hyderabad as one of the best cities in India to live in; it is packed with opportunities, has a vibrant and diverse economy as well as a dynamic and multicultural population. Living standards are high, with the infrastructure, facilities and comforts matching international standards. This is evident in the fact that the city has bagged top position in Mercer’s Quality of Living Survey-2019, for the fifth time round.
2. A Well-Developed and Well Connected City
Hyderabad’s infrastructure is improving every day as the Telangana government is firmly committed to making it a global city through development projects which include building roads, bridges, underpasses, civic amenities, housing etc. One such programme is the Strategic Road Development Plan (SRDP) which is scheduled to complete 15 major structures in 2022 at an estimated expenditure of Rs1550 crores. These initiatives, along with the revamping of the Outer Ring Road and the metro rail project, are aimed at enhancing connectivity and decreasing traffic congestion thereby making travel and commuting more convenient for the city’s residents.
3. Affordable
It goes without saying that it is much more affordable to buy property in Hyderabad than in other Indian cities. Moreover, buyers get more bang for their buck as the cheaper price of land enables developers to build more spacious and luxurious homes and offices. In addition, the cost of living is lower as compared to other metropolitan cities like Mumbai, Delhi, and Bangalore, allowing people to lead a more comfortable life and enjoy better facilities & amenities at the same cost.
