A word’s been going around that property prices in the city of Gurgaon have risen or are inflated. But, if we compare property prices of the year 2012-2013, residential prices have turned out to be reasonable and affordable for every citizen of India. Gurgaon, being a residential as well as a commercial hub of thousands of corporate offices of prominent brands, people have been witnessed to migrate for working here. To control the gradual increase in demand of property prices, several renowned real-estate developers MRG world, Signature has launched new affordable housing projects in Gurugram offering residents luxurious amenities.
So, here are a few factors that make your dream house affordable for you:
- Supply and DemandSupply and demand are essential factors that determine the adorability of a property. Houses and apartments become more reasonable or affordable if there is a decrease in the demand or supply of the developers. In a city such as Gurugram, there is always a scope of development, growth & expansion of infrastructure, employment opportunities, etc. Here, a decrease in the demand for affordable homes is very unlikely. To solve problems like there, several renowned real-estate developers have come up, for instance, MRG World provides affordable housing in Gurgaon. MRG World also guarantees that its developments are in a high demanding location with luxurious facilities and services.
- Increase in MortgagesThe decreasing rates of housing loans encourage buyers to improve their purchasing power and spend more on the house of their dreams. Less interest rate indicates lower payments of EMIs and therefore, less baggage on the buyer. In contrast, an increase in the interest rates also leads to a decrease in the affordability of homes for potential homebuyers or investors. Gradual fluctuations in the rate of mortgages affect both parties- namely the buyer and the seller. To increase opportunities for potential buyers and investors, sellers or perhaps developers must work towards making homes or properties more affordable.
- Natural DisastersDelhi-NCR and other areas of northern-India are highly prone to natural disasters such as an earthquake. These natural disasters hit without any kind of warning leaving behind a city of destruction. However, they might turn out to be less catastrophic than expected in the history of affordable homes in Gurugram. Also, a change in the weather and its patterns can affect home rates, and sometimes, these natural disasters end up destroying property. People perhaps also waver buying homes in places destroyed due to disaster.
- Assured SecurityPeople usually prefer places that ensure the security of themselves and their loved ones and therefore consider security as an essential need to stay. Therefore, safer locations worth more. Societies having amenities or facilities like gated security, CCTV cameras, etc. also increase the worth of your property.
- FloorsThe price of the property perhaps also depends on the worth of floor value. Depending on the affordable homes in Gurugram, apartments containing higher floors cost more than lower floors. If you’re buying a flat on top floors, you can always benefit from features such as sunlight, amazing view, fresh air, no hustle, etc.
- Phase and formThe worth of any property is determined by its time of existence. Nevertheless, the state of your property determines its value too. Properties maintained in good conditions boost up the value of it and cost as much as a new one does.
- LocationWhile purchasing affordable homes in Gurugram, people tend to estimate its worth by targeting its place of establishment. For instance, developments near expressway or transportation services cost more as compared to other edifices.
These are only some of the factors that affect your affordability of a house. Though while finalizing your home deals, look for the amenities given by the developer. Avoid buying an affordable housing in Gurgaon from a local builder having less experience, the house built by him may not suit adverse conditions. When you have so many renowned builders offering the best quality house at an affordable rate, it will be wise for you to choose it.