[INDIA REAL ESTATE NEWS] Good morning, everyone. I’m Shubham Pundir staff of Kamagroup Pvt. Ltd. Here I have important INDIA REAL ESTATE news to share with you which is as under mentioned.|
Unable to afford property in the city they live in or fed up with the slow appreciation in prices, many are choosing to invest in real estate away from home, not always with happy consequences.
Take the instance of Mumbai and Pune. As Kishor Pate, Chairman and Managing Director of Amit Enterprises Housing explains, “Property prices have remained flat in Mumbai over the last three years, whereas in neighbouring Pune, prices have grown by 15 to 18% in emerging areas and rental demand is also very high.” This has led to avid buyer interest.
However, unfamiliarity with another city’s real estate market can be a drawback as Mumbai resident and IT professional Vinayak Gawade realised two years ago. Thirty one year-old Gawade invested in an under-construction property in Pune, hoping to earn rental income from it. He paid Rs 25 lakh and the developer promised possession by June 2016. However, what Gawade did not know at that point was that the project had stalled over a land dispute. He depended on recommendation of friends and relatives when investing, and that was clearly not enough. He now visits Pune every now and then to check on progress of construction, an expense and effort he had not foreseen. “The risk of investing in another city has not paid off. Construction is still on as the builder got all the clearances only last year,” he says. Not only is he not earning anything from the property, he is servicing a housing loan EMI of Rs 8,000.
Read more at: https://economictimes.indiatimes.com/wealth/real-estate/rely-on-experts-if-buying-real-estate-in-another-city/articleshow/54865485.cms
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