Experts said by exploring different areas and keeping an open mind about the location, you may discover a more affordable luxury home that aligns with your budget.
New Delhi: Buying a house becomes a dream for some as it looks quite pricey in major cities. However, owning a property should not remain a distant dream anymore. With strategic planning, financial prudence, and a touch of creativity, it is possible to turn this dream into a reality. In this article, we have talked to a few experts who have explored smart and innovative ways for new home buyers to buy property even at low budget.
Explore Different Locations
Talking to India.com, Rishabh Siroya, Founder of Siroya Corp, said if home buyers are looking to purchase a luxury home within an affordable budget, then they should explore different locations as it can be a strategic move to maximize their budget.
“While some urban neighbourhoods might be well-known for luxury properties, expanding your search to suburbs or less trendy areas can reveal hidden gems that offer better value for your investment. Consider factors beyond the property itself, such as commute times to work, access to public transportation, and the overall potential of the local area,” he said.
Rishabh Siroya also added that rapidly developing neighborhoods or those with planned infrastructure improvements can provide excellent opportunities for future property appreciation.
“By exploring different areas and keeping an open mind about the location, you may discover a more affordable luxury home that aligns with your budget and offers long-term growth potential, making your investment both financially sound and personally satisfying,” he added.
Investigate Alternate Funding Options
Another bug factor that home buyers must look into it while buying luxury house in less budget is to investigate different financing options to make the buying process more manageable and aligned with your financial circumstances.
Rishabh Siroya suggested that the home buyers must consider options like builder subvention schemes, where you can pay the equated monthly installment (EMI) from the possession date, allowing you to accumulate funds before committing to full payments.
“Developers may also offer partial payment plans, which enable you to pay for the property in installments, rather than a lump sum upfront,” he added.
Look For Locations Near Metro
Anoop Bhargava, CEO and Director of Empire Centrum, said high-net-worth individuals and upper-middle-class families often seek upscale living options. However, the cost of acquiring luxury homes in these cities have exponentially risen.
He said the peripheries of metro cities are often the focus of infrastructure development, such as improved road connectivity, metro rail extensions, and commercial hubs.
“These developments become an attraction for luxury home buyers in peripheries. Compared to prime city center locations, peripheries typically offer lower land acquisition costs,” he said.
Sayin that investing in the peripheries of metro cities for luxury real estate can be a viable strategy, he said it should be approached with caution and a deep understanding of the local market dynamics.
Look For Creative Financing Options
Anoop Bhargava said creative financing options in the Indian real estate sector include partnering with a real estate expert for sharing — both risks and rewards.
“Real estate crowdfunding platforms allow multiple investors to pool their funds for specific real estate projects. This can be a way for individuals to invest in real estate with a relatively small amount of capital. Lease financing involves leasing a property with an option to purchase it at a later date. This can be an attractive option for businesses looking to acquire real estate without a substantial upfront investment,” he said.
Seek Funding From Private Equity Investors
He said seeking funding from private equity investors or real estate investment trusts (REITs) can provide a substantial source of capital for real estate projects.
“Businesses that own real estate assets can sell them to investors and then lease the properties back. This can free up capital for other business operations,” he added.