They used to say that the three most important things in real estate are location, location and location. Now, a bit wiser than before, analysts are grudgingly accepting the ground reality that the three most important things in real estate are location, quality and the brand.

If you find it hard to believe, just go to any prominent location across the Mumbai Metropolitan region. Be it Powai, Thane or Mulund, you will find that certain projects command a premium over the others at every stage. From the initial pre-launch or 'soft' launch to the stages of construction and at the time of handing over possession, the difference tends to be at least 20-25%.

There are those who try to save money at this stage, reasoning that the location is everything when it comes to determining future pricing. They learn the hard way, that contrary to expectations, all projects in the same 'prime' area do not command an equal pricing five years down the line.

It is the aspects like the quality and facilities of a project as well as the developer's brand image that dictate the type of return on investment it will provide in the future.

Basic parameters

Did you know that something as basic as washing the sand used in construction can make a difference to how your building will look in future? These are the 'simple' yet time-consuming steps that a reputed developer will ensure and a fly-by-night operator mostly tends to skip. The difference between the two structures becomes evident when plaster starts peeling off and signs of leakage begin to show in the inferior quality structure. It is not as if washing the sand entails a lot of money. Just that it adds to the time required.

Attitude matters

A reputed developer cares about those who will inhabit the flats and create homes that will last them for years. A 'shortcut' developer wants to build quickly, sell quickly and leave before you realise how much he has compromised on the quality. Whatever you save initially by purchasing in a 'cheaper' project will soon have to be shelled out towards repairs and restoration costs. In fact, it becomes a recurring account as every three-to four years, some problem or the other keeps cropping up again and again.

Resale proposition

If you were visiting a prospective new home in a ready-possession building, which would you prefer? One with a building interior that looks nice and fresh even after so many years or one with damp patches and huge gaps where the plaster has fallen off in chunks? A project where one can see a steady demand for the resale flats or where you find the residents of neighbouring flats offering a lower rate in their desperation to move on?

Space management

The question is not always about how much space the builder provides for the amount paid as it is about how well it has been designed. Reputed developers interact with the best architects from India and often abroad as well. This ensures maximum utilisation of space and also enables you to do more with the available area as there are no 'wasted' spaces. Concepts like open plan kitchens, niche areas for entertaining, study, suddenly become possible and enhance the quality of life that you and your family will enjoy.

Redevelopment mantra

The developer who redevelops your existing building also makes a big difference to the valuation it will have in the new avatar. A reputed brand will ensure that the new building will be high profile and a landmark of sorts. That ensures a 'premium' tag and if in future, you decide to move to a different city, the price your home in the redeveloped building will be considerably higher than if it would have been rebuilt by a low-profile builder or a contractor.


- by Vijay Pandya

Source :- DNA Property