08 August, 2023
4 mins read
When searching for a house for residential or property investment purposes, it is easy to get blindsided by focusing too much on the interiors, size, and overall structure. While these things are important in any home, one must remember that one can always achieve them through renovation or installation after buying the house.
While buyers are busy focusing on the interiors, they can often overlook the importance of the exteriors, especially the house location. But homebuyers need to remember that location makes up more than half of the living experience and is essential for safety, security, and satisfaction levels.
Read on to learn why location is a core factor in successful property investment and what other components one should seek at the time of real estate investing or purchasing.
Buyers looking to buy a property with the aim of property investment or residential purposes need to focus more on the house location. More than the interior structure and design of the house itself, many renters, tenants, or owners look for how developed and safe the neighbouring area is.
Location determines both - the cost of rent and the cost of resale. For instance, if a buyer is searching for the best place to live in Mumbai, realtors will often show them around, depending on the location. And it is often implied that the posher the location, the more expensive the house.
To explain by example, even a first-time home buyer will know that the rate of a home will differ in a low-income area like Dharavi and the best location in Mumbai, say Bandra or South Mumbai. One can establish then that the better equipped and developed a neighbourhood, the more rental and resale value it will have.
But what factors make up the best area to live in Mumbai or any other city, state, or location?
The degree of safety at a house location is one of the primary determinants of success. Unsafe neighbourhoods don't tend to sell many homes, as is common knowledge. The safety and security of the local population will determine how profitable a property investment is. Keeping that in mind, here are the factors one needs to consider at the time of property purchase:
Another indicator of successful property investment is the level of the surrounding social infrastructure. A home buyer’s ideal house location should have the best possible schools, colleges, malls, grocery stores, parks, banks, hospitals, medical centres, cafes, restaurants, and other social, recreational, and public infrastructure in its proximity.
If the home has world-class interiors but misses the basic amenities, it would be a struggle to reside there because of difficult accessibility to such social facilities. Because most of a homeowner’s day-to-day life involves engaging with the outside world in one way or the other, it is vital to pay attention to this.
The best area to live in Mumbai or another city must have immediate or close enough access to various commuting options. If a homebuyer has to travel for work regularly, the house location and its proximity to commercial zones will certainly matter.
For instance, the best residential area in Mumbai would, by default, include centralised access to public transport routes, highways, railway stations, and the airport, with ample commuting modes like rickshaws, uber cars, trains, and buses, among others, to cover the distance as soon as possible.
The presence of well-known and reputed corporate zones in any area is also a key contributor to fruitful property investment.
A location’s success always depends on how quickly it adapts to the changing architectural and infrastructural trends. For instance, an area with too many potholes or roads left mid-construction might not get an attractive deal in the real estate market.
Mulund, in this regard, has witnessed a few infrastructural changes that surely shaped its real estate market. One for example is the metro and monorail project that improved connectivity between Mulund and Goregaon East.
Further, there are future projects like the Goregaon-Mulund Link Road which is expected to significantly cut the commute time between major city points, and will consequently, influence the property prices in that area.
Piramal Revanta is the best residential development in Mulund for those seeking the ideal home with safe locality and apartments with world-class amenities. The project, created by the renowned Piramal Realty, is close to all of Mulund's major hubs and has every conceivable modern amenity. The future infrastructural development projects in Mulund will further boost the connectivity and inflate the property values making it an ideal realty investment hotspot in Mumbai.
Disclaimer- This article is based on the information publicly available for general use. We do not claim any responsibility regarding the genuineness of the same. The information provided herein does not, and is not intended to, constitute legal advice; instead, it is for general informational purposes only. We expressly disclaim any liability, which may arise due to any decision taken by any person/s basis the article hereof. Readers should obtain separate advice with respect to any particular information provided herein.
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