When thinking about Gujarat, Ahmedabad is the first city that comes to mind. In addition to its rich history, the large number of industries make it the commercial capital of the state. The overall high rate of development of the city has resulted in a real estate boom, attracting many first-time home-purchasers.
For those planning to make a similar investment here, we have listed down some tips that’ll make the process easier:
In Ahmedabad, the prices of real estate depend on the level of development in the area. Areas like Paldi, Vastrapur, and Navrangpura are well developed where rates can be relatively high. New projects in Ahmedabad such as those near the Vaishnodevi circle on SG Highway could be worth looking into. Do your research carefully and select the location depending on your budget as it will help you to decide whether you should go for a 3BHK or 2BHK flat in Ahmedabad.
Simultaneously, check the facilities available in that area such as proximity to schools, colleges, hospitals, market areas and so on. Don’t forget to consider the project’s proximity to your place of work as it will help save a lot of time.
Many real estate developers such as Adani Realty have developed luxurious 3BHK flats in Ahmedabad with projects such as Water Lily, Adani Meadows, La Marina, and so on. These reputed builders in Ahmedabad strictly abide by the Real Estate (Regulation and Development) Act 2016 (RERA). This act has been formulated by the Government of India keeping the interests of the buyers in mind. Choose your developer carefully and always ensure that they adhere to the provisions of RERA.
First-time home buyers may need financial assistance in the form of home loans. Banks and housing finance institutions are available all over Ahmedabad to help in this regard. You should figure out your home loan eligibility and explore the various banks that you can avail a loan from. Taking a bank loan is also advantageous, as they do most of the hard work, such as verifying the title of the property, ensuring that developers adhere to RERA guidelines and so on.
Availing a home loan entitles you to various income tax concessions under the Income Tax Act 1961. Ensure you consider those before purchasing the house of your dreams.
It is essential to remember that expenses are incurred in addition to the agreement value when you purchase a house such as registration and stamp duty, brokerage and maintenance. All of these expenses can increase your home acquisition costs.
We have discussed some crucial tips for first-time home buyers in Ahmedabad. Take advantage of these tips and invest wisely in a long-term asset - your home. There is a wide array of new projects in Ahmedabad to choose from, make a wise choice!