The biggest factor in real estate is related to location. The most crucial aspect for determining the price of a property, the location of a property also determines it’s pricing, attractiveness to the customers as well as the ROI that a property is likely to give the buyer. Owning a house or rental properties in prime locations is what everybody wants. But it doesn't come cheap. However, as a long term investment plan, it makes more sense to have an average house in a prime location, and not a luxurious one in a mediocre location. Because after all, it's much easier to upgrade a house than to upgrade a location. Properties in prime locations also offer a higher selling price and a higher rental income, as compared to similar houses/properties in otherwise not so prime location.
So, what are the factors that make a location prime Proximity to Central Areas - The circle rate for a certain region depends most on the location. The place where a buyer chooses to live determines how much they would have to pay for the home purchase. The house will certainly command a prime price if it's set in a prime area that is near to Central Business Districts, or is located in affluent residential areas. Further, proximity to social and lifestyle amenities such as hospitals, entertainment centers, schools, and other daily needs would further command a prime price. Local Neighborhood The actual neighborhood which is again part of the location also plays a part in certifying the location as a desired one for home buyers. Quality housing and civil amenities, environmentally sound surroundings, options for schooling and entertainment to name a few are all factors that home buyers always consider before investing properties. Special attention is paid when they’re searching for homes! Infrastructure & Connectivity Needless to say, infrastructure and connectivity such as availability of good roads, connectivity to public transport, railways, bus routes, uninterrupted water supply, 24 hours electricity connection and other civic amenities etc all affect the pricing and the desirability of a certain lcoation. Gurugram is one such real estate market which has managed to duck the slump in the real estate sector and has generally been an attractive prospect for home buyers.
These mentioned above were the key factors that set a property high on the rung of the location ladder. Also make a note of this - if there’s a decent property in prime locations and you’re looking to invest, then make sure you don’t it go.