Real estate news on Tips for expats to buy luxury property in Kochi

Real Estate Tips, Residential Properties, Kochi, Luxury homes
Posted on Nov 04, 2014
The Kochi residential luxury market has been growing at a healthy pace thanks to the expat and NRI community.

Luxury housing segment is not restricted only to the city limits, with the launch of several luxury projects across Kakkanad, Wellingdon Island and Kandannur. The result has been an influx of international lifestyle projects that come up across the city.

“Buying a luxury property is an expensive deal even for this segment though they have the money to afford one,” says Daiwik Gagnesh, of Suva Property Advisers & Consultants. “Prospective buyers, especially if they are living outside India, expect their relatives to do the leg work and make an entrance only to finalise which home to buy and/or when it comes to price negotiations. Majority of these buyers plan to live in these homes, now or at a later stage in their life. So, it is best to do all the home work personally.”

Here are a few points to remember when buying luxury property in Kochi.

Gain knowledge

Despite access to the internet, buyers rely on relatives and friends to gather information, observe experts. “Luxury properties are a very niche market. The best way to go about it is by collecting as much information about the area, the developer, the projects, the surroundings and the development (planned or currently undergoing) by going online,” says Badri Prasad, a freelance property adviser. “Buyers who have connected with developers and builders through subscription of newsletters or just plain surfing are more likely to know about upcoming luxury projects and all the required information. “

The luxury home market segment works on exclusivity so there will be limited editions of the luxury apartments, villas or houses. This is the quickest and more reliable way to get information.

Focus on `Location-surroundings combo

“When we say `Location-surroundings combo, as realtors, we actually include both these factors. Landscaping can be re-done, exteriors can be re-planned in a gated or non-gated community, but location coupled with surroundings cannot be addressed, unless chosen well, in a developing country such as ours,” says Gagnesh. So, though some projects may offer high-end facilities, an unsightly location in close proximity like a slum or a re-settlement colony will remain there forever, say industry players.

“The other aspect to keep in mind is unplanned development in newer areas. You may live in a gated community, but if to reach that you need to drive through haphazard badly developed roads, it really brings down the value of the property,”adds Gagnesh.

Selecting a project

A reliable builder is an oft repeated essential when buying property. “Prospective buyers often rely yet again, on relatives and their networks to check out this key factor,” says Prasad. “My recommendation is to contact old clients of the developer by actually visiting their complexes. An alternative and better option would be to attend the residents association meeting or even have a talk with any of the committee members.”

Hire a lawyer and a real estate agent

For a majority of home buyers, luxury real estate investment is a substantial investment in their lifetime. It is best to make the extra investment to avoid any problems later on.

“A lawyer experienced in real estate transactions and a good real estate agent helps evaluate property documents, the terms and conditions and provides the necessary services to get it registered smoothly. They also bring in their experience in case of any grey areas in the documentation. This is worth the fee they charge, without us having to go through the reams of documents or even hang outside the registrars office,” says Mallika Walsh, who used the services of both these experts to ensure the validity of her investment.

Looking beyond amenities

Most luxury offerings provide top end and common amenities such as 24-hour security features with cameras, importing materials, club house, high-end kitchen fittings, bathroom fittings, swimming pool, fitness center and car parking. These amenities and facilities boost the value of the luxury property.

“The focus when luxury house hunting should be on points like the framework chosen for the structure, the expected specifications VS the under-construction site, maintenance including facilities to upgrade the amenities, to name a few,” says Anuradha Kaushal, an interior decorator with a well know firm in Kochi.

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