fbpx
homes in Hyderabad

Logical steps to buying 2, 3 BHK or bigger homes in Hyderabad

The city of Hyderabad has a wide range of residential offerings! You have a ‘gated-community apartment complexes’ spread over acres of land, as well as a host of ‘standalone apartment buildings’.

Besides, the typical home buyers of Hyderabad prefer buying their home in reasonably well-inhabited localities on small plots ranging from 400-1500 square yards. There are hundreds of builders, both big and small catering to this category of home buyers, and offering them all the ‘relevant’ amenities.

Let’s explore…

1. Obtain a thorough understanding of the ‘cost of an apartment in various parts of Hyderabad

  • A good research will tell you the approximate prices in different areas of Hyderabad
  • For instance, a 2 BHK of 1200 sft in Hyderabad could range between Rupees 45 to 60 lacs depending on the quality of construction and location. A 3 BHK of 1400 sft could be between Rupees 55 lakhs to 90 lacs
  • The different areas have different costs- West Hyderabad is more expensive compared to North-East Hyderabad (Kapra, Sainikpuri, Yapral) or North Hyderabad (Alwal, Quthbullapur)
cost of an apartment

2. Get mentally ready to ‘finance’ your apartment, and NOT freeze on ‘size’ early-on

  • Get ready to think how you are going to finance your purchase- own money, and loan
  • Also, check the extent to which you are eligible to get a loan from banks, since the banks are more amenable to providing loans to employed individuals who are employed with stable employers, and who have age on their side
  • Check on eligibility is a major step that needs to be sorted out before you buy your apartment
  • The size of unit can wait till you are clear how to arrange your funds

3. Understand your family needs and requirement in the short-term and long-run

  • Once clear about finances, think about a 5, 10, 20 year horizon of you and your family
  • The immediate needs like proximity to place of work, being in a spacious/green/good locality
  • Existing and future social infrastructure
  • Unique requirements of children like schooling, upbringing, subsequent jobs etc. are to be thought about at this stage

4. Decide on ‘size & specifications’ of apartment as per budget & family needs

  • Once the needs are well-understood and evaluated freeze on the size and location
  • Final decision to be a deliberate, pragmatic and open-minded exercise
  • Choose the right, trustworthy builder with RERA and GHMC approvals who would give you possession on time
  • Choose an apartment with ‘utility room’ and balconies
  • Be open to an ‘open or semi-open kitchen’
  • More space is good, for ‘work from home’ and ‘study from home’ realities in a post-pandemic world
  • While thinking of budget, a stretch of approximately Rupees 5 to 10 lakhs will always pay-off in the long run
  • Similarly, more space is GOOD. Homes shrink faster than you think. More space will never hurt!
spacious apartment

5. Make QUALITY a priority, and NOT get derailed from being ‘quality conscious’ without compromising on ‘QUALITY’

  • Let ‘LOW PRICE’ NOT become the single most important criteria to buy your apartment
  • Low price means a compromise on quality
  • Check the specifications being offered by builder, branded accessories/fittings and construction material being used
  • Pay more if required, but get a quality apartment for long term safety and better resale
  • Alternatively, take a smaller apartment if budget is a constraint, but NOT compromise on QUALITY

To quote Gaston Bachelard: “If I were asked to name the chief benefit of the house, I should say: the house shelters daydreaming, the house protects the dreamer, the house allows one to dream in peace.” 

~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~

To know more about “Low-rise apartment versus high-rise apartments for home buyers in Hyderabad” click here

Leave a Reply

Your email address will not be published. Required fields are marked *

preloader image