How to buy an Apartment for Income as well as Wealth Creation
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This article was written long before the Housing / Real Estate boom started in India. Pearls of wisdom that could give you appreciation worth millions on your real estate investment in the next ten years in Non-Metros, Tier2 and Tier3 cities. An unprecedented expansion and construction boom is taking place in Metros and other big cities in India. Bangalore, Chennai, Pune, NCR and Hyderabad already have witnessed IT parks, Textile Parks, Airports, Hotels, Amusement Parks, Multiplexes etc. coming up rapidly and making these cities grow to 2 - 4 times the original size. This means more jobs and more people commuting everyday to work in these cities.
Invest for Income: --------------------- If there is a Metro or Monorail System in your city buy a flat close to a Station. The flat close to Andheri Station in Mumbai is always in much higher demand than one which is 5+ km away from the station. Buy a flat in such an area even if it is a 1 BHK. Smaller flats are hot favorites of out-of-towners working in that area because the rent of 1 BHK flat is more affordable when shared by friends and less burdensome even if one has to go solo. Buy a Flat close to a New Flyover. Try and get in before the Flyover construction is completed so that you can get the property much cheaper. Invest for Wealth Creation ------------------------------- Invest in a Flat or House in close proximity to an IT Park, Science park etc. These opportunities are rare to come by and the best ones are the residential communities that are at a stones throw (walking distance) from these business parks. A 25 to 50 lakh investment in such a location will not take much long before it zooms past 1 crore. In the long run you will get the best of both worlds from this property... income as well as capital appreciation.