How Do Prime Locations Influence Residential Property Prices?
Any property on the market, whether it’s a modest housing society or an elite condominium complex, will have a certain advantage to it in terms of location.Every property does offer something unique in terms of location and thus, the term ‘prime location’ comes into play. It’s always mentioned on the ads, highlighting the speciality of that location. But what’s special about one location may not be special to you. It often gets confusing, as to what exactly defines a prime location!
Knowing what’s special to you!
Developers can charge extra for apartments as per their view of the market demand. But knowing what’s right for you is crucial here. Maybe you need an apartment close to an IT park, or maybe you need an apartment in a secluded area but is located on a higher floor.Even real estate agents have their own biased views of various localities. They may encourage you to buy properties in locations having certain luxuries, which may be considered as basic facilities by you. The right way to approach this, is to figure out which location parameters influence property prices the most, and what is your idea of a prime location.
How does location truly affect prices?
All being said, it is true that a genuine prime location will have a higher price for an apartment than its counterpart in another location. But what is considered as a Prime Location? Well, there is an order to it which can easily help you identify what aspect of location commands the most price and why so. Therefore, we have created a categorized list of reasons for which a location can influence the price of an apartment.
This is a list that tells what location parameter takes most and least priority in general across the real estate landscape, and gives you a perspective to define your needs.
List of location parameters affecting prices. (From highest to lowest priority)
1. Land of the property (Area)
Land is the most expensive investment for a developer. It is outright the most valuable thing on earth and gets even more valuable as modern society progresses. An area or a large mass of land that is highly developed in all aspects like lifestyle facilities, road networks, hospitals, and public facilities, is bound to attract higher purchase prices. This is because the population density in such areas is comparatively higherthanthat in other areas, which makes every little chunk of the land very elusive.
If you want to buy an apartment that has the best of everything, commercial parks, government facilities, and lifestyle facilities, its best to up your budget and be ready for a premium price tag.
2. Connectivity to other parts of the city (Locality)
This is the second biggest factor influencing apartment prices. An ideal location is one that is easily accessible and connects you with all the major landmarks and locations, like IT parks, airports or malls, in the city. That is why, a good locality having a well-developed road network and easy access to public transport, will command a premium price just because of its location.
Commuting to and from work is a big part of many people's daily routines, so a house with easy access to roads and/or public transportation will be more desirable than the one that is tucked away and can only be accessed by dedicated routes. Apartments in such localities appreciate faster in value than those in other localities.
3. The Neighbourhood
A good neighbourhood, no matter what land, area, or locality it may be situated in, will have all the essential facilities like accredited schools and colleges, malls, eatery outlets, medical facilities, and convivence stores.
The convenience of having such basic facilities located around your apartment is a luxury in itself in today’s time, and can easily command a higher value in the purchase price.
4. Aesthetics of your surroundings
Greenery and natural ambience of the neighborhood is also a big luxury in a time where air pollution has become a serious concern. Large trees, landscaping, and nearby green or community spaces tend to be very desirable like our properties in New Kalyani Nagar, Pune. Also, in some cities, homes near the ocean, rivers, lakes, or parks tend to have higher values due to the great views and outdoor recreation opportunities.
5. Distance from commercial zones
Even though more than 90 percent of the residential properties are situated far away from commercial zones, some properties still come in very close proximity to them. This raises a serious concern as to commercial zones are filled with factories, which generate a lot of noise and hazardous waste.
So, properties situated in safe distances from commercial zones could come at a higher price. However, due to stricter regulations for residential zoning, this is no longer a price differentiator for many developed cities and towns.
If you are looking to buy premium residential apartments in prime locations of Pune, then you can check out BramhaCorp. They are a pioneer in high-class residential spaces that come with unmatched amenities and facilities, situated across the most well-developed areas of Pune city.
Here are some of their well-known residential projects in New Kalyaninagar:
1. F-Residences: This is their award-winning project developed in collaboration with f TV (fashion TV), with which BramhaCorp first introduced the idea of designer residential spaces in Pune.
Location: New Kalyani Nagar: An upcoming locality that is situated adjacent to the residential paradise of Pune known as Kalyani Nagar. It is well connected to all prime locations, along with having various malls, nightclubs, and restaurants at walking distances.
Visit this link for more info: www.bramhacorp.in/f-residences
2. The Collection: This is an upcoming project inspired by the success of F-residences. This venture is set to push the luxury lifestyle standard even higher as BramhaCorp is offering fully-personalized 2&3-bedroom ultra-lux residential apartments.
Location: New Kalyani Nagar
Visit this link for more info: www.bramhacorp.in/the-collection