There are many articles related to this topic. People tend to focus on variables like location, floors, age of building, nearby school and hospital, the reputation of the builder, society amenities and so on. However, there are a few other less focused factors yet play a major role in the pricing of the rent. Here are some basic aspects that are important for deciding the rental value of a property:
a. Demand and Supply
The most important factor when it comes to rental valuation is demand-supply of the rental properties. As the supply or availability of real estate decreases, the valuation of property increases. Apart from that, the population density in a particular area also affects the demand and supply.
b. Property prices in that area
Property of prices is another factor that plays a crucial part in deciding the rent of the property. Generally, the higher the property prices, the higher is the rent.
c. Connectivity
Another important factor is how well is the connectivity from the society. Is there availability of public transportation, how far is the society from major localities, is it near to any industrial location, educational institution or any major locality and other similar factors.
d. Commercial Real Estate
The rental value in many localities is high if there is some type of commercial hub nearby. For example, the rates in Magarpatta, Viman Nagar and Hinjewadi in Pune have higher rental value as there are major IT hubs in these areas.
e. Infrastructure in the particular locality
Lastly, infrastructural development is an important factor which decides the real estate prices in India. Proper roads, airports, flyovers, malls and bus terminals and other facilities in the proximity of the property help getting better rental value.
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There are many articles related to this topic. People tend to focus on variables like location, floors, age of building, nearby school and hospital, the reputation of the builder, society amenities and so on. However, there are a few other less focused factors yet play a major role in the rental value. Here are some basic aspects that you should consider while renting a property:
a. Electricity - Check whether the society is provided with proper electricity supply. If not, is there a power backup option available.
b. Water Supply - There are many societies which face water supply issues. Check this beforehand so that you can consider renting the place or not.
c. Security - While renting a place, people usually check if the society is a gated community or not, if there are security personnel and so on.
d. Connectivity - Another important factor is how well is the connectivity from the society. Is there availability of public transportation, how far is the society from major localities, is it near to any industrial location, educational institution or any major locality and other similar factors.
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What are the minimum set of variables a user should consider while determining pricing of a place. Location, floors,age of building,nearby school and hospital,reputation of builder, society amenities. The list is endless. It would help to know the minimum one should consider.
Sharanya Biswas
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5 Year
2020-09-20T13:24:06+00:00 2020-11-11T19:11:26+00:00Comment
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