Have you ever wondered why property rates are so vastly varied for different locations or periods of time? Many factors influence the demand and supply of properties, which in turn affects the value of the property. These factors can be anything, ranging from location to the global financial condition. Real estate companies in Kolkata constantly keep track of certain factors to determine the value of their properties. Some of them are:
- Location: For any property, the location matters the most. A sea-facing property in the city center would cost much more whereas a property near an accident-prone area would have lower rates.
- Amenities: Any property with modern-day amenities like a community center, swimming pool, sports complex, grounds, garage, etc. comes with its own cost of this infrastructure which increases the price of the property.
- Infrastructure: The connectivity of the property to the rest of the city through roads, stations, etc. as well as the presence of schools, hospitals, malls and other important institutions do affect the value of a property.
- Economic Growth: With higher economic growth and rising incomes, people have more to spend on properties, which increases the demand and automatically, the prices increase. Similarly, during the period of recession, the prices fall due to a lack of demand.
- Interest Rates: A high rate of interest increases the overall cost of the house due to an increase in mortgage payments. This reduces the demand for properties owing to increased costs. Interest rates affect the homeowners relying on a mortgage.
While there are many factors to be kept in mind, these are some of the factors that matter the most while evaluating the final price of a property. The property rates for real estate companies in Kolkata also depend on such factors. Various properties of different sizes and in different localities are rated differently. Srijan Realty has projects all over the city, in different price ranges. To find a property in your price range and chosen locality, visit www.srijanrealty.com.