3 Common Myths about Residential Properties in India

Despite living in the digital era, where every piece of information can be obtained by a single google search, real estate buyers in India remain trapped in many myths. Being preoccupied with numerous deep-rooted misconceptions, they are not able to make the right investment decision. Thus, it’s important to recognize the various myths in this area and exercise due to caution when you hear them. Here we have enlisted a few of them:

1) RERA covers all projects
Implemented in 2016, RERA protects home buyers from any chances of fraud. But most people think that the act covers every housing project. But contrary to this, RERA covers only those residential projects that have been constructed on at least 500 square meters or more area. For a project to be RERA complaint, the owner or builder needs to register it with the concerned authority.
Property in Jaipur

2) Under-construction homes are safer now 
Before the implementation of RERA, the delayed building completion date was a common problem that most people struggled with. Although the implementation of this law improved the situation to a large extent, it does not assure buyers’ safety in every region. In some Indian states, the act has been diluted to favour developers.

3) Metros cities are the best for investment
The prices of residential properties in metropolitan cities have witnessed the highest growth in the past decades. But the fact is that even the tier 2 and tier 3 cities of India is growing rapidly. And the huge immigration is increasing the property demands and thus prices. This means if you buy residential properties in Jaipur, Bhopal, Chandigarh or any other city, you can reap the same benefit that is expected with a property in Mumbai or Delhi.

Conclusion- All the above-mentioned myths are so widely prevalent that no one questions the truth. There is no straightforward formula to choose the best property for investment, but keeping aside all these myths will let you choose the right strategy.

Location: Jaipur, Rajasthan, India

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