A Second Home In Gurgaon: Should You Buy?

Living in Delhi for many is not a matter of choice; it is something they have to do necessarily. People working in Delhi dont have many options. Buying a modest two bedroom apartment can put you back by about 1 crore. So even after shelling out such huge amounts of money, the luxury of a 3 or 4 bedroom apartment is still a dream for most people in Delhi. Also, with the lack of space available for construction, there is not much scope of building luxury apartments in Delhi. It is no surprise that people in Delhi crave for a second luxury apartment in Gurgaon. A second home in Gurgaon sounds great, but are you type who can manage a dual ownership?

A second home is not such a bad thing provided you know what to expect. There was a time when people could buy homes in Gurgaon at a bargain price. But that is all history. The prices have increased phenomenally, and a luxury apartment in Gurgaon will now cost you a pretty penny. However, if you are aware of market trends, you can cash in.

The recent change in rules related to finance by the government of India means that the real estate market in India is now headed for a slowdown. Rising borrowing costs and inflation has diminished the capacity of Indian families to buy a house. For instance, the Reserve Bank of India (RBI) has recently hiked the rate by 75 bps. With more rate hikes to come, it does not auger well for people looking to buy a house now. Also, the loan to equity ratio has been reduced by the RBI, which means that buyers will now have to pay more money upfront. People generally look to take a loan for a major portion of the house value, but it will tough to do that now as RBI has instructed banks to set 20% of the house value as equity portion.

But there is a bright side to all of this. When the housing bubble bursts, prices will come down sharply. When the dust settles, you can buy your second home in Gurgaon and keep it for a long time.

Buying a new apartment in Gurgaon is no meager investment, not even for the rich. You must check your bottom-line costs. The combined EMI of the two houses should not be more than one third of your monthly income. Analyze the pros and cons of buying a second home, and then make your decision.

About the Author:
Pay a visit to GSB Realty, 1103, GD-ITL Tower, Netaji Subhash Place, Wazirpur, Pitampura, Delhi, 110034 OR call us on +91 9899633151 if you are looking for a floor in gurgaon or an apartment in gurgaon.

Article Originally Published On: http://www.articlesnatch.com

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