When it comes to determining the price of a residential flat, many factors come into play. The proximity amenities are one of the major determinants in this regard. Read this blog to know more about these.
While we are quite accustomed to the idea that the location, design and the layout of the residential complexes play a major role in the price determination, the reality is completely different. Real estate developers mostly focus on proximity amenities while determining the price of a flat. For example, residential flats near Behala, are priced higher than the ones located in the suburban areas of Kolkata. Why? Because, Behala, being located at the heart of the metro city Kolkata offers more proximity amenities than the ones located in the city suburbs. So, basically, the pricing strategy of the residential complexes is determined by three factors- infrastructure, facilities and amenities.
As you, the choice of proximity amenities widely differs; there are certain common facilities that are highly instrumental in determining the price. Get to know about the five proximity amenities that add value to a property.
1. Schools and Educational Institutes: Proximity to schools or any educational institution certainly influences the buying decision of a homeowner living with his family and children. Staying close to a school can make life much easier as they don’t have to travel long distances to fetch their children from school. Now, this works as a convenience factor, which goes a long way to add value to a property. It would be even better if the schools and the colleges around that location are reputable ones. This would perk up the price of the property even more.
2. Supermarkets and Convenience stores: The second most important amenity is undoubtedly the availability of supermarkets and convenience stores in the closest vicinity. This also adds to the convenience factor as the residents do not need to travel much to bring the items of daily necessities. The proximity of supermarket plays an important role to influence the home buying decision of a prospective consumer. In the same way, it also adds to its value. Many residential properties nowadays are having supermarkets within the premises.
3. Sports facilities and clubs: Residential properties are now coming up with sports and recreation facilities within the premises. With people becoming extra conscious about their health and fitness, properties with these facilities are high in demand. For example, gyms, squash courts, tennis courts, basketball courts, soccer fields, and of course a clubhouse with indoor gaming facilities are among the most desirable amenities. All these proximity amenities will certainly increase the value of the property.
4. Public Transport: An area, well connected by public transport network is highly coveted and
At the same time, properties there will be priced higher than the other areas. A proximity to bus stops, train stations, and taxi stands adds to the resident’s convenience as they do not need to travel much to avail the public transport. Such a convenience factor highly determines the price of a residential flat.
5. Proximity to Religious venues: For many homeowners, proximity to the religious venue is one of the main reasons behind choosing their house. They are willing to pay a hefty amount simply to stay closer to the religious venues. This is why properties located closer to such venues are highly popular and at the same time it impacts the pricing strategy of a property.
These proximity factors are certainly the key determinants of the pricing of a residential project. According to Mr. Kapoor, who has recently purchased a residential house in Diamond Park, Joka, is priced 25 lakhs. While the price is quite competitive, it’s also true that the pricing is determined, keeping these proximity value into consideration.