Location and neighbourhood is one of the key factors that determines the desirability and value of any residential property. You may have all the features and amenities inside a home or a gated community but if the project is located in an unattractive neighbourhood – it automatically diminishes the value of the home as well as its appeal. Therefore, it is also important to understand what exactly defines a good or bad neighbourhood and also know that it may actually depend more on your own requirements than any other factor.
The current trend with most home buyers is to opt for neighbourhoods that are in the immediate vicinity of special economic zones, technology parks, financial districts and other economic hubs. The proximity to these areas tends to create a greater desirability factor. However, one must also note that these locations might be hustling and bustling with activities all day long and therefore might not be the best fit for you if you are looking at a quaint and peaceful home.
Availability of social o community infrastructure is another factor that influences home buyers to a great extent. Social infrastructure in most Indian cities is yet to reach the optimum level; in some cases it is even crumbling under the great duress it has been placed due to burgeoning populace looking to migrate to the cities. Parks, public access, libraries, banks, facilities for the elderly etc., are some of the social infrastructure factors that can greatly enhance a neighbourhood’s desirability quotient.
The urban lifestyle demands connectivity and modes of transport to traverse our vast cities. It is important to opt for a neighbourhood with either excellent public transport facilities or road connectivity that allows you to drive expeditiously to work and other places of everyday importance. Schools for your children, office space, and commercial establishments must be within the reach of public or private transport for the project to stand viable.
Thus we clearly see that the factor of desirability for a neighbourhood is squarely dependent on what exactly the home owner is looking for. You, as the home owner, must weight your needs against the amenities available at a particular location to determine if the neighbourhood works for you or should you look at the alternatives.