How is property devalued

If we talk about property devaluation, there are many factors which are the major causes for it. The property prices have increased from 20% to 30% during the last 2 years. The main reasons for this are lack of demand of buyer and in relation to that, an oversupply made by the supplier. The spaces with stable demands generally have stable prices. Another cause for devaluation in the property is the legal defect in the title of the property. Ignorance, as well as lack of the proper research, are also the factors leading to the devaluation. Another factor is the notification of government property or any change in the master plan of the house. By discussing the details, the apartment specific factors those are responsible for the property devaluation are:-

 

 

 

 

 

 

 

 

 

 

1. Construction quality:-

 

 

There is always a thinking that if a builder known for his world class reputed construction quality, most of the builders are only using their names for the marketing of the project. For example, when you shift to an apartment thinking that a known builder has constructed it but get to know that an average builder is also responsible for certain factors. There is a price difference of approximately lakhs in a flat of the same size constructed by both the builders. There can be many problems like seepage, a mess in the construction, etc.

 

2. Past appreciation:-

 

If a property had not been appreciated since years, for example, Rs 80 lakhs from Rs 20 lakhs (and the market price say Rs 60 lakhs)  then there would not have been a property devaluation because no one would sell their property less than the market price. Therefore, this past property appreciation increases the property devaluation compared to the current market price.

 

3. Mobile networks/towers:-

 

The normal perception of the public is that mobile towers are health hazards and thus leading to property devaluation. The mobile operators advertised initiatives to upgrade the mobile network. and inside the apartments, the companies identifies and installs the mobile towers which lead to devaluation.

 

4. The rules that are not written:-

 

There are some of the apartments that only allow the people belonging to a specific religion or a community to buy a flat in the apartment. Even there are cases where families are given flats near to the majority flats that are rented to the bachelors which again creates a huge nuisance that adds on to property devaluation.

 

5. Maintenance of the apartment:-

 

If the maintenance is poor itself even if there a lot of advantages of location, rental yields, amenities, then the property is devalued and the people would prefer not to live in these apartments. Therefore, maintenance of the apartments is one of the major reasons for the devaluation of the property.

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