Calicut has always been a go to destination for many migrant working people in the country. Not just in the unorganized sector but in a recent couple of decades the organized sector and skilled talents from all around the country have been coming to Calicut for a prospective career and many tend to settle down making a second home here in the city. The real estate market has seen a steady increase in the years and flat purchase has also risen up. Flats for sale in Calicut closer to the newly developed IT hubs and work centres are matching the increased demand. But, with the recent changes in the economy and changes in the per capita income as well as inflationary conditions in the market, prospective buyers in real estate have been thinking, whether it is the right time to buy a flat in Calicut.
Before answering that question, let’s take a closer look at the real estate market in Calicut. According to
recent reports, the real estate market in the city has been relatively stable in the past few years. Although there have been some fluctuations, overall, the market has remained steady. This is largely due to the fact that Calicut has a growing population, which has led to an increase in demand for housing. Additionally, the city has several ongoing infrastructure projects, such as the expansion of the airport and the construction of new roads, which have contributed to the growth of the real estate market.
Here are some factors to consider when buying a flat in Calicut,
Interest rates and loan burden
One of the most important factors to consider when buying a flat is the prevailing interest rates. Currently, interest rates in India are relatively low, which means that if you take out a home loan, your monthly payments may be lower than they would be in a high-interest rate environment. However, it’s important to keep in mind that interest rates are subject to change, and you should factor in the possibility of interest rate hikes in the future when making your decision.
Current financial situation
Before buying a flat, you should carefully assess your financial situation. Do you have a stable income and enough savings to cover the down payment and other expenses associated with buying a flat? Are you comfortable taking on the financial responsibilities that come with homeownership, such as property taxes, maintenance costs, and insurance? If the answer to these questions is yes, then you may be in a good position to buy a flat in Calicut.
The real estate market
As mentioned earlier, the real estate market in Calicut has been relatively stable in recent years. However, it’s important to do your research and understand the current market conditions before making a purchase. Look at factors such as the supply and demand for housing in the area you’re interested in, the average price per square foot, and the average time that properties are on the market. Ready to occupy flats in Calicut are the latest trend that has picked an interest in the buyers community. The arrival of big real estate players and more reputed builders have also changed the market altogether.
Long-term plans
Finally, it’s important to consider your long-term goals when buying a flat in Calicut. Do you plan to live in the flat for many years, or are you looking for a short-term investment? If you plan to live in the flat for the long term, then you may be less concerned about short-term fluctuations in the market and more focused on finding a property that meets your needs and fits your budget.
If you’re considering buying a flat in Calicut, it’s important to do your research, assess your financial situation, and work with a reputable real estate agent to find a property that meets your needs and fits your budget. Do not make a hasty decision. After all, it is a long-term investment. There are several apartments for sale in Kozhikode at any given point in time. But, to buy the one that is the right fit for you and your family, do the basic planning. By taking a careful and informed approach to your purchase, you can increase your chances of finding the right property at the right time. Calicut has a lot to offer to future economic development. A wise investment now may fetch promising returns in the time to come.
