Are you also buying properties like Jeev Milkha Singh

Ace Golfer Jeev Milkha Singh recently said in an interview that he keep on adding the list of his properties every year without fail. Whatever he earns every year through his performances on course,he invests good amount of money on realty. Humility personified Jeev made this revelation when he was asked to as to how he spends his huge earnings. His contention was that his immovable investments would fetch him good returns as and when he would need good money when he would quit golf.
Says Samir Jasuja, CMD of PropEquity, property can be a great source of income for your retired life or in case you loose your job as many people have lost last year. There is no question that property would not help you if the investment is made at the right time. “ Those who invest in realty should have a longer period of time to enjoy the benefits of appreciation as it is a long-term game. One should not expect miracles in short-span. It wouldn’t make any sense for a 60-year-old to invest in a property to earn rental income as real rate of return would not be profitable”, says Jasuja.
Experts say that if possible, you should buy another house before retirement. Those who would not get any pension post retirement must buy another property before retirement as it would give them social security at the later stage of their life.
The thinking behind this advice was that if you have more than one property, you can give it on rent and earn good amount through rent. Naturally, those who invest in property can not be looser. Hence, it is advisable to invest in realty. This is especially true for all those who do not get pension benefits.
A noted Hindi journalist still became very pensive when he recalls that despite he was offered a flat on pittance in IP Extension society,but he refused then on the ground that as he has a house in Delhi-6,there is no point of buying another house. “ I really curse myself for missing that golden chance to have nice flat among my own colleagues. I was really naive and fool then. Later, i have to settle for a flat in Indirapuram,” said veteran scribe, who does not want to be identified.
There is also an opinion that if you are thinking to have your second property, then you should not mind in investing in the outskirts of your city. With the passage of time, even outskirts become part of the city. You can meet many people in various trans- Yamuna colonies, who would tell you that they came that part of the city when it was bereft of any worthwhile facility. After facing hard times for couples of years, the development have started. And with development, values of their properties have really gone up multi fold. That has changed the class character of large number of people. As the rates have really gone up in main parts of the city, hence one should not mind investing in outer or little unknown areas.
Sunil Jindal,CEO, SVP Developers, says that among the buyers of his flats in various projects, the number of those who already own properties are pretty high. That is an indication that the present generation know for sure that investment in property would help their cause when the chips are down.
Realty experts strongly feels that land can be another option for those looking for their second property with a specific goal. Between land and constructed property, the former is a lucrative option as it is much easier to sell it and also the rate of appreciation is higher. If you live in Delhi, then you should not think twice to buy land in any part NCR. That would bind to give you enough returns in future.
Realty experts say that those dependent on loans for buying their second or third property should focus on it early in life. For example, one should start thinking on lines of buying a second property before reaching the age of 50 years. In that case, you would get enough time to repay your all loan liabilities before reaching the retirement age. Discussing about buying second or third property, Sanjay Khanna, Director of Kailashnath Projects Pvt Ltd said that there if you look back the scenario of 15-20 years ago, then you would realize that earlier people feel satisfied after buying one property. “As the salaries have gone up over the year, there has been a paradigm shift in the attitude of people in terms of investing in realty. If investors settle for one property earlier, the later generations have been investing in multiple properties,” says Khanna. He is spot on. Now people are investing in realty with clear cut thinking that their investment in property would be their source of income for post-retirement life. With higher disposable incomes and more loan options, this thinking is being adopted by a larger number of families.
While there is nothing wrong in investing in properties, Realtors cautions all prospective buyers of properties that they should invest very carefully. They must invest in only those projects which are handled by those Realtors with proven track record.
And in the end,RK Arora of Supertech group says that the good thing is that the present generation is much more smart when it comes to investing in realty.