The persistent fall in property prices across the country, aided by RBI measures to

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slash key rates and spur demand, seems to be reviving interest among home buyers.

“Site visits have gone up almost 10 per cent in past 2-3 months. This can be attributed to the price cuts and to RBI announcements, which have made home loans cheaper,” says Harsh Nair, real estate consultant based in Chennai.

Customers have become far more discerning following the global economic meltdown and do not betray the recklessness that characterised the period of realty boom.

During the real estate boom, buyers, flush with funds, were willing to pay any amount. Developers were offering housing opportunity using themes, promos and freebies. Now, the emphasis is on “value for money” projects.

“We are emphasising on our USP, which we believe is quality control. We are showing prospective customers how we do not compromise on quality in terms of all the aspects of our units, whether its fittings or architectural design or raw material,” says Keshav Pandey, executive director, Sobha Developers.

Developers had gone out to woo young professionals, and double-income couples who earned handsome salaries. However, with the recession in the US and Europe, order books have thinned. As such salary increments in the IT sector have been rather poor and software companies are even resorting to layoffs to cut costs and stay afloat.

“Now, there is no specific age bracket for the prospective buyer. Buyers are looking for good home loan rates and a good home that they can buy within their allotted loan limit,” a senior banking official

told FC Estate on conditions of anonymity.

Given the price corrections in the realty market, NRI buyers are looking at taking advantage of the situation by buying multiple housing units in India. The sharp decline of rupee against the dollar has also made the sector that much more attractive.

Industry watchers advise that prospective buyers should have a multi-point checklist before they purchase a property.

According to Shreyans Chopra, CEO, Suksh Technologies, the parent company of realty portal www.100floors.com,“If you want to buy a house, location should be a key consideration. Identify pockets that have a potential to appreciate quickly, and a profitable situation will be to even out your rentals with EMIs. As a thumb rule, if rentals account for 10-12 per cent annually on actual value of home, it is better to consider buying one.

Even if property rates do not appreciate, it is a profitable deal; you have an asset to bank on even as you pay EMIs that equal the money you pay as rent. Considering a long investment horizon (10 years), this is always a good option.”

Good localities have planned infrastructure development around them such as metros, shopping malls, offices and airport.

A home on or near the main connecting roads rather than in the interiors will bring in more returns in the long run. A well-decorated, well-furnished house, but in the interiors, would fetch lower valuations when you want to resell the property.