Is is wise to buy a property within the city’s municipal limits or go for a house in gram panchayats (village areas)? A report by property consultant JLL concluded that properties falling in gram panchayats score over property within municipal limits and are a lucrative investment opportunity.
The survey said investing or buying a property in gram panchayat attract buyers who have budget constraints as cost of property within municipal limit are high because of their better infrastructure facilities.
“The initial investment in properties in gram panchayats is invariably lower, the growth potential can be quite high if the locality is slated to be included within the municipal limits in the foreseeable future. When that happens, the quality of services will star improving rapidly and the property prices will surge steeply upwards, ” Ashwinder Raj Singh, CEO – residential services, JLL India said.
The gram panchayat areas are driven by two aspects – mainly lower cost of land and growth aspects of these areas, which make them a long-term investing option to consider.
Gram panchayats are basically village areas where development is largely opportunistic.