Decoding cities. Interpreting markets. Shaping decisions.

Location is the most quoted rule in real estate, but it is not a single factor. It works at four levels at once: the city, the neighbourhood, the walk to everyday services, and what is planned next. Reading all four is what separates a hunch from an assessment.

1. The city and region

Housing demand follows opportunity, so start with what is happening in the wider market.

• Economic growth. New jobs and in-migration raise housing demand.
• Infrastructure investment. Metro lines, expressways and airports change how reachable a place is.
• Education. Good schools and institutions draw households and help keep them.
• Regional amenities. Access to waterfronts, green space and open land attracts buyers.

2. The neighbourhood

Two places in the same city can behave very differently. At this scale, look at how the area feels and functions day to day.

• Safety. Areas seen as safe draw more buyer interest and tend to hold value better.
• Walkability. Shops and services within walking distance make an area more desirable.
• Community amenities. Parks, libraries and public spaces build the local connections buyers value.
• Built character. Distinctive architecture and well-kept heritage districts help sustain value.

3. Access to everyday services

• Healthcare. Nearness to good hospitals adds appeal, especially for families and older residents.
• Retail and dining. A strong retail and food street lifts the streets around it.
• Culture and leisure. Museums, theatres and venues improve quality of life.
• Public transport. Easy transit lowers daily costs and widens the pool of buyers and tenants.

4. What comes next

Value is also a bet on the future. Check what is likely to change before you judge a location by how it looks today.

• Zoning and land use. What the master plan allows nearby shapes future density and supply.
• Proposed infrastructure. Planned roads, rail and metro extensions shift expectations before they open.
• Commercial development. New offices and retail create jobs and demand close by.
• Environmental risk. Flooding, heat and poor drainage affect long-term value and liveability.

Two cases worth studying

• Atlanta BeltLine, USA. A loop of trails, parks and transit built around the city, widely studied as an example of how connected public infrastructure can lift the neighbourhoods along it.
• Pearl District, Portland, USA. A former industrial district that became a dense, mixed-use neighbourhood, helped by investment in infrastructure, parks and public space.

From our own work

Five questions to ask before judging a location

1. What is driving demand across the wider city?
2. How does the street feel and function on an ordinary day?
3. What can residents reach on foot or by public transport?
4. What do the master plan and zoning allow nearby?
5. What could go wrong, such as flooding, heat or congestion?

A comparative market analysis estimates the value of a property by comparing it with similar properties that have recently sold. It helps buyers and sellers set realistic prices and offers, and it supports valuation, negotiation and strategy. It is not a formal appraisal.

The method in four steps

1. Choose your comparables. Pick three to five similar properties sold recently, ideally within the last six months and in the same neighbourhood. Match them on location, property type, size, age, features and condition. Sources include public records, brokerage sales data and reliable property portals.
2. Adjust for size. Work out the price per square foot for each comparable, then apply it to the size of your subject property. Use local market trends to justify any adjustment.
3. Adjust for location, features and amenities. Account for differences in neighbourhood desirability, schools, transport and amenities, and for features such as parking, views, kitchens, landscaping or a pool.
4. Compare and reconcile. Set the subject and the comparables side by side in a table, apply the adjustments, then arrive at a range and a weighted average. Give more weight to the comparables that are closest to your subject.

A worked example

Take a 1,200 sq ft apartment and three recent sales nearby. On a phone, swipe the table sideways to see every column.

The adjusted values range from ₹95.10 to ₹96.40 lakh. The weighted average is about ₹95.9 lakh, or roughly ₹7,990 per sq ft.

These numbers are for teaching only. They are not market data.

CMA in India: what changes

• Data is harder to find. India has no single listings database like the MLS used in the US, so analysts rely on brokers, property portals, project data and local knowledge.
• Records vary. The accuracy and accessibility of property records differ from region to region.
• Some deals are informal. Not every payment is reported, so recorded prices may not tell the full story.
• Valuations vary. Local preferences and negotiation styles create gaps between asking and closing prices.

Three financial factors also deserve a place in your analysis. Stamp duty and registration charges, set by each state, change the real cost of buying. Home loan interest rates affect affordability and demand, so check current rates. Currency movements influence overseas buyers, including NRIs.

Where data is thin, widen the search area or the time window, say so openly, and present your result as a range.

Benefits, limits and good practice

• Benefits. A CMA informs pricing, strengthens negotiation and helps you understand what buyers and sellers want.
• Limits. Subjective choices, gaps in data and fast-moving markets can all affect accuracy.
• Good practice. Keep your data current, verify it against a second source, and refine your method with each analysis.