Bengaluru: The global dynamics have shifted dramatically in the last few months. Global stock markets have crashed, economies have collapsed, and almost all industries have taken a beating. The global pandemic of Covid-19 has caused a fundamental shift in the way we work, live, and play. Never before have we been confined to our homes for such long periods of time, and no matter how optimistically we try to think, no one knows if we will ever be able to return to the “old normal.”
As a result, it is critical that the space in which we spend the majority of our time allows us to work and live in harmony. Whether it’s a joint or nuclear family, a single working professional, or a newly married couple embarking on a new adventure, almost everyone wishes to own a larger, better home. Extra elbow room is much appreciated in today’s world, especially since all members of the family work from home. That larger houses are in demand, as well as the number of bookings, comes as no surprise.
Here are 6 reasons you should seriously consider opting for a ‘Permanent Address:’
Bengaluru: Always the best bet
Along with its tree-lined residential colonies, the ‘City of Gardens’ was once known as a haven for retirement housing options. Smart infrastructure, strong macroeconomic dynamics, favourable climatic conditions, and IT and manufacturing hubs have all contributed to Bengaluru’s transformation into the country’s Silicon Valley. Bangalore is a well-planned city that retains its old-world charm. There are banks, schools, hospitals, restaurants, cafes, pubs, parks, and retail stores in strategic locations in its residential areas. As one of the fastest-growing cities in Asia, people from all over the world want to migrate to this city to work in its various industries and start-ups, while die-hard locals are happy to live here forever!
A Wise Investment
Bangalore real estate has consistently provided solid prospects in terms of rental returns and price appreciation. In terms of profitability, demand price index, and potential job opportunities, the city has outperformed other cities. With property prices at an all-time low, now is probably the best time to invest in one. In the past few years, under-construction projects have earned a higher price tag than ready-for-move-in properties.
Government pitching in to boost the real estate sector
In March, NHB spritzed liquidity into housing finance companies, and the ECB relaxed funds. There was also an increase in stamp duty. During the aftermath of the pandemic, the government once again stepped in to offer loan EMIs a moratorium. The government announced a new stimulus package last week that includes income tax breaks for both developers and home buyers. It also includes housing-specific measures, such as an additional Rs 18,000 crore for the Prime MinisterAwas Yojana.
RERA has your back
The Real Estate Regulatory Authority (RERA) was established with the goal of protecting buyers’ interests and bringing standardisation to the real estate sector. Some of the main benefits that buyers now have as a result of RERA are that builders can no longer postpone projects based on their whims because they are heavily penalised. Buyers are also exempt from bearing the brunt of any faulty or defective construction, as it is the builders’ responsibility to correct any structural defect up to 5 years after the buyer takes possession.
Interest rates at an all-time low
Home loan interest rates that were previously in the 8-9 percent range are now in the 6-7 percent range (repo-linked lending rate to which floating rates are linked, SBI Term loan being the lowest at 6.65 percent and the other banks hovering between 6.65 – 7 percent), which means you will save a few lakhs in total interest payable if you invest in property anytime soon. Just a word of caution: floating interest rates are subject to market fluctuations.
Banking partners with the real estate industry in many ways to provide the best services,” says Mr Nagaraj Reddy, Vice President – CREDAI National. Investing in Bengaluru real estate is a good idea right now. The market is good, we are growing rapidly, and bank interest rates are at an all-time low. This is the best recipe for the perfect investment.”
ALSO READ: Expectations from the Bengaluru real estate market in 2021
It’s A Buyer’s Market which may not last for too long
Traditionally, working professionals prioritized the proximity to their workplace over the quality of amenities; Since WFH has become the new normal, previously overlooked or ineligible areas now get attention. Also, builders are offering new offers and discounts to entice customers.
Now is the time to realise your ambitions and make Bengaluru your permanent residence. It is, however, critical to arm yourself with the necessary information before taking the plunge.
As we navigate a changing world, a strong work-life balance is essential. Realizing your long-held desire to own a home can be the first step toward a happier, more secure future.