Author: Dr. Niranjan Hiranandani
The unprecedented Covid crisis has ignited the dream of ‘Atmanirbhar Bharat’- a self-reliant India objective. While the Indian economy charts out the road map of an ‘Atmanirbhar Bharat’, consumer behavior seems to be following the trend. As the economy gears up to the anticipated GDP growth projections and seek stability, the real estate sector has witnessed a shift in consumer perception and preferences in respect to home buying.
The testing time has underpinned the importance of owning a house like never before. Investing in housing has emerged as the most attractive and safe option amidst other volatile asset classes from an economic and financial perspective.
The old adage of ‘Roti, Kapda aur Makaan’ has become the focal point amidst the pandemic led national lock down. Buying a house has always been an integral part of an investment strategy and under the new normal; buyers see a value proposition in housing. The shift in people’s mindset on grounds of safety, security and stability is an outcome of the realization that buying a home is a necessity.
As per the recent media survey reports, the reflected data favor the home buying decision as the external market condition is conducive and favorable for the discerning home buyers. The reduced levies and taxes, choices of apartments available, government incentivization, reduced interest rates, tax benefits, suitable prices are the factors that augur well to turn the fence sitters into the actual home buyers and make a choice to buy their dream home.
The factors stated below are important to make a buy decision:
1) Reduced Stamp Duty – The Maharashtra government has announced reduction in the levied stamp duty which makes it an apt time to buy a home. In the MMR the stamp duty of 2% will be levied from 1 st Sept to 31 st Dec 2020 and then onwards 3% up to March 2021 making it a conducive environment.
2) Low Interest Rates –The Home loan interest rates are almost reaching a decadal low at 6.85%. Further reduction is anticipated in the repo rate in backdrop of economic resurgence which makes it an ideal time to buy property.
3) Deal sweeteners & offers – Developers are offering freebies and discounts to attract the home buyers. No GST on OC received homes, low booking amounts, flexi-payment schemes, referral schemes, make it an interesting value proposition for fence sitters to seal the deal during this period time and reap the benefit.
4) Ready to move in homes– Industry witnesses pent up demand for ready to move homes as it attracts No GST, offers the flexibility to move in at any given point of time, and build ups positive consumer confidence.
5) Easy access to the home loans– Today, home loans are available up to 30 years and against 90% of the property value. This eases the home buying process for the discerning home buyers.
Real estate will be ‘positive’ for both end-users and investors in the post-COVID-19 world. With ‘new normal’, the demand for spacious homes with additional flexi space will see an uptick. The demand for own house in an
integrated township is already witnessing an increased momentum on grounds of comfort, convenience and community living quotient.
Demand to shift from rental to own house will also drive additional demand. Mixed- use integrated township are the best option to evaluate in a new normal scenario, as it offers finest social amenities in close proximity, well-laid civic infrastructure, best connectivity and privy to the luxury of community living, open and green ecosystem enriching one’s quality of life.
At Hiranandani we have pioneered the concept of Integrated townships and are globally acclaimed for its timeless neo-classical architecture and un-compromised quality. The flagship projects of Powai and Thane offer an array of properties ranging from mid-size to large spacious apartments with ready to move in as well as under-construction options. Hiranandani Gardens, Powai designated as Crowning Glory of Mumbai, currently offers boutique 1 and 2 BHK homes for ambitious buyers with unrivaled lifestyle quotients.
Similarly, Hiranandani Estate and One Hiranandani Park in Thane offer a wide array of choices ranging from 1- 4BHK in the ready to move category. It is a ‘city with –in a city’ that offers state-of-the-art healthcare, education, retail, entertainment, high-street shopping and a fully functional business district promoting walk to work culture making it an ideal destination for home buyers looking for an experiential abode living.
With galore of ‘pick and choose’ options, one can explore the premium housing world with a unique home buying experience. Hiranandani Homes offer privy to the luxury, enhanced standard and elevated quality of living in a self – sustainable ecosystem. It offers the luxury of unparalleled civic infrastructure like sewage and water treatment plants for recycling; fiber optic connectivity, tree lined boulevards, pedestrian friendly foot paths, planned parking areas, landscapes, roundabouts, water bodies, and well maintained surroundings that truly makes it value for money.
The technology disruption in the digital era has truly changed the dynamics of home buying. The multiple digital platforms and tools offer the comfort to choose the best dream home at the tip of the finger. Similarly, one can
preview and book the Hiranandani homes through its digital portal www.hiranandanioffers.com- truly an ease of buying with online live inventory of apartments available with quotations and a payment gateway for online booking.
Indian economy is consumption driven and resumption of purchase of houses will go a long way rekindle the real estate. The revival of the real estate sector is imperative as it has a multiplier effect on about 300 allied industries and generates nearly more than five crore jobs across the country. We are quite positive about the growth of real estate post covid and as we move along 2020 and beyond, interest in Indian real estate shall remain augmented in comparison to the other asset classes.
Pledge to own a house is the right step towards a self-reliant future!
The Author is Co-Founder & MD – Hiranandani Group.
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