Why is the housing market experiencing a spike in real estate?
The housing market is experiencing a surprising surge and has been doing well in different parts of the country. Today, Pune’s growth as a real estate hotspot is supported by its robust infrastructure due to the addition of the Metro, and the various transport and industrial corridors. The ABIL Group, under the steady guidance of Mr Avinash Bhosale, has been proud to be a part of this sustained growth for making Pune a desirable investment opportunity as well as a comfortable home for many.
The amalgamation of reduction in stamp duty, a need for bigger homes, and the lowest home loan interest rates also prove to be a vital determining factor in favour of the rush in real estate.
As apprised, infrastructure projects have meant a great deal for not only the premium properties in Pune but also its real estate market and investors due to various reasons such as-
- Reduced Stamp Duty: The recent reduction in stamp duty announced by the Maharashtra Government has been a relief for the sector and developers in particular. Maharashtra has set the stage for other State Governments to set in motion the long-awaited revival of demand in the industry.
- Need for Bigger Homes: Smaller space comes with a different set of problems like overflowing closets, needing to rent offsite storage lockers, and sharing your bedroom with the baby. These days, more space might equal more sanity. From Avaanti Residences in the city’s heart to Verde on the fringes of nature, projects by the ABIL dotted across Pune offer ample space for the residents. Because, a larger home allows for more flexibility too, especially with this new work-from-home culture and with a sudden need for a home office.
- Upgrading Their Homes or Need to Own a Home: If Covid-19 has highlighted anything, it is the significance of owning a home. The stress involved in a place that is rented during these times is immense, as a majority of the landlords expect the rent on time even as the whole economy is shut off, and banks are keeping a hold on their EMIs.
- Low Home Loan Rates: With the repo rates slashed by 0.75%, the home loan interests for your dream are now at 7.4%, which is the lowest rate of interest in two decades. ABIL’s Mr Amit Bhosale believes that this, coupled with the offers presented by the Government, will continue to make Pune a sought-after location for people from diverse backgrounds.
- Ready-to-move-in Properties: The most significant advantage of the ready-to-move property is that you get exactly what you see. It is also currently in demand as it saves you time, and assures you of getting the flat immediately.
