Make Bengaluru your ‘Permanent Address’: 6 Reasons why this is the best time to invest

The last few months have seen the global dynamics change dramatically. Stock markets across the world have crashed, economies are down on their knees and almost all industries have taken a beating. The Covid-19 global pandemic has brought about a fundamental change in the way we work, live and play. Never before have we been confined to our homes for such extended periods of time, and no matter how optimistically we try to think, nobody knows if we can ever go back to the ‘old normal’.
It is hence crucial that the space we spend maximum time in should be the one that lets us work and live harmoniously. Be it a joint or nuclear family, a single working professional or a newly married couple embarking on a new journey, almost everyone dreams of owning a bigger, better house. In today’s scenario that extra elbow room is most welcome, considering all members of the family, including children, are functioning from home. It is little wonder then that there has been a spike in demand for bigger houses and the number of bookings.

Bengaluru: Always the best bet

Earlier, the ‘City of Gardens’ was known as the haven for retirement housing options because of its tree-lined residential colonies. Over the years, smart infrastructure, strong macro-economic dynamics, favourable climatic conditions, IT and manufacturing hubs have all helped Bengaluru morph into the Silicon Valley of the country. A well-planned city, without losing its old-world charm, Bangalore’s residential areas are self-contained with infrastructure like banks, schools, hospitals, restaurants, cafés, pubs, parks and retail stores located at convenient points. Touted as one of the fastest-growing cities in Asia, today, it is not just younger folk who flock to this city to work in its various industries and start-ups, but people from all over the globe want to migrate to, while of course, die-hard locals are happy to live here forever!

A Wise Investment

Real estate in Bangalore has consistently offered sound prospects in terms of rental returns and price appreciation. The city has surpassed other cities in terms of profitability, demand price index and potential job opportunities. Property prices being at an all-time low, it is probably the best time for investing in one. With ready for possession properties being sold at rates lower than what under-construction projects were being sold a couple of years ago, you will have a wide range of options to choose from across all locations, all budgets.

Government pitching in to boost the real estate sector

The government stepped in last year and some positivity was seen in the market as a result of the various announcements it made including NHB infusing more liquidity to housing finance companies, relaxation of ECB funds, reduction in stamp duty, and approval of a stress fund of Rs 25,000-crore to complete stalled projects. In the aftermath of the pandemic, the government stepped in once again to offer moratorium on loan EMIs with a view to ensuring that borrowers’ credit would not be impacted. A new stimulus package announced by the government last week includes income tax relief for developers as well as home buyers. It also includes housing sector-specific measures like an additional outlay of Rs 18,000 crore under the Prime MinisterAwas Yojana.

RERA has your back

The Real Estate Regulatory Authority (RERA) was formed with the objective of protecting the interests of buyers and bringing about standardization in the real estate sector. Some of the main advantages that buyers today have after RERA was established are that builders can no more delay projects as per their whims as they are heavily penalised. Buyers also don’t have to bear the brunt of any faulty or defective construction, as it is the builders’ responsibility to correct any structural defect up to 5 years even after handing over the possession to the buyer.

Interest rates at an all-time low

Home loan interest rates that were in a range of 8-9% are today in the range of 6-7% (repo-linked lending rate to which floating rates are linked, SBI Term loan being the lowest at 6.65% and the other banks hovering between 6.65 – 7%), which means you would be saving a few lakhs at least in the total interest payable if you invest in property anytime soon. Just a word of caution, floating interest rates are subject to change per the market conditions.

Mr Nagaraj Reddy, Vice President – CREDAI National says, “Banks have always been supportive of the real estate industry and have joined hands with us in more ways than one to ensure the best is always delivered to the end customer. Homebuyers in Bengaluru should look at this phase as an opportunity to invest in real estate, the markets are doing well, we are growing rapidly and bank interest rates are at an all-time low. This is the best recipe for the perfect investment.”

It’s A Buyer’s Market which may not last for too long

Earlier, proximity to one’s workplace used to be a priority for working professionals, making them compromise on the quality of amenities offered, but with WFH being the new normal, areas that were not considered before, but which fulfil all criteria and tick all the boxes on the dream list are being considered today. Builders are also trying to woo customers with a plethora of offers and discounts in the hope to clear unsold inventory.

Now is the time to fulfil your dreams and make Bengaluru your permanent address. Equipping yourself with the correct relevant information before you take the plunge is however of utmost importance.

CREDAI joins hands with the Times of India to bring you “NAMMA PERMANENT ADDRESS (Our Permanent Address),” a joint initiative by CREDAI and The Times Group, is a call to people to fulfil their dreams of owning their permanent homes by equipping them with the correct information and content. Buy a home from developers who are part of CREDAI, which stands for credibility, transparency and reliability. For more information visit www.nammapermanentaddress.com. The platform will also provide advice from exemplary experts from the industry to help consumers to affirm their buying decision and enable one to make the right choice while buying a home.

Mr Errol Fernandes, Secretary – CREDAI Bengaluru, “The most trusted real estate body joins hands with the leading publication house in an attempt to provide the best to all the home buyers in Bengaluru. It is an attempt by CREDAI Bengaluru to further strengthen our bond with our customers. We also take this opportunity to assure them the best service and guidance from the real estate fraternity. We see this not just as a campaign but it is a sincere effort at bringing the home seller and home buyer closer.”

A strong work-life balance is what all of us are going to need as we navigate a changing world in the coming days. Choosing the right house at the right time, and fulfilling your latent dream of owning one could well be the first step towards a happier, secure future!

Get started now. Visit https://nammapermanentaddress.com/ for more info.

Disclaimer: This article has been produced on behalf of CREDAI by Times Internet’s Spotlight team