Buying a home is everyone’s dream of lifetime in a country like India. In old times people usually bought a land and then built their houses as per their requirements but today everything has changed. Now you have to think more than one aspects of owning a house like location, cost of buying, possession time, type of house, loan amount, quality of life etc. It is not easy to find the suitable home to fulfill all your requirements. In a city like Pune which is rapidly expanding in all possible directions is much to offer in its magic box. Now the question is if the supply is enough then why the prices of properties are sky mounting? There is no doubt in this fact that in the past five years the prices of real estate has surprised each one of us. But is it good to have such a trend or are there some facts or points that we are not thinking about. If we see the graph of real estate prices we can see sharp upward direction then some stillness then again very sharp shoot up of prices in the year 2010 till end. Now what?Uncertainties are all around as some predictions are in favour of real estate and some are against it. If we take the current market prices of properties in Pune city then it is clear that slowly it is becoming just unrealistic to afford a 2BHK in Pune. Apart from the cost of a 2BHK the interest rates are also too high to materialise the deal of purchasing a property. Some views are like that there will be some correction but how much no one knows. What will happen to the future real estate market of India if the present state of affairs continues in coming years? The answer is the sale will go down because if the common man is not having purchasing power then how will he be able to think of buying a property that is just impossible to afford. He would prefer to have a rented accommodation instead of buying a home.If one waits for the correction in the prices then how much correction he can expect. If we analyse the past then we can see that in the year 2008 when the economy slowed down, the impact was clearly seen but the real estate prices never came down. I agree the fact that they were not rising at that moment but they were stagnant because of lack of demand and downfall of IT industry due to world economy slow down. Today the scenario is that World economies are recovering, Indian economy is giving good signs of growth and thus the demand is rising for real estate. This demand has made the reality sector mad and the prices went up like rockets which seem to be unrealistic to touch. Here are some points that can contribute in downfall in demand of real estate:The banks have increased the borrowing rate that is another slap on the cheeks of a home buyer.
- Inflation has left us with no option then to criticise the government whose ultimate target of economy growth on paper is almost achieved.
- Significant increase in Transportation cost due to petroleum price rise has contributed in acceleration of inflation.
- As per the news Reserve Bank of India has asked banks to accept 20 percent of the house value as equity portions from the buyer and it will make the buying process more difficult for the end consumer. All these are just making it more and more difficult for the prospective buyers to buy their dream home.
- The builders and developers are having fund crisis if the project is not booked on time due to rising borrowing cost and the delay in the project can cost a buyer who has invested in that particular project. That is why nowadays builders and developers are giving prelaunch offers on the properties but the buyer never knows the future of it.
In short I would like to suggest you that if you are a first time buyer then be very careful and give it a big thought that how much amount you can actually afford to pay for a two room house as ultimately all the fancies of luxury lifestyle fade away when you have to cut short your basic expenses and have to pay hefty loans from your hand tight budget as the inflation will never come down in near future. It will go up and up and cannot be compared to the salary hike in any industry. Now the prices are touching to Rs.1 crore in prime locations (I don’t know whether they should be called prime or not) like Baner, Aundh, Kalyani Nagar, Pashan, Hinjewadi, etc. What do you think after twenty years can you get 2 crore of that property? Think about it as you not only invested money in it but your time, your loan EMI stress for twenty years apart from cutting down so many holidays you could have enjoyed if loan was not that big? How much price can rise? There is a limit always. Don’t just get away by the fancy brochures of big builders and promoters as the ultimate goal is to find a house that is affordable and can give you a good night sleep for the next twenty years. The government must take some actions to control the real estate prices in order to make it affordable for everyone in the country as the prices are crossing the levels of property prices in developed countries. It may take a u turn if not controlled in time. Just be wise and take wise decision by investing in the right budgeted property in the right location and keep all your finances in your control.Ruchi Mahajanзайм на карту без отказов круглосуточновзять кредит онлайн