The most powerful motivator ever has been hunger, more so for the basics of life. Incidents that cap the consumption of these only whet humanity’s appetite to go for the kill when circumstances so permit. The Covid-19 pandemic was one such incident whose after-shocks are yet to die down. One of the sectors it most affected is that of realty. With job losses galore, and most industries winding down activities, it was a time that left us very few options when it came to spending with survival itself being the top-most priority.
Thankfully, those times are behind us. Or so it may seem given that the pandemic is still rearing its head, and seems to be doing so with alarming numbers. With the economy in tatters, and everything starting from ground zero, it’s but natural that such a situation is the best when it comes to buying property. One place to do in the Indian context is Pune. A metropolis with more than its share of everything good, it’s the right place to buy property any time of the year- more so now with circumstances affording most buyers the chances of buying their dream homes!
As for the reasons to rush into home shopping in Pune till 31 March 2021, the following are the main ones:
1. Super-low stamp-duty rates!
1st Jan to 31st March 2021 may have missed the truly super-low stamp duty rates of 2% but still is better at 3% compared to the 5% that shall be after 31st March! To generate demand in trying times, the government has reduced the stamp duty rates which by itself works into a neat pile of money especially on luxury homes! HURRY! THIS OPPORTUNITY EXISTS ONLY TILL 31ST MARCH 2021!
2. Super-low home-loan interest rates!
If the stamp-duty wasn’t enough, the RBI’s holding the repo rates at less than 4% (which incidentally it shall continue to do so, according to known sources, till 2023) is likely to keep home-loan interest rates at less than 7%- something that the Indian Economy has not seen in decades! If not for the former, the latter is truly the reason one should rush into house shopping in 2021, preferably before 31 March 2021! Interest rates may not go up for some time with 2023 being the year when they may increase.
3. Builder’s freebies!
With inventory in various stages of construction at various places in Pune, and demand being low, builders big and small are offering all manner of freebies to buyers from rate reduction to inclusion of taxes and duties to extras like A/c, interiors, and the likes. Mind you, all this is till demand doesn’t pick up. Once it does (which it shall over a few months), these freebies may be a thing of the past.
4. Industrial activity on the slow upswing!
Pune being industrially rich is known. But that is the case with quite a few cities in India. Given its diversity both in terms of industries and means of existence including education, business opportunities, and the likes, there are few comparisons in India. With rates dropping low and freebies coming thick and fast from all over, it makes sense to look at Pune from a holistic view for all times which provided everything from employment/ job/ business to education to an easy, energetic life with all the perks and preferences of an A-class city!