These challenging times have made us realize the importance of owning a home when ‘Stay at Home’ and staying safe seem to be the mantras for avoiding COVID 19. With homes now being utilized as workplaces, schools, gyms, or hobby areas, people are now eyeing larger and spacious homes. The demand for extra space is on a rise with a constant surge in demand for optimized design configurations.
The residential segment looks very promising in the current scenario as many people, including the younger generation, are now looking to own a house rather than being dependent on rental accommodations.
Here are some reasons why home buying should be a priority investment for consumers today:
Buyers’ Market:
The residential segment has tilted in the favor of buyers during the last few years with Real estate developers offering discounts, schemes, assured rentals, and flexible payment plans to attract homebuyers in Mumbai. To motivate the consumers during these unprecedented times, country’s top lenders recently reduced the interest rates on home loans. Along with the low interest rates, the banks provide various offers, including discounts on processing fees or special benefits for women customers to solicit homebuying. In addition to this, there is a special discount of 1 percent on stamp duty for women home buyers. Lower interest rates are a factor in boosting demand, and the market hasn’t witnessed such low-interest rates in the last 15-20 years.
Indirect benefits to homebuyers:
There are several tax benefits that a homebuyer can avail of while buying their dream home. If they are buying a home for the first time, they are entitled to get income tax benefits under three sections — Section 80C, Section 24, and Section 80EEA of the Income Tax Act. Individuals looking to buy a new house or residential property valued up to Rs 2 crore can avail of stamp duty benefit of differential upto 20% between the agreement value and the circle rate till June 2021.
Biophilic designs:
Amid the countless problems caused by the pandemic, consumers are facing a ‘pandemic fatigue’, which is becoming a growing concern. Increasing stress and anxiety in people is affecting their health, personal and professional relations. Many psychologists suggest being closer to nature and outdoors to get the required tranquility and calmness. As a result, many home buyers are now opting for homes that offer ventilation and open green spaces. An emerging trend of ‘Biophilic design‘ helps get close to the natural environment using natural materials, spatial design, and views or access points to nature, which is being witnessed in various upcoming properties.
Premium amenities:
Developers are offering contemporary architecture and interiors coupled with state-of-the-art amenities designed to elevate the living experience at home. Homebuyers looking for flats in Mumbai should seek residential properties that offer top-of-the-line interior features and outdoor facilities. These amenities include panoramic views, a clubhouse with a beautifully landscaped elevated-park, large green spaces, inhouse retail, fully equipped gym, Multi-Purpose sports hall, a luxurious spa, jogging, and bicycle track, infinity-edged swimming pool, indoor games room, yoga room, and reading room, making it an inclusive development. These amenities help in the overall development and wellbeing of Consumers and is beneficial in today’s time where they do not want to step out of their premise but still wish to indulge in these comforts.
Buying a home is one of the most critical decisions for an individual. When investing in residential property, it is essential to know that an average property in a sought-after area is likely to increase in value, and hence the importance of location and its impact on price appreciation cannot be underestimated. When looking to invest in property, it is advisable to consult a knowledgeable and credible property specialist in the area of your choice, backed by a reputable real estate developer.
