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Effects of Demonetization on real estate sector

On November 8, 2016 when Prime Minister Narendra Modi, declared to the entire nation about discontinuation of Rs 500 and Rs 1000 notes from midnight, the whole nation was shocked from this revelation. There was chaos everywhere, as people started to panic about the effects of demonetization on day to day life. Long & never ending queues stood outside banks & ATMs. There have been mixed reactions of people to this decision by our PM due to the hardships it has caused to common people but majority of them have reacted in the most overwhelming way.

Demonetization – the biggest news of 2016!!

Though the real motive behind it was to abolish the black money & also eliminate the fake currency from the market. In the long run this will definitely help to stabilize the country’s economy and also secure our nation from illegal actions. The effect of it has been different of varied sectors. Obvious ones are; inflation will drop down drastically, which will lead to the reduction the prices of various goods & services. Bank will have more deposits which will reduce the interest rates on loans & eventually due to payment of taxes; the government will have more money to spend of infrastructure & development of the country.

The Real estate sector is one of the sectors that has got affected drastically due to this move. Let’s read below the effects of Demonetization on real estate sector:

Homes loans getting cheaper: With more deposits being done in the bank, the fund holding of the bank has gone up in shorter span of time. This in turn will decrease the home loan interest rates significantly. The expected rate of interest would be between 8% to 10% on home loan in the year 2017.

Transparency: Due to the introductions of RERA’s amendments and demonetization affecting this sector back to back, there will much transparency in the transactions as all the payments will be made in white.

More Demand: Since home loan will get cheaper, the demand for houses will increase as the purchasing power will be in the hands of the buyers. Also the unsold inventories may come down since demand will increase.

Opportunities of foreign investment: With improvements and transparency in the economy there may be room for more foreign investments in the sector.

On the various points mentioned above, the real estate developers in Pune had a different take on each. Aksha Group, having many new construction projects in Pune, was much happy with the effects of Demonetization and implementation of RERA. Their 1, 2 and 3 BHK flats in Moshi – Chikali, Pune are a paradise to every home buyer. Affordable, comfortable & various payment schemes for the buyer’s makes this group much loved and trusted developer in Moshi & Chikali, PCMC.

Home Loan Checklist

Home Loan is a life saving facility granted to buyers of the property. With the ever increase in today’s property rates, it becomes impossible to make full payment of the property. So usually people opt for home loan facility where the bank/ financial institute pays on behave of the individual. But this decision has to be taken very carefully as one is accountable to pay the money back to the bank in the stipulated time.

Hence to avoid the nightmare of a faulty or not understood home loan procedure, keep the following things in mind:

Study the available options: It’s very important that one researches the various options available in the market. Beyond the information given by the agent, one should do personal research as well. Before taking any decision compare & consider.

Calculate your EMI: Before deciding the amount of the EMI keep a track of your monthly spending. Calculate the monthly costs plus some amount for unforeseen emergencies & then decide upon your EMI.

You can bargain: Even though the financial institutes say the Rate of Interest is fixed but you can always bargain and get it reduced. After all we are Indians & we love to bargain. If the negotiation saves money, why not.

Keep you documents handy: Keep all the necessary documents ready for the loan. Make sure you have original copies of each important document. Your bank transactions, credit card payments play a very important role in getting the loan sanction.

Read the documents: Run yourself through the documents several times before signing on the dotted line. Until your 100% sure do not go ahead.

Foreclose Procedure: As per the new norms RBI has cancelled the foreclose penalty so at the time of foreclosing your loan make sure you don’t pay anything extra. Most important is if you have saved certain lump sum amount, quickly pay it and foreclose your loan as soon as possible & free yourselves from the burden of EMI.

Aksha Group at each of its projects has made flexible Loan facility available for its buyers. By tying up with all the leading financial institutes, they wish to help their buyers in every possible way so that there are no hurdles in between the buyer & its home. We hope the above mentioned points help you in taking the big decision. To know more on the facilities provided by Aksha Group, log on to the website http://akshagroup.com

Prime location factors

In school age, location always meant two points to be by heart; latitude and longitude. That’s it, but, as we grew older, our priorities changed. Our interests changed and from thinking about the world and countries, we started thinking only for ourselves. Pause your thoughts, because this article is not some derogatory monologue but an insight of the changing priorities of people. From school latitude and longitude we moved onto the city place and finally into the roads and networks. How does a builder actually decide whether the area is a prime location or not? It’s not based only on study and statistical predictions. The demand analysis also plays a vital role into it. Years back Wanowrie or Chikhali were an abandoned forests. But, as the years progressed, people moved onto farther and farther from the city. The space and necessity of development as well as the over stripping balance of the demand has materialized to make a certain location into a prime location. With these facets and predictions, builders have now started investing land deals and promote the area into prime location considering its developmental values. The reason location matters are all because of it.

Development of an area into big neighbourhoods with ultimate project diversity has makes a city into a cosmopolitan survival. Earlier Mumbai was considered to be a cosmopolitan; gradually the culture donned onto Pune and now it has surfaced onto PCMC aka Twin city. Aksha group being a major role player in the development wagon of PCMC analysed the need of affordable spaces and have worked onto it for a decade now. From delivering essentiality and superior living in areas like kudalewadi as well, they have evolved to be the stone turners of the city. Earlier, 1 BHK was looked onto as insult or disgrace; but as times changed and privacy creeped its significant head Aksha has developed a habit of affordable living in premium style. Keeping the optimum quality to promising an assured buying experience, 1 BHK or 2BHK in moshi-chikhali area is now a general talk. The overall spirit and building a social neighbourhood is an objective of every builder which should be taken seriously. Aksha group has dedicated itself into this objective and strives with efficiency for the same. Thus location becomes a major part of their deliverance for its masses whilst budget becomes a significant factor for an individual. Going by this approach for both people and person, Aksha group builds’ affordable premium living in prime locations and contributes itself for flats in moshi, chikhali and Dudulgaon area.