The ray of hope from any changes in the home loan rates and home rates in 2010 from the Government have been to no avail. All the government policies though having changed considerably there seems to be no respite from the pressures of repayment of big home loans. The builders have stalled projects taking more time and delayed construction due to expenditure involved in processing and approval of registered construction societies , there seems to be a slack in the home loans scenario front.
|Slim House in Japan|
Till 2010 middle class people had the hope of purchasing new homes, maybe on the outskirts of the city, but now the rates have increased off hand and the budget on buying home seems to go haywire! Does this indicate that there is no movement in the housing sector? no. the black market is still flourishing and the only people still continuing to buy new properties are those who have money and need to invest in the housing sector. The movement is slow and gradual but many new buyers who are purchasing property are doing so for investment purposes and not for staying. Either the flats purchased are given on rent or kept locked for the property to appreciate in value.
Homes seem to be smaller and smaller with less carpet area available and there will come a time when houses will be compared to small nests. Area per square feet are increasing, and in many areas where we had enquired the rates were 2000 to 2500 just few years back have increased three and four folds making the rate 5,500 to 6,500 per square feet. The rates in Thane city have increased from 25 to 30 lakhs for a two bedroom hall kitchen to nearly sixty to seventy lakh rupees which is soon going to cross the crore line for bigger flats!
Many people who really need to buy homes are at a question whether this deal is worth it? putting lakhs of rupees and paying heavy interest rates on home loans and when the ownership time will come after many years, will the property rate appreciate so much so that they profit? think about it!