Reasons to Buy a Property in 2022 When Prices Are Going Up
The prices of raw materials are rising every year. The purchasing power of people is largely affected by such inflation. In addition, bank fixed deposits are falling short of mitigating the effects of inflation. However, properties, especially in Rajarhat, remain a good investment under such circumstances.
Both experts and insiders in the industry believe real estate prices won’t increase quickly because developers are trying to push sales in order to improve their cash flow, inventory levels are high, and new supply is arriving, albeit more slowly.
Why Has Demand Continued to Rise?
Following the first wave of Covid-19, the demand for housing increased significantly in the two quarters between October 2020 and March 2021. It benefited from things like builder discounts, a reduction in stamp duty by several state governments, and low-interest rates. Following the second wave of Covid, the pace slowed down in the quarter that ended in June 2021, but it has since picked up again as a result of the economy’s recent expansion, faster vaccination rates, and increased economic activity.
Is It a Good Time to Buy Property in 2022?
This is a good time if you have been saving money to buy apartments in Rajarhat, Kolkata. It is conducive to buying since there is a constant supply of flats. In addition, builders are trying to increase sales to improve cash flow. Moreover, interest rates are lucrative at the same time. A greater benefit of a lower interest rate, aside from a lower EMI, is that it broadens a customer’s eligibility. For instance, if you qualify for a loan for which the monthly payment must be at least Rs 50,000, you can borrow up to Rs 60 lakh at an interest rate of 8% and up to Rs 66 lakh at a rate of 6.7 percent.
Developers are reportedly under stress as a result of an estimated 40% decline in construction activity due to Covid restrictions. Although now is a good time to buy, buyers must focus on finished projects. Builders are forced to give discounts to increase bulk sales, which is good news for potential buyers.
While purchasing a home for personal use makes sense, doing so as an investment does not. Moreover, given the high inventory levels and the inrush of new inventory, prices might not rise quickly.
Orchard Avaasa: The Best Housing amid Inflation in Kolkata
The need for affordable yet premium living is here to stay. Prices of raw materials may continue to rise, and prices of real estate may rise ultimately to make up for the price hike in other commodities. However, the legacy of quality left behind by the Oswal group will continue to touch lives because it’s been built with the right intentions.
Avaasa provides living standards that are still unmatched in some other areas of the city. It is the ideal location for commute connectivity, close proximity to entertainment areas, and top-notch amenities. Moreover, in a world where every second housing project in Kolkata is looking to provide not only better but bigger amenities in terms of space and quantity, Avaasa came up with the Skydeck and Skyplex. This is because they understood the importance of relaxation after a hectic day. And, something as simple as the act of unwinding under the open skies may not be the most luxurious initiative. However, it is far more cathartic than some of the other extravagant features that even Oswal provides in all of their housing projects with utmost ease in and around Kolkata.
The biggest takeaway is that Avaasa manages to provide so much while keeping prices within reasonable ranges.