The rising demand for buying homes among Indian millennials has increased to a great extent compared with pre-pandemic levels. The age group of 24-40 who until now did not give much priority to buying a home as it gave them the flexibility to switch jobs and hop cities, is now more than ever serious about owning their own home. The pandemic has made serious realizations and brought everyone closer to realizing the importance of having a home.

Real Estate now continues to be the safest & best investment option -real estate is considered one of the safest sectors to invest in. It was rated the best long-term investment ahead of gold, stocks and mutual funds, savings accounts, etc. In India, where the emotional satisfaction of owning your own property is inherently very strong, real estate will continue to grow in the long term.

Spacious homes are on top preference– Spacious living is now becoming a part of every individual’s lifestyle. The aspiration to own a luxurious & spacious home is one of the most imperative necessities of today. Prior to the lockdown, only a few individuals preferred to own larger 2BHKs. But now the demand for larger 2BHK units has increased post-pandemic. Many buyers believe that buying a spacious home would give them the privilege to transform the extra room into a kid’s study area, hobby room ora workstation, where they get to carry out their activities without any interruptions. 

Huge demand for trusted and reputed developers – A survey states that home buyers now prefer the most trusted and reputed developers, for the concern of reliability, timely delivery, and the promise of quality construction. 

The real estate sector is now seeing a rapid demand for larger homes across India. Homeowners are looking at multifunctional spaces, which help their separate work and life for optimal productivity. In most cities, homebuyers are opting for 2 & 3 BHK units, wherever they can purchase them within their budgets.

Many home buyers are willing to make a smart move into a home that has everything they need, right from doorstep conveniences to prime connectivity, basic necessities in the vicinity, and a sense of community living.

The pandemic situation has given rise to a new style or necessity of working and that is Work-from-Home (WFH) and that is why people now spend a lot more time at home with the family. Therefore, having larger and comfortable spaces with an amenity-rich community is of the top preferences.  

We at Right Channel Construction have always strived to offer our customers super-spacious, comfortable & luxurious homes that are ideal in every way to fulfill their needs and desires for a perfect, safe, and opulent home. 

Here are the 6 points that would assist you to attain a good deal:

1. Vicinit

Before buying a flat, the very first thing to look for is the vicinity/area & the surrounding. The locality you choose to live in should be convenient & easy to commute. It should be a prime location with a peaceful residential vicinity without any dumping zone or an industrial area nearby.

2. Possession date:

The delivery and possession date of the flat should be as promised & confirmed in the agreement. If the builder delays the possession date, then you can file a complaint with your grievances & loss suffered to the relevant forum involved in resolving disputes.

3. Provisions within the building & Accessibility of essential services:

Facilities mean the provisions within the building as well as outside the boundaries of the building. It should consist of facilities/amenities that lead to a healthy & contented lifestyle such as swimming pools, garden area, gym, jogging tracks, club house ETC. Location should provide accessibility towards the vital elements such as schools, colleges, hospitals, markets, metro stations. The building must comprise of primary facilities of intercom, fire & safety as precautionary measures.

4. The total cost of the flat:

In the beginning, you might not be aware of the actual total cost of the flat but before getting into the procedures, you should always be familiar with various cost terms. 

The TOTAL COST includes:

• Internal/External development charges (IDC/EDC): the amount payable to the government for the development of the area. The buyer pays this fee through the builder & is a part of the total cost. Internal charges are for the development of public facilities such as road-making, drainage, etc. External charges are for the maintenance of public facilities. It is a form of tax and is not further taxable. If at all the builder charges extra tax over this amount, then you must not pay.
• Preferential charges: usually paid for booking your choice of location or spot.
• Parking charges: If at all you own a parking spot, there are specific charges for it. However, now parking is compulsorily included while purchasing a flat irrespective of you having a car or no.
• Membership charges: payable for being a member of society. 
• Service tax: paid for the services rendered by the builders. Since June 1, 2016, the tax rate is 15 percent.

5. Criteria for the application of a Home Loan:

Home loan is granted on specific terms & a definite criteria.

The criteria to apply for a home loan:

• You can apply for a home loan only if you belong to the age group of 18-70 years & also should be a person earning an income of at least Rs 25000 for residents of a metropolitan city & Rs 20000 for residents of other cities.
• A home loan can be a minimum of Rs 100000 up to a maximum of Rs 35 crores.
• You must have a work experience of at least three years & must complete at least six months if you are currently working for another company.
• The minimum interest rate as per 2020 for home loans is 6.90%.

6. Investment in Reputed Real Estate Builders:

Always look for properties that are constructed by reputed real estate builders, since there would be no chances of being scammed & also have good credibility. 

Overall, taking into consideration all the 6 points, it will make your way easy towards a contended buy. Indulge with us to acquire in-depth knowledge.