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An initiative by Sunil Agrawal & Associates (SAA) to help First Time Home Buyers

Sunil Agrawal & Associates

Sunil Agrawal & Associates (SAA), real estate experts in Indore, held a webinar on October 2, 2021, to guide and solve queries of all first-time home buyers. Vipul Agrawal, Managing Director at Sunil Agrawal & Associates (SAA), hosted the webinar and voiced questions on behalf of more than 100 attendees. Leading experts gave insights, information and answered first-time home buying queries. Experts who joined the webinar were Sandeep Shrivastav, Vice President, CREDAI MP and Secretary, CREDAI Indore. Mr. Shrivastav has been working for 32 years in the real estate market in Indore. The other expert was Mr. Sachin Pal, AGM and Marketing Business Head at HDFC Limited.

All the panellists talked about fundamental doubts that may arise in a first-time homebuyer’s mind. To educate, they touched upon subjects like location, budgeting, EMI, home loan, type of properties, legal formalities, repayment and a lot more. The webinar lasted for about 45 minutes, covering all aspects of home buying, the future of real estate in Indore- offering solutions.

The most important concern that came out for homebuyers is which location to choose. Mr. Shrivastav said that location is a personal choice based on convenience and requirement. It must suit the family and individual requirements. He added that all locations are being equally developed in Indore by the State Government. The construction of Bypass, Super Corridor, Rau, Khandwa Road and BRTS are notable accomplishments in Indore. Therefore, any location is a good location if it meets individual needs.

Touching on the legality of property, Shrivastav said to always check RERA registration of the project. On the other hand, where the RERA number is not applicable or not available, it is crucial to check the town planning permission and approved plan. He suggested hiring an advocate before finalizing. He added that buyers obsess with house-pricing, and awareness regarding title documents in real estate is lacking, causing unneeded hassle.

The second subject that worries a first-time homebuyer is budgeting, which was discussed at length during the webinar. Mr. Pal said that similar to location, budgeting is also personal. Nonetheless, the important factor is a monthly income for loan sanctioning. He advised all homebuyers not to think short term. Rather focus on the income they will have over the years and then plan the home budget since a home is a constant asset.

The panel progressed further, discussing the shifting property trends in homebuying. In the past 2-years, buyers have started preferring ready possession property over-under constructed ones. Mr. Shrivastav said this is because people want to ignore EMIs and recurring rent amounts during the construction of the house. Nonetheless, the advantage one gets while buying under-construction property is the autonomy to modify the plan. The only fear buyers have is the timeliness of property completion. That’s why choosing an upright and reputed builder is a must for such properties. Mr. Shrivastav added that under construction has better price benefits and flexibility. That’s why it is preferable, but the fear of being cheated dominates the buyers.

Talking about property appreciation concerns, Mr. Shrivastav said that the real estate market is not a share market. It is a long-term investment, and there will always be a short-term risk. Appreciation will definitely come on any property in Indore in three to five years. Convenience shall be kept over everything. Real estate will never be a losing game if there is foresightedness.

A first-time homebuyer is always concerned about the loan. Where to begin? And what to do? This agenda was also solved during the webinar where Mr. Pal said that nowadays, especially post-Covid, everything can be done online. There is a step-by-step process to get a home loan sanctioned, which is easy and short. 80% of the applications have shifted to the online platform. Mr. Pal assured that it is very simple, and the documents required are very basic that can be arranged within 30 minutes. A few documents can differ depending on if someone has a salaried account or is self-employed. And EMI can be calculated via online EMI calculators.

Pal said that the more time customers take to repay, the more beneficial it is for them since they enjoy income tax benefits. Nonetheless, if buyers want to repay the loan immediately, they can, and there is no pre-payment penalty. A point that buyers forget is plot loans. Banks can give loans on the plot too, that to up to 70% of plot’s market value. Therefore, they can choose to buy plots also.

Reflecting on the future of real estate in Indore, the panellists ended the discussion on a positive note. Appreciating the government Infrastructure support in Indore, and the clean city drive experts said that Indore would become the next Pune in 5 years. Vipul Agrawal further added that “even people living outside in metros have started investing in Indore, and there is a lot of potential here.” Talking about technicalities, he said that young homebuyers have a great risk-taking appetite that works in their favour. Also, the rate of interest is at the lowest. It is less likely that it will go lower than 6.70%. Even if it does, it won’t be significant. Mr. Vipul said that there is no point in waiting to take a decision – declaring it as the best time to buy property.

Sunil Agrawal & Associates (SAA) also held a webinar during the first lockdown, talking about Indore Real Estate Market post- Covid, and surely the trends are reflected in the market now. The real estate market has come a long way on the side of the homebuyer’s benefit. And will see a progression from here on. Webinars organized by Sunil Agrawal & Associates (SAA) are insightful for those who are interested in real estate.

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