The current popularity of move-in property Usually, people love shopping in malls as they can pick up things of their choice with ease and can virtually verify everything they buy and the most important part is they can enjoy the benefits of their purchase almost immediately. However, the similar experience was not possible while buying homes till recently. Earlier, people preferred to own a personal land/plot and when they wished to own a house they would employ an architect and contractor to build one for them. Personal contribution or surveillance of the construction activity was a must and assumed huge importance in determining the quality of construction. So a waiting period to enjoy one’s own home was a must. Similarly, after the developers started pitching in to facilitate dream homes for people, the most prevalent option was under-construction property. They usually used to pool money for the investors who booked the houses/flats being built and offer the property after construction in a few months and sometimes years. The option of ready to possess property is a very recent one and, of course, a much admired one too. It is this option with the huge choice that allows the customer to feel that ‘buyer is the king’ and they can simply choose from an array of completely constructed properties of their choice and start residing in the same with immediate effect just like they shop for merchandise.
Similar is the scenario of the property market in Bhubaneswar, the capital city of Odisha. Of course, it is not so old a phenomenon to be able to select from ready to move property in Bhubaneswar and start residing in it without any delay. Other factors like location, property type(independent house/flat), neighborhood and size remaining constant, resale properties in Bhubaneswar would certainly cost more than the under construction ones.
The logic is so clear. In the prior case, one doesn’t need to undergo a waiting period to be able to stay in it thus there is saving of rent (home loan interest may be paid) While one is required to shell out less in under-construction house option, choosing that option implies one must pay interest on the home loan as well as pay rent for stay till the possession of the house is materialized. Let us consider two similar properties purchased under the two given options in the capital city; the first being ready for move-in and second to be completed and handed over in three years costing 25% less. Assuming 80% property value has been taken as loan with the down-payment sum remaining same, the annual outflow, in the initial three years will be more or less the same. It is due to the tax breaks (on principal and interest payments) which one can avail if one opts for downright purchase while ensuring the rent outlay is nil. Thus, move-in properties may be considered to be offering considerable tax advantage; probably that’s why it's claiming the current popularity.
Young first time buyers prefer ready to move flats That was late Monday evening. Shreeja had returned from school after a hectic day and had got up after a quick nap. All she needed then was a cup of coffee. Well, with just her husband around she requested him to prepare and she was all grins obviously on hearing a ‘yes’. Suddenly the door bell rang. Hoping that it was regular vendor she opened the door with a hope to dismiss the intruder within seconds. However, it was not the case. A petite girl with a great smile checked if she could conduct a survey. Being cordial, she was invited inside. She was the cousin of one of the residents and had come for a vacation. Being an MBA student she was conducting some research on Housing sector. A field survey of around 800 people was on her agenda.
Craving to sip that hot beverage, Shreeja offered the visitor the same. Shreeja’s husband joined the discussion too. The student took the responses from him. The main topic was ready to move flats in Bhubaneswar. She was on the move to analyse what was preferred by a first time home buyer. Either an under construction property or a ready to occupy one. The age group selected was 30-40.She was also collecting some other information like apart from money what other factors determine the choice.
Factors like location, amenities and surrounding environment were also being considered. On enquiry, she told that the survey was about to be completed. Thus, we being a curious couple insisted that she must share the conclusion of her findings. The student was too happy to find such unexpected excitement among the respondents. She informed that she shall certainly be able to do analysis by the end of the week. My schedule being a little tied up during week days,I requested her to drop in on Sunday. Thus, she left and the regular chores took precedence. The entire week passed as if on fast forward mode. After having watched a lovely movie on Saturday evening at Inox, Sunday morning could have begun only after 10. At 10.30, there was a knock at the door. Shreeja peeped through the eye-hole. The pink lass was there with her note and a pencil in her hand. I was totally not so ready for such discussion. But it was we who had insisted her to share the findings, she was not to be blamed. The student was smart, when she was found it was more than 3-4 minutes after the knock that anyone was yet to arrive; she understood that probably it was not the right time. She was about to return when I opened the door and apologized to keep her waiting. She was humble enough to not mind it at all. She insisted that as she was around she can easily come after an hour. But as she was already a junior friend we had tea together coupled with some enlightening research verdict. After having an in-depth discussion on the topic, the conclusion drawn was that first time buyers within the age group of 30-40 prefer ready to move apartments Bhubaneswar. Probably it was a result of the cash readiness and urge to enjoy the feeling of owning one's own place, without having to wait for much.
Bhubaneswar is surging to be more livable The face of the capital city Bhubaneswar is all set to be transformed as Bhubaneswar Municipal corporation (BMC) and the Housing and Urban Department (HUD) is prepared to make changes to develop the city and give an infra push to the city under the smart city mission recently presented to the centre. Though the city is quite hopeful to make it into the first 20 list it is sure that the development process which has been initiated due to the centre’s Smart City initiative is bound to continue irrespective of its bagging the slot or otherwise. The mission of the authorities has already been frozen at creating a ‘livable city’ before a ‘smart city’ is given shape. The convergence of various Narendra Modi government schemes at the centre is expected to yield transformational results. Schemes like AMRUT-Atal Mission for Rejuvenation and Urban Transformation, Digital, Housing for All, India, National Heritage City Development and Augmentation Yojana, Swacch Bharat Abhiyan, etc, are directly or indirectly going to impact the housing sector all over and Bhubaneswar is no exception to it. To elaborate the ‘Housing for All’ scheme is definitely going to impact the real estate sector and bring the affordable housing to the limelight.
The Swacch Bharat Abhiyaan and Smart City Mission is going to improve the quality of life of the city. The various facilities such as education, health, water, energy, transport, public safety, sanitation are bound to improve, hence, encourage people to reside in that particular city. A similar thing is going to happen in the case of Bhubaneswar. In fact, it is already happening. The temple city is also the IT hub which is assuming greater heights with the emergence of Infocity II. Not only the prospects of various new companies creeping in, existing companies are also increasing their operations, thanks to the smart governance. The state government is trying to allure new ones by creating land banks and trying to soar high in the ‘ease of doing business’ parameters. Similarly, it is keeping an eye to the fact that after being provided support, existing companies must ramp up the show to increase local employment and thus state and regional income. With the rising income, the demand for realty especially the residential properties are sure to rise. In fact the ready to move apartments Bhubaneswar demand is going up, as the people prefer to enjoy the lifestyle amenities without having to wait. If you go around and make a survey then you would surely find more ticks in the box of ready to move flats in Bhubaneswar instead of the under construction ones. However, the ones going for the second house or who are looking for investment in realty are standing up for the under-construction properties too. The point to be noted is the realty surge in Bhubaneswar is still on in spite of the several economic factors trying to pull it down.
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