The two biggest policies rolled out last year: GST and Demonetization have affected each Indian state equally. Kolkata’s real-estate is in shambles and so is the real-estate of Mumbai or Bangalore. It’s not that some cities were immune to Demonetization and some were not. The effect was widespread and even-handed.
So, irrespective of whether you have plans to buy a flat in Bangalore or not, 2018 is the best time for home buyers to invest in real estate property in Bangalore. The sales figures for 2016 plummeted down to a record low; causing a great downfall in the property prices. Also, a total of 13,134 units were sold in the third quarter of 2016. Whereas, the number came down to 7175 units in the fourth quarter which was approximately 45% less compared to the sales in the third quarter.
Speaking on the matter, Mr. Satish B N, Executive Director (South India), Knight Frank said, "After observing a peak in 2013, in the last two years, the city has come under considerable pressure. While launches were already on a decline, owing to factors such as the increasing unsold inventory in the city and BBMP's drive to confront the encroachment of lake beds, issues like the announcement of demonetization in Q4 2016 further led to curbing of new launches.”
Bottom line: Even though the market situation is not in favor of the builders and property, you, as a customer, can leverage from this golden opportunity and own a property in Bangalore by applying for home loan in Bangalore. Another thing which can make the process of buying a flat in Bangalore is a home loan. There are various financial institutions who offer home loan of up to Rs. 3.5 crores which can be paid back in a tenor of up to 20 years. The interest rates and terms and conditions, however, vary from one lender to the other. It is thus ideal to check what each lender has to offer thoroughly before choosing a lender.
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