How to skip an investment loan – upgrade your home

How To Upgrade Your Home And Take The Burden Off A Home Loan

Ria Sharma and her fiancee Shekhar has purchased a new 2BHK apartment in Hinjawadi in 2018. However, after their marriage, the situations changed, and Shekhar’s parents and sister started living with them. They realized that 2 BHK would be too small for their needs. So, Ria and Shekar wanted to upgrade it to 3 BHK. 

As a result, they decided to sell their flat and buy a new one. They discussed the same with their builder. The builder gave them two options: the current flat can be upgraded to the new by completing all formalities, else they can buy a new flat, and rent the existing flat. The money from rent will help them repay their debts. However, they opted for the first choice – upgrading their existing flat to new by completing all formalities. 

On approaching the bank, where they have availed loan from, the bank requested them to submit several documents, including the letter from the builder regarding the property upgrade and loan amount to be increased. Ria and Shekhar could finish all the formalities in month’s time, and they have moved to their new home. They are also in the process of transferring the loan to the bank that offers them low-interest rates. 

Even if Ria and Shekhar have preferred the second option, still the things would have worked in their favour, because Hinjawadi is a land of opportunities. What does that mean? Read below to know more.

How to skip an investment loan – upgrade your home 2

Hinjawadi Means Development, Development, and Development 

If you type Hinjawadi in Google, you will see the Wikipedia page leading the search results. It introduces you Hinjawadi, its history, and current development. The page also informs you of the future developments that are in pipeline. You can see that the place is neatly divided into three phases and they host several IT and ITes companies like Wipro, TCS, Infosys, Cognizant, and so on. 

In addition to IT and ITes companies, there are several biotech and product firms, such as Emcure, Eclerx, CISCO, and so on. With the establishment of Phase IV, V, and VI, more companies are planning to establish their business here. 

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Hinjawadi is also a preferred destination for several start-ups, owing to its affordable tax structure and rental rates. Currently, the companies in Hinjawadi employ more than 1, 50,000 people, and these numbers will increase with the establishment of new companies or the expansion of offices in three phases.

Hinjawadi is also one of the widely connected suburbs of Pune. The Mumbai-Pune Expressway and Mumbai-Bengaluru Highway have contributed to the development of this area. With line 3 of Pune Metro coming into existence, the place will make travelling easier for people who may want to travel to the main Pune city for various reasons.

How to skip an investment loan – upgrade your home

New Residential Trends and Appreciation Rates

Most techies employed in these companies have migrated from other cities of India. It is quite obvious that they would prefer living near their places of work. This has spiked new residential trends. 

  • There has been an increase in demand for smart homes (2 and 3BHK homes that are technology-driven) and studio apartments. 
  • These homes are well-equipped with various modern amenities and are referred to as worry-free. For instance, Eon Homes by Kasturi Housing offers several amenities such as the sports arena, the club, rejuvenation centres, entertainment areas, and other automated utilities. With so much to offer, these homes emulate resorts in many ways. 
  • Hinjawadi is also a location for integrated townships, since the implementation of the Special Township Policy Act.

All these have contributed to the increase in appreciation rates in the area. Many techies who already own a 2BHK flat in the area are also making second investments and renting their apartments because they know the long term benefits of their decision. 

For more information about the best home upgrade option in Hinjawadi — Eon Homes by Kasturi Housing, write to us on sales@kasturi.com.

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