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Buying your first home in 2022? What you should know

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Over the past few years, the pandemic has fueled a home-buying frenzy with remote work, and leaving large urban areas to live in different parts of the country is becoming more mainstream. 31% of all home purchases since 2020 have been made by first-time homebuyers, says a study.

Projects like Hiranandani Parks, Oragadam – Chennai, are being sought-after by many first-time home buyers. The 360-acre township is home to a fine range of residential and commercial segments. It includes trendy apartments, premium plots, and retail options. 

Building generational wealth or creating an investment, whatever the reasons for buying a home, find out why buying a home at Hiranandani Parks, Chennai this year makes sense.

Good year to buy a new home

2022 will be an easier time for prospective homebuyers, say top economists. During the second COVID wave, all real-estate segments suffered a great deal. However, the story began to change in the latter half of the year. Inventory overhang started falling, and the homebuyer’s sentiment began to move up. Property registrations began to increase and developers began to revive stalled projects. The sector is likely to carry this sentiment well into 2022.

Favorable financial options

Another important factor is the budget and availability of ready finance. Affordable housing options were given a boost as the government has extended the scheme to prospective buyers. At the same time, home loan interest rates are also attractive. Along with the EMI, another advantage is that a lower interest rate increases the eligibility level of a customer. For example, if you are eligible for a loan for which the EMI should be up to Rs 50,000, then, if at an interest rate of 8% you can take a loan of Rs 60 lakh, at a lower rate of 6.7% the loan amount can go up to Rs 66 lakh.

Choose your preferred location

Location is a huge factor in choosing a home. Work opportunities, lifestyle changes, and day-to-day routines are based on where one lives. With many cities becoming crowded and expensive, areas like Oragadam are being favored by first-time homebuyers. There are banks, restaurants, malls, retail avenues, and more. With the presence of several Fortune 500 companies, including leading automobile giants, along with good road and rail connectivity, there is an increasing migration of the workforce to the area. It will have a positive impact on the demand for quality homes. One project that stands tall in the region is Hiranandani Parks, New Chennai. The 360-acre sports-themed township is home to luxurious apartments, premium ready-to-build plots, a wide range of amenities, themed gardens, and more.

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