Common Reasons Why Your Home Loan Was Rejected
When newly married couple Caral and Tushar Cardoz bought a home in Andheri in 2006, metro trains were not common in the country. The young couple pooled in all their savings to buy a 500 A sq ft apartment for Rs 20 lakh, little knowing that they were investing in a goldmine. Property prices here started rising very quickly once the metro project began in 2008, and the value of our home has apprecated more than six times since then. This metro line has eased commute woes for many Mumbaikars and we are lucky to Live a mere seven-minute walk away from the DN Nagar metro station, shares Carol.
With over 700 kms of metro lines operational in various Indian cities today and a further 580 kms under various stages of construction, as per JLL Research, metro connectivity is a prime example of how transport development has driven up land values in the country. Hence, unlike the Cardozes, home-buyers today are not leaving anything to chance. They are closely monitoring progress an transport infra developments around their targeted residential projects. With the economy gradually easing and workplaces resuming, it is only understandable that physical infra is back in focus after a pandemic-Induced hiatus on physical movements.
A key beneficiary
With a renewed focus on infra financing by the centre and expediting of projects by state governments to stimulate post-pandemic growth, housing will be the biggest gainer, believes Ajay Sharma, MD – valuation services, Colliers India. Elaborating on the centre's latest Gati Shakti Yojana (GSY) that subsumes the ambitious Rs 111 lakh crore worth National Infrastructure in Pipeline (NIP 2025) launched din 2019, Sharma' says, 'GSY offers an integrated approach to both, macro and micro-planning, execution, and monitoring of infrastructure projects through a digital platform to improve coordination between ministries. -GSY aims at improving ease of living and business competitiveness through increased quality of Infrastructure. It also aligns with UN's Sustainable Development Goals 2030. Smart cities and affordable housing have been included in the urban development goals of NIP 2025 to enable increased access to resources and finance, resulting in better prepared infra projects."
How will GSY improve housing prospects in the country? As infra projects get Implemented faster due to the integrated approach, housing will be a gainer due to mobility, safety, quality of life alongside the strengthening of social and digital intrastructure, giving further impetus to home-buying. Increasing the number of operational airports, Improvement of seaports, providing multi-modal connectivity, and development of industrial corridors with assured power and gas access will improve the potential of multiple semi-urban/urban nodes. These nodes will be rejuvenated through investments in 52% and industrial hubs, thereby increasing demand for both, commercial and warehousing assets. The positive fallout of this demand will be seen on hospitality assets as well. This is because increased consumption.
Source: Times of India