It's March already. Winter's on its way out. And the beginning of Spring is marked with the Festival of Colours - Holi! In Goa, we also celebrate Shigmo - with flags and parades and traditional fervour. Winter's on its way out, as we prepare for the mouth-watering mango season!
Goa is sprucing up for better times! The real estate slump is showing signs of fading. From November 2008, until July 2009, home buyers generally stayed away - especially from new housing projects. The rising cost of cement and other construction material also added to the bleak scenario. Things have changed in the last six months. The volatility in prices has settled down a bit and the buyers are back. Once the Regional Plan 2021 is also finalised, things will really begin to look up.
so keep your ear to the ground and you could be landed! Happy Holi!
~ Michael and Tomoko Lobo
The annual budget is out. The emphasis this year is on consolidated growth, improving the investment environment, inclusive development and strengthening transparency and public accountability. While the price of fuel has gone up, the cost of mobile phones and infotainment has gone down. There was a focus on infrastructure development, environment and climate change, among other things. The biggest challenge, however, is to rein in food inflation and spiralling prices. Check out budget highlights at http://indiabudget.nic.in/ub2010-11/ubmain.htm.
Goa will get around Rs. 200 crores for beautification of the State. There were various proposals - amounting to approx 1400 crores - but the central government picked out the one dealing with preservation of natural resources, including sea beaches and forest cover. It's great news: the dressing up of an already very pretty landscape!
On the home buying front, low rates on home loans may end soon. Most banks were offering discounted home loan rates to new customers as a special product offering. These rates were way below the prime lending rates of the banks. In an effort to be non-discriminatory to new and existing customers, the RBI has asked banks to have a common base rate. Following this, home loan rates may now go up to 9% - 10%. Banks may determine their actual lending rates on loans and advances with reference to the base rate. Technicalities apart, while there will be an increase in home loan interest rate, there will also be transparency in pegging these interest rates. We'll keep you posted on this.
It continues to be a good time to buy property. The real estate market is showing definite signs of recovery. And with the beautifcation proposals, the RP2021 and other good things in the pipeline, Goa is a hot destination for property investments! Here are our hot properties of the month. For more properties, go to: www.homesgoa.com.
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