Affordable Housing, Interview with Anil Nair Nagpur, Chairman BAI and MD Pioneer Group.

Anil Nair, Chairman BAI and MD Pioneer Group.Anil Nair, Chairman BAI and MD Pioneer Group.

We  met with Mr Anil Nair, Chairman, Builder Association of India, IPP CREDAI  and  also MD  Pioneer Infrastructure.  We asked  him for his views and  guidence  on how a prospective home buyer  should approach buying to get maximum benefits.

Q 1. What is PMAY  &  how does it benefit  a Home buyer?

PMAY is Pradhan Mantri Awas Yojana, launched in June 2015 for promoting affordable housing in the Country. Government of India has targeted 2cr affordable homes by 2022, in this context they are giving upfront  subsidy upto 2.67 lac for eligible persons. Subsidy are available for LIG, MIG (I) and MIG-(II) category people.

Category Annual Household Income Unit Carpet Area Reduction in EMI Overall Savings
EWS Upto 3lac 30 sq mtr 2,500/- More than 6 lac
LIG 3-6lac 60 sq mtr 2,500/- More than 6 lac
MIG-I 6-12 lac Upto 160 sq mtr 2,500/- More than 5.4 lac
MIG-II 12-18 lac Upto 200 sq mtr 2,500/- More than 5.3 lac

These are tables for a term of 20 years at 10% annual interest.

Subsidy is through interest subsidy which is credited upfront to the loan account of beneficiaries resulting in reduced EMI.

But Subsidy for MIG-I and MIG-II is available only till 31.03.2020.  So buyers need to decide quickly to avail the benefit.   What  most  Home buyers  are  not calculating  is the effect  of  2.67 Lac  on Their Capital  and  saving in Interest.  This subsidy  will save  them  2.67  Lac  PLUS  Interest saving over  15 years,  which itself  is more than 5.00 Lac .. So the Net benefit that a buyer gets  is  6.67 Lac !

  1. Why should a buyer  select Wardha Road ?

In Nagpur wardha road has emerged as the main Growth  Center of  Central India. Properties on Wardha road  have appreciated  the most in Recent years.   Also it has

  • Growth potential
  • Proximity to major  hub
  • Proximity to metro station
  • Easy connectivity to City with Multiple Flyovers
  • Nearest to Airport
  1. There is GST Apprehension in customer minds. Please clarify.
  • As of now  GST on our new  schemes is only  1% since it’s a affordable housing

this is a huge benefit  of 11%,  Which is a  substantial benefit  that buys need  to take into account. GST as regular Project is 5%.

  1. What Income Tax Benefit are available?

A  Buyer Can  get  Income tax Benefit on First Home as well as  Second Home.  For  the First time buyer home loan Interest upto Rs  2 Lac  is allowed  as  deduction. If  you buy a second home and  give it on rent,   you are  allowed  to get  upto  Rs 1.5 lac  deduction on Home loan interest. This is a big incentive  to invest in 2nd  Home as well. You will need  to understand the relevant  sections like  80C, 80EE ad 80EEA  to  arrive at maximum benefits you can take.  In addition  Interest  rates on Housing are the lowest in the this decade.  So if you plan & choose  wisely, you will save  tax as well as get capital appreciation by investing now.

  1. Why should I buy a Home now ?

If  you carefully look at the current situation,  property prices are lowest  but  all other  assets  are  at their highest level. e.g. Gold .. is at 42,000 ,   Sensex  is  at 41,000, US Dollar  is at 72,  So, the next cycle  will undoubtedly take real estate prices  far higher.  You wont get  to buy property  at the rates  that are  prevailing today.  So make the most of it , and  don’t delay your decision.

  1. Why should a buyer invest in Nagpur?

When The  Other metro cities Real estate market  has  come  down a  lot, Nagpur  has Prospered  and  Invested capital is protected.  Nagpur is the most livable and progressive city today and infrastructure effectiveness is ahead of time.

  1. Why Should I buy my Home from Pioneer:

Pioneer  has been  in the Realty space  since 1996 .  We  have  Delivered Homes  to over 3500 families  and  constructed  over 11.00 lac  Sq.feet  in  Nagpur alone.  Our  focus  has been  Quality construction, Transparent dealings  and  full support to our esteemed  customers.

We are  and ISO  9001  company & We  recently won awards  for

  1. a) Brand Leadership Award – 2018
  2. b) PMAY- Highest Subsidy received by our Customers, Awarded by HDFC
  3. c) Several other awards.

We have both Under-construction and Ready Possession affordable flat options.

Our  experienced  team makes  it easy  to  not  only get best values for  your money, but also helps  with Loan Documentation,   faster  PMAY  Approvals  and  also  with all formalities needed.

  1. What are your Current project and  investment options  with Pioneer

We  have   Ready Possession  flats  in  Tamarind  Court and  Chinchbhuvan Wardha road.  We also have an  Under  Construction Scheme  “Pioneer  Orchid”  with 2 BHK  and Affordable Housing.   We will also be coming up with  PLOTs  for Our clients  in a few  weeks.

To Conclude :  a  Home buyer must remember  that the  PMAY  benefit for   MIG-I and MIG-II are available only upto 31st march 2020.  So, If you are looking for your own house, you need  to hurry up and decide fast.  Our team is  available for  guidance.  You can call us on  Suhas – 77740 98079, Preeti 84118 21199  Or Visit website: http://www.pioneernagpur.com/ or http://www.pioneernagpur.com/pioneer-orchid-2-bhk/

Anil Nair, Managing Director Pioneer, Nagpur

 

 

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