Devpt activities on Kamptee Road wooing investors
|Source: The Hitavada Date: 06 Jan 2017 09:36:28|
It was a New Year gift to those who were waiting to borrow home loans at cheaper rates. The first one to give the gift was banking behemoth State Bank of India (SBI) which had reduced its MCLR by 90 basis points or 0.9 per cent across various maturities.
Following SBI, his brothers in the banking industry like HDFC Bank, Canara Bank, Union Bank, Kotak Mahindra Bank, among others too have reduced their lending rates. Even, housing finance companies like HDFC, Indiabulls Finance too are trying to corner their share in home loans market. SBI’s effective home loan rates will now be at 8.6 per cent compared with 9.1 per cent earlier. This is the cheapest rate in the last 6 years.
Experts feel that for new borrowers big reduction in home loan interest rates means their loan tenure would come down by a few years for those who want to avail a period of 20-25 years to repay the loan. Borrowers would coolly save an amount of Rs 2.5 lakh for a home loan of Rs 25 lakh with a tenure of 25 years.
With saturation and upward revision in the prices of property on Wardha Road, Amravati Road and Bhandara Road, experts feel that Kamptee Road is slowly emerging as much ideal destination for investment.
With endless efforts of Nitin Gadkari, Union Minister for Road Transport, Highways and Shipping, development is taking fast on the Kamptee Road. Under his Ministry, National Highways Authority of India (NHAI) has planned a series of flyovers on Nagpur-Kamptee Section of National Highway ensuring smooth flow of transport.
“Three of four flyovers on the Section will be in city while last one will bypass Kamptee.
Also, the entire section upto Kanhan will be concretised with a width of 24 metres and have dividers, service roads etc., which are being planned and take shape in the days to come,” said an expert on the condition of anonymity.
He said, flyovers would be constructed between RBI Square and LIC Square, Kadbi Square and Indora Square and on Automotive Square where Ring Road crosses the Kamptee Road.
The bhoomipujan of the same had already been done.
He said that local administration too have planned gamut of activities on the Kamptee Road as Government was leaving no stone unturned to balance the development of the city. One-sided development always increases the property rates to unprecedented level which arrest the progress.
If the rates of property particularly on one side of the city surges, it becomes difficult for the citizens to buy homes and makes the situation murky.
“If Government provides basic amenities to all sides of any city, the property rates are within the reach of the citizens then no one can stop the development of the city,” he said.
It also becomes the primary duty of the Government to see that the work of flyovers on the Nagpur-Kamptee Section should be undertaken at war-footing.
All these factors make Kamptee Road an ideal place to buy properties.
He said those who want to buy homes, they should not squander time and bell the cat before it becomes too late. They buyers if they wait for another some days, they would be loser and repent that they had not made hay of the situation.