Posted on 21st April 2017 Author: Planet Homes
After a whirlwind of policy changes, India has reached a strange stability in terms of economic scenario. Smart Cities Plan, Demonetization, RERA rules, Housing for all initiative, and now GST is set to come into effect from 01 July; the real estate industry had a mixed reaction for the previous year. But industry is now quite confident of a good FY 17-18.
This is the beginning of a new chapter in India’s Real Estate Scenario indeed!
Experts are suggesting a surge in demand and prices of 1 BHK & 2 BHK homes in the first quarter of FY 17-18. There is optimism in the atmosphere which people can feel.
Especially the new construction in the fastest growing areas like Thane and Navi Mumbai, has been getting a lot of attention due to good infrastructure and affordability. Here are the five reasons to think about purchasing your 1 or 2 BHK flats now.
1. Improved Transparency in Real Estate Transactions
The Real Estate (Regulations and Development) Act, 2016 has worked wonders for protecting the consumer rights and regulation of the real estate projects. This act has brought up the much needed transparency in the Real Estate transactions.The chances of customers being duped by dubious developers have decreased significantly.
2. Low Home Loan Interest Rates
As all the cash flooded back to the banks post demonetization, the banks are now eager to give loans. Interest rates for home loans have reduced, and banks are offering higher finance for the resale properties; they make this a perfect time for buying a home. Most of the people are now purchasing homes through home loans, by making cheque payment, in a transparent manner.
3. Affordable Housing and Interest Subsidy by Government
According to a report, more than 1.66 Cr people have applied for the credit linked subsidies for housing loans through CLSS and the National Housing Bank is set to disburse loans, which would boost the demand for the affordable flats in Thane and the surrounding area. Through this scheme, citizens can avail max. 6.5% interest subsidy on the first Rs. 6 Lac loan, under the Pradhan Mantri Awas Yojana.
4. Investment Opportunity and growth forecast
Looking at the expected handsome growth of Real Estate Industry in the coming years, investing in Real Estate is a sure shot. Compared to the Fixed Deposits and Bonds, property is promising way better return on investment. To take the advantage of low prices and low interest for loans, people are seeing ‘investing in the property’ as a good move.
5. Property Rates are only going to increase further
After the demonetization gambit, the society has attained equilibrium once again. Purchasing property is back in trend and the increasing demand would only boost the prices to go up. The existing inventory and ongoing projects are up for firm prices now but the new launches are only expected in the second half of the FY 17-18. They would be surely costlier than now.
Apart from the policy and finance, the robust public infrastructure is also a booster for the real estate industry. For Example, Thane is set to be a beneficiary of Smart City Initiative and it is also going to get Metro Connectivity shortly. These peripheral public infrastructures are another reason that prices of homes would further go up. This is the correct time to buy your own home, for sure.
Please write your review on this article and share your insights about the industry in the comments.For any further consultation about real estate industry and property sale/ purchase, contact Planet Homes on https://www.planethomes.in/contact-us.php.