Time could never be better than today to invest in a property. All the factors and the reforms in our economy have been turned into home buyer’s court. There was a time when it was thought that the real estate is going to burst its bubble, but there are factors that strongly oppose the statement and statistics. This article is all about them. Let us have a look –
Introduction of GST
After a number of positive reforms such as RERA and housing for all, Goods and Services Tax is the latest reform that has been initiated by the Government of India. The plan, which was set on November 3rd, was proposed with the idea that now there would be a single tax rate instead of a series of them. While the exact effect is yet to be seen, currently, the 12% GST Tax for buying an under construction property has been welcomed with open arms by the nation. The tax itself is assumed to bring the nation’s GDP up by 2%, which is not a small amount as a whole, so with this boost, you will see a rise in property movement.
Mortgage and Interest Rate
The interest and mortgage rates have come down to a great number, which the nation has not witnessed since 2007 -2008. Along with the interest rates, the costs of EMI that the buyer had to pay a few years back have also reduced by a great value. The mortgage rate even came down by around 150 base points since the past 2 years.
A quick look around the leading property portals will come up with the same story – a comparatively slower property market that has remained so for a number of months now. This stagnancy, has today compelled a number of developers to offer a series of discounts and rebates, in addition to experimenting with the payment system. Now is a great time for anyone looking to buy a property because the chances of prices going high shortly is pretty high. While this is the story of middle income housing, the premium segment too has been witnessing a similar situation since past few months & is expected to see a boom pretty soon.
While being a glitch for the public for some time, demonetization has worked wonders for the property buyers nationwide. Because of that the amount of black money that was floating in the market has reduced by manifold, finally bringing transparency in property transactions greatly. Zero cash transactions have resulted in maintaining the price parity throughout the Real Estate industry.
So you see how things are in the favour of the homebuyers? It is time to make the investment.Check out one of the best property options in Pune here