If you want to buy a house then “Now” is the best time to realize your dream. Read on to find out 5 reasons that make the present times the best for property purchase.
Implementation of RERA
RERA has instilled in the buyers the confidence to invest in residential property as they are confident that their interests will be safeguarded. It has also found favour with a large section of developers who are happy and contented with RERA as it ensures accountability and increases transparency.
Affordable Housing
Tax deduction on the rate of interest for home loan, credit-linked subsidy plans, tax holidays for developers of affordable housing projects etc. are incentives enough to invest in property purchase. Low price, accommodating financing terms and numerous amenities provided by developers, on the other hand, have kept the demand growing for such projects.
Low Home Loan Rates
Home loan rates are at the lowest for a decade. Some banks like SBI have even waived off the loan processing charges. The gap between purchasing a flat or renting one in some micro-markets as well as for some mid-segment have narrowed down which have promoted home purchase.
Reduced Stamp Duty
Many states have reduced stamp duty to promote home buying. Take for instance the cases of Maharashtra and Karnataka, two states that have reduced stamp duty. The decision has boosted transactions in both these states. Even West Bengal has announced to slash stamp duty and circle rates.
Tailored Payment Plans
Developers today offer tailored payment plans. This includes no pre-EMI and payment protection plans as well as price rebate of 4-7 % on under-construction projects. These initiatives have provided great impetus to residential sales despite the pandemic.
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