Experts say that, generally, any time is a good time to buy a house for personal use, keeping in consideration your ability as well as the availability of a product of your choice.However, in times like the present one-when various policy changes have been made, RERA and GST implemented–property has become cheap and there are offers galore from developers. Thus, this could well be one of the most opportune moments to buy one’s home.Some compelling reasons to buy a home:
1 Low Interest Rates:
The past few months have made home-buying relatively economical. “Currently, home loans are at a 10-year low, which is already bringing an upsurge in the market. Though RBI kept the policy rates unchanged, there is a feeling that owing too surplus liquidity in the system and very sluggish credit growth, banks may resort to interest rate cut. If one borrows at variable rate, he can avail the future cut in interest rates. Thus, waiting for rate cut to buy a house is not advisable,“ Manish Gupta, MD of Strategic Group Royal Court, says.
2 Interest Rate Subsidy:
Under the Pradhan Mantri Awas Yojana (PMAY), the government is offering discounts on interest rates in the purchase of one’s first home. The net discount is equivalent to around Rs 2,50,000, which is adjusted in the principal amount up front to buy a house of 1,184 sq ft. This reduces one’s EMI by around Rs 2,200.
3 Low Property Prices:
Over the past two years, there has been a decline in the sales volume. “Many developers have lowered prices in their projects. Also, investors who put money in these projects in Noida Extension are not expecting rates to go up in the near further, and are selling their units at competitive rates in the secondary markets. It’s, thus, a good time for home buyers to bargain hard with the seller and get a better deal,“ says Avadesh Chaudhary, associate director Pocketworth Realty, Noida.
4 Discounts and Freebies:
Eyeing a 4 rebound from a prolonged slump, property developers are betting big on the current festive season. This can be gauged from the fact that a large number of developers have already rolled out a number of attractive schemes in a bid to woo prospective buyers and fence-sitters. With this, home-buying has become more attractive. “Festivals are considered as an auspicious time to invest in a piece of property. Thus, developers offer freebies and lucrative schemes as incentives to . The key, however, is to ensure that there are no hidden surprises and the offer is clear and transparent. You should always look to invest with developers who have a proven track record, so that there are no unwanted surprises coming your way,“ Pankaj Bansal, director of the M3M Group, says.
5 Regulator in place:
There is no denying the fact that there have been numerous incidents of project delays in the recent past. However, with RERA in place, developers won’t be able to fleece home buyers anymore. You only need to ensure that you are buying your home in a RERA-compliant project, from a trusted builder.
Prices are in fact rock bottom.There are hardly any launches at the current prevailing prices of ready-to-move-in apartments. Developers say unless prices go up, there cannot be any new launches. At the same time, e inventories of unsold units in good ready to move-in projects are likely to be bought out in the next two to three quarters. After that prices may go up.