If you are one of those who have been planning to buy their dream home for some time now, then this may be the right time for you to go for it.
If you are one of those who have been planning to buy their dream home for some time now, but are not sure whether to buy it or not, then this may be the right time for you to go for it. For, RERA is in place in most of the Indian states and property prices are at their lowest levels in many years at lots of places. Also, over the past one year, many government reforms and development trends have not only transformed the way Indian real estate business is conducted, but have also made the market more buyer-friendly. Moreover, home loan rates are hovering at around 8.3% currently. Then Akshay Tritiya is round the corner, which makes it an ideal time to buy one’s home.
Here we are taking a look at 5 reasons to buy a home now:
1. Arrival of Akshay Tritiya: In most Indian cities, the real estate market witnesses increased activity during festivals such as Akshay Tritiya. “This festival is seen as highly auspicious and the ideal time for wealth creation and investing in future fortune and well-being. The positive sentiments surrounding Akshay Tritiya can and do cause fence-sitting buyers to finally make a purchase decision without further procrastination,” says Anuj Puri, Chairman, ANAROCK Property Consultants.
Akshay Tritiya, thus, may also be a good time for you to buy your house, if you are willing to buy one.
2. Discounts, freebies galore: Builders are very much wired into this trend and go all out to woo buyers responding to the festive sentiment. Their efforts usually take the form of meaningful discounts, waiving of statutory fees such as registration and stamp duty as well as floor rise premium, proving free car parking and various other freebies and incentives. “Though it is a fact that in the current market conditions, developers have been offering discounts and incentives throughout the year, there can be deeper discounts during such festivals. Discounts, waived fees and certain – though not all – freebies such as appliances which one would buy anyway at some point certainly add to the bankability of a property investment during Akshay Tritiya. These dynamics make Akshay Tritiya a powerful market force on the Indian real estate market,” says Puri.
3. Sway of the industry is towards what sells: This is the foremost reason to decide on buying a home, if the decision has been pending for a while. “Builders have been offering attractive deals to prospective buyers aiming to make homes more affordable. Developers are also tagging along with lenders to help reduce any unnecessary delay in the home purchase process,” says Divya Seth Maggu, Associate Director, Valuation & Advisory Services, Colliers International India.
4. Rise in Rentals: Unlike capital values of residential units, rentals have seen an uptrend owing to the increasing demand for rental properties. On the other hand, home loan rates have actually become a lot more attractive. Buying a home by stretching a bit by adding a few additional thousands on a monthly basis as EMI would help build an asset in the bargain.
5. Build your equity: A big reason to buy a house at a given point of time is just the fact that the end-user can own it in his/her name. “When you own a home, it opens up a number of options for you, both financially and aesthetically. Besides, real estate investment over a long term is typically profitable and will help increase your net asset value,” says Maggu.
The residential market in India, in fact, has gone through a period of stagnation and low sales. Developers, funding institutions and all other industry influencers are doing everything they can to improve the market scenario. Buying a house now would mean that you will get to choose a product which is easily agreeable to you. However, you should go for it only if you are well prepared to make a long-term financial commitment and could afford the EMIs.