A self-owned property translates into freedom from the whims of landlords and rents that keep on inflating year after year.
Freedom is a word that can translate into different things for different people. People do not realize how home ownership can bring freedom into their lives. A self-owned property translates into freedom from the whims of landlords and rents that keep on inflating year after year. A property is the most valuable financial asset and, if owned, it can add tons of financial security especially for your family and your children.
Why is it best time to buy/Own a house right now?
One of the most overlooked reasons for owning a home is the joy you get once you have achieved this major goal in life. Many first-time homebuyers find that once they have bought a house, many other aspects of their personal life seem to fall in place, but the biggest barrier between you and your dream house is “Affordability”. This gap is being addressed after Prime Minister Narendra Modi announced the ‘Housing for All by 2022’ scheme targeting two crore homes to be built across all urban locations over the next five years. The push given to affordable housing by numerous schemes and incentives such as giving 100% tax exemption on profits for developers building affordable homes has made this sector very attractive for developers which will help increase inventory for budget homes allowing more people to have access to their own homes.
Indian real estate sector is seeing an encouraging growth across asset class with returning confidence in the market. While corporate institutions and investors are seen actively investing and leasing office space in the country, residential and retail market is seeing fresh lease on life with sales and investments making a comeback.
The real estate market is in a good spot right now. As many as 26.4 million square feet of real estate space has been sold in the financial year 2018 so far, registering a 50.1 percent growth over a period of a year.
What changed in a year?
Flagship government schemes like Pradhan Mantri Awas Yojana (PMAY) and other developments such as granting of infrastructure status to affordable housing, implementation of the Real Estate (Regulation and Development) Act, 2016, or RERA could be considered as one of the biggest growth drivers for this industry.
RERA especially has been a potent instrument in addressing some of the pertinent issues afflicting the sector. Amongst them, the impact is most visible in terms of completion/deliveries of projects by which they have managed to increase consumer confidence turning fence sitters into active players.
Additionally, if one has availed the loan under the Pradhan Mantri Awas Yojana (PMAY) scheme which now covers housing under 2100 sq ft, then one is eligible for subsidy between Rs 2.30 lakh and Rs 2.67 lakh, which is adjusted against the principal outstanding amount.
Not forgetting the subsidy schemes for first-time buyers of residential properties for EWS and LIG categories, this is perhaps the best time for making Realty a Reality.
(By Dhaval Ajmera, Director, Ajmera Group)