Buying home in India has historically been a multi-purpose activity that comes with varied reasons which includes access to funds and auspicious timing for buying a property. As believed that home is not just a roof but one of the biggest financial securities on which you can rely lifelong. With rapid increase in urbanization, where everyone wants to come and settle in metro-cities living security is essential. In last five years real estate sector has witnessed a tremendous increase in the property values on the back of the perceived notion pertinent to the ever-growing demand.
But now the clocks has changed its way and gradually with time the recent research says that publications have highlighted the re-emergence of “The Affordable” along with the focus on the supply side during the last year. Bundles of reason that convince you to buy residential property this April are as following:
- The progressive rationalization of GST rates is certainly something to keep in mind. As the GST Council decided to bring down the rates to 1% for affordable houses, and 5% for others, the burden of GST has been brought down to highly manageable levels to make it easier.
- An ideal time to buy property because it is the beginning of a new financial year most auspicious days. They carry vital clues and can be used as cues for making the purchase decision.
- The removal of Input Tax Credit (ITC) under the revised GST regime, they were subsequently offered an olive branch: The choice of using either of the two regimes for a certain limited stock. This has created a sense of urgency among builders to act quickly and dispose of as much stock as possible. Consequently, pricing is currently loaded in favor of buyers. That creates an opportunity for getting a good deal.
- Home purchase, home loan, has been made more friendly over the last 2 months by successive reductions in interest rates, from 6.5% to 6.0%. It is clear that the banks have not passed on any significant benefit of the repo rate reduction, but with the interest rate cycle having been reversed and with passage of time the banks will consider reductions in home-loan rates. It does not harm the buyer to start discussions and zero-in on a likely deal.
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