5 Reasons Why 2016 Is The Year To Buy Your Dream Home
The year 2016 is drawing to a close but the real estate sector has many reasons to cheer about. From major policy changes to implementation, from real estate Bill to benami transaction Acts, the government showed its willingness to make the journey of owning a home seamless and effortless. Here are five reasons why you should buy your dream property in 2016.
Demonetisation to stabilise real estate pricesProperty market experts and analysts believe that the banning of high-value currency notes will help remove black money from the real estate market. “While there will be some short-term pain, there is much to gain in the medium to long term. There will be a correction in real estate prices, which will make housing more affordable and will ultimately lead to providing Housing for All,” said Dhruv Agarwala, CEO, Proptiger.While projects in the primary market may not get cheaper significantly, you may get a steal deal in a resale market where property prices are higher than the circle rates. Since there will be no unaccounted black money involved in the transaction, you might get a value-for-money property.
Low interest ratesRecently, a few nationalised and private banks lowered their home loan lending rates which may help bring down the interest rate. Currently, the best rate possible for a home loan is 8.90 per cent, offered by one of the nationalised banks in India. However, this rate is applicable only for the marginal cost of funds (MCLR) based lending rate. This may be the best time to strike the perfect deal.
Projects nearing completionThe year 2017 is expected to be the year of project deliveries and possessions. There are many projects which are nearing possession and would be ready-to-move-in soon. Since market experts believe that the ready-to-move-in flats might carry a premium, investing in a near-completion project is a wise proposition. However, before investing, ensure that the developer has a regular cash flow to complete the project.
Cash-in on year-end dealsA large number of developers come up with attractive year-ending deals which include cash discounts and freebies. Since the festive period has just ended, there is a brief window where there are chances that a developer would extend the same offer for an interested buyer. Shop for the best deals available in the market but do not get lured into a mediocre project just because you are getting a modular kitchen or a range of electrical appliances for free. Instead, go for a fully-furnished apartment at the location of your choice.
Bargaining chips As anticipated by property pundits, the real estate market has been sluggish this year. Therefore, developers are making desperate acts to woo buyers and clear the inventory overhang. Bargain for a good deal where you can save an amount equivalent to the stamp duty or registration charges. Since various factors are coming together to make your dream of buying a home a reality, it's your time to understand the signs of the market and strike a deal, even if you are an end-user or investor. The market has a plethora of options and there is no harm in catching the falling knife.