2017 Real Estate Offers for Homebuyers, Probably the Best Time
2017 Real Estate Offers: The year 2017 has not exactly lived up to the expectations of the residential property sector. RERA has been deployed, but as of today, only 18 states and 7 Union territories have notified RERA, while 10 states are yet to notify it. While RERA has certainly already made its expected effects felt in states like Maharashtra – which includes very important markets like Mumbai and Pune – it has not yet extended its full influence over parts of the country where RERA it is probably needed the most.
Though Haryana and UP have notified RERA, they are yet to set up the portal via which developers can upload their applications for registration of their projects. The web portal is also critical for buyers, as this is where they can check the details of projects. Also, these two states have come under heavy criticism for diluting the Centre’s RERA norms.
GST, while technically a good move for all industries, has brought more confusion than benefits to the residential property sector so far, with GST exemption currently being used as a marketing gimmick without being fully understood by buyers. On the positive side, home loan rates have sunk to a 10-year low and property prices in most cities have also been reduced to the lowest point that developers cannot afford to bring them without actually dooming their businesses.
2017 Real Estate Offers
- If you’re looking to buy a home for self-occupation, now is probably the best time you could have hoped for. There is a massive supply of ready-to-move-in property options available at rates which would have been considered impossible 4-5 years ago. Even if your budget is modest, you are no longer restricted to under-construction projects which may take years to be completed. You can literally buy and move in now.
- If you’re an investor who is hoping for some quick profits, look elsewhere because Indian residential property is definitely not what you’re looking for. However, if you are a patient long-term investor who understands property cycles and market readings, your star currently shines as brightly as the end-user’s. Four or five years from now, your investment – as long as you have picked the right location and project – will have grown sizable in value.
- If you live in a state where RERA has not been deployed yet (or where the laws have been heavily diluted), focus only on ready-to-move-in options unless the developer is of impeccable market repute. Some names are synonymous with reliability since they bring with them the assurance of high capitalization and a strong reputation for timely delivery, assured construction quality, good amenities and sticking to the promised development plans. You know who these developers are. Play it safe and patronize their projects, and RERA becomes a factor that you need not worry about too much.
- Evaluate the offers, rather than their flashiness. You may not really need a gold coin, probably already own a decent car, and a family holiday abroad may not make much sense if you would rather stay put and focus on your career for now. However, a free parking space, waived stamp duty and registration fees and maintenance-free periods do add to your savings, and therefore to the value of the deal. Air conditioners, modular kitchens and furnishing are also expenses you may incur on the property sooner or later, so getting them free now add real value, as well.
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