Why you should buy a home during festive season?
In this ongoing festive season, you can see a lot of newspapers, websites and retail outlets flooded with amazing offers and discounts for customers. Real estate developers also dole out various freebies, offers and discounts during this festive season.
SBP Group has also come up with a special festive offer on its SBP Housing Park Project. On every booking, you will get a Free Gold Coin and Free Parking.
But, the big question here is, do home buyers still wait for the festive season to buy a home or flat? Is this festive season the best time to make a deal? Keep on reading this post to get the answers to these questions.
As per the report of PropEquity, a real estate research and analysis firm, during the past 5 years, home sales have been low in the fourth quarter of the calendar year. This happened primarily due to execution delays, skyrocketing prices and unpredictable economic scenario. Demonetization also played a major role in the depressed buyer’s sentiment. This was not only the scenario in resale market but, also in the primary sales.
Why the housing sale is expected to see a huge revival this festive season?
However, some experts believe that this year the festive season will witness the upsurge in real estate market. It is the right time for the buyers as many new reforms, subvention schemes and offers have been introduced in the past few months to safeguard the interest of the home buyers. Benefits like affordable housing, GST clearance, implementation of RERA have geared up the real estate market to cater to the pent-up demand for homes this year.
“The festive season is always the right time to buy your dream home. While developers also understand the auspiciousness of the festival season, they come up with alluring offers, freebies and discounts that could reduce the customer cost of buying, “stated Ankur Dhawan, chief investment officer, PropTiger.com, a real estate portal.
That said, now, let’s take a quick Q & A round to know what this festive season has to offer you:
How buying a home is becoming cheaper?
It is of no doubt that the past few months have made the home purchase relatively cheaper. Low interest rates, lower EMI’s, lesser interest burden, new home loan schemes are offering home buyers the maximum affordability and flexibility in interest moratorium and principal repayments.
Even if a person has an annual income of less than Rs 18 lakh, he or she will be eligible to get the benefit of Rs 2.67 lakh under Pradhan Mantri Awas Yojna (PMAY). This benefit is also available with SBP Group, which is trying to make houses even more affordable.
Is your apartment GST free?
Ready for possession apartments not only avoid the risk of delay but provide the immediate possession as well. This will help you save a lot on taxes. Ask for proof. Only those properties that have a completion certificate are considered complete and do not attract GST. You should ask the developer for these as proofs. But, tax is not only the main concern. You should also look at other necessary factors because buying a home is a long-term investment.
What about subvention and part payment schemes?
Besides other offers, subvention and part payment schemes have been there for many years. Subvention scheme is generally defined as a support offered to property buyers through various financial schemes. This scheme is especially helpful for the first time home buyers as it ensures that the possession is delivered on time and the buyer is not deceived. But as a buyer you need to be cautious and consider subvention schemes with due diligence.
Where does our economy stands?
We’re already witnessing that the impact of demonitisation is fading away. Now our economy has grown stronger with the inflation tamed down significantly. Furthermore, our government has taken a lot of initiatives like Pradhan Mantri Awas Yojna, Make in India, Start up India, etc., which has been launched by the Prime Minister of India, Narendra Modi in June 2015. Likewise, our business and international relationships are improving as well. So, India now holds a strong economic outlook which is expected to grow more in the coming years. In short, it is the right time to invest.
What should you evaluate?
Search for a home that meets your requirements and expectations. Any kind of discount or offer should not outweigh the important aspects like location, construction quality, amenities, facilities and the final quoted price. Also, you should compare these with other available options in the nearby area. If the housing project is at par with peers on all these counts, then only you should go ahead. Rather than accepting the existing offer, try to negotiate for cash discounts.
Look for properties where prime lending institutions are providing home loans.
Considering all the above things, don’t you think festive season is the best time to invest? But, the role of due diligence and research is unavoidable here and also it is the right time to buy your dream home but not anything or everything. You need to choose the developer with a good track record, go with a suitable financial payment plan and make your awaited dream come true.
For more information on special festival offers by SBP Group, call us at +91 9216771144