Facing confusion between buying or renting a house
The Indian realty sector has always witnessed good sales during the festive season as most homebuyers don't just limit themselves to considering the property's total valuation and returns. They give equal importance to the time of the purchase and the auspiciousness of the occasion. Considering that an auspicious occasion like Gudi Padwa is just around the corner, the industry players are expecting a good response from homebuyers In the Mumbai Metropolitan Region (MMR)
According to a research report, the first quarter of 2021 witnessed an increase in housing sales owing to timely reforms and constructive measures. And when the real sector Is witnessing good growth, It is expected to boost the market further on the occasion of Gudi Padwa. According to experts, the real estate sector today is completely a buyer's market due to attractive real estate prices and all-time low bank Interest rates on home loans.
The sector is currently in the revival mode with favorable market conditions, home loan interest rates being at an all-time low and choice of apartments available in the market. Along with these benefits, the attractive property valuations and schemes offered by developers during Gudi Padwa will encourage sales. These factors will facilitate prospective buyers to save a huge amount on the total property valuation. Gudi Padwa Is the right occasion for end-users, who have been sitting on the fence to capitalise on these incentives." Informs Deven Premil Shah, director and founder of a realty firm.
LUCRATIVE DISCOUNTS FOR BUYERS
Most Indian homebuyers wait for auspicious occasions to make a big investment. No wonder, many developers announce lucrative offers and discounts to attract buyers on these special occasions. From special payment schemes based on the needs of the customers to discounts on car parking, developers are giving many such offers for buyers.
"The past financial year saw growth in residential sales due to attractive prices, low home loan interest rates. lower stamp duty, registration charges, etc. This, coupled with the awareness among people about the advantages of owning a real estate asset, is one of the primary reasons real estate flourished in the MMR in FY 2020- 21. says Deepak Gorada, vice chairman and managing director of a leading realty firm. "On Gudi Padwa, we expect a sustained momentum in demand due to lower Interest rates and attractive offers by developers such as no GST, easy payment schedules, or limited period discounts which could further aid In the decision-making process of the potential homebuyer," he adds.
READY HOMES: THE BEST BET
There has been a major shift in the buyers preference today owing to the pandemic. compared to under-construction properties, a ready-to-move-in house is a more viable option as it provides the instant pleasure of living in one's own house. Considering this advantage, several home buyers wish to invest in ready-possession flats to shift on an auspicious occasion like Gudi Padwa.
"As the culture of working and schooling from home is going to continue for a considerable period, ready-to-move-in homes are what most home buyers are opting for, by people who are staying on rent and looking to own a house as well as those who are moving from a smaller set up to a bigger one. The real estate market is at its best now with lower rates of Interest and great inventory to choose from for people across configurations and locations," concludes Aditva Kedla, managing director of a realty firm.
SOURCE: MUMBAI MIRROR