Why BUYING YOUR HOME NOW matters!

If you’ve been putting off your home buying, you’ve done well so far. However, waiting further may not work in your favour.

Here are 5 reasons on why you may be better off, acting on it now.

1.    Resurgent housing demand

After a relative period of calm imposed due to Demonetization, RERA, GST implementation & more importantly the confusion these brought along with them, there is best ever clarity in the regulatory environment and consumer confidence is getting better.  

Buyers are out there looking for homes in end-user driven markets like Mumbai. And while, ill-thought out projects and delayed ones still face the heat, the projects with good design are recording sales each month for the last few months.

2.    Prices expected to climb due to multiple reasons

The Real Estate pricing which has either gone west or at best plateaued is looking to leap, given that the regulatory environment is clear and the customer confidence is back.

The cost of building materials has steadily climbed up between 10% to 35% in the last year or so.

Also, the BMC (Civic body in Mumbai) in its new Comprehensive Development Plan (CDP), has reduced the Floor Area Ratio (FAR), which basically means the future developments will have lesser units in a given size of land, due to which the prices should escalate.

In addition, there is a significant “RERA Compliance Cost” to the Builder, which will undoubtedly be passed onto the Homebuyer.

Traditionally, Investors would like this spot to “enter”, just before the market picks up and prices appreciate, to maximize gains.

3.    Low Interest rates, expected to go down further

Housing Interest rates are hovering around a low rate of 8.3%, and given the intention of the Government and the capital accessible to Banks, it is likely to further nose dive, which would save a few rupees and more for the Homebuyer.

4.    Tax benefits are there as ever

The traditional tax-exemption benefits under the Income Tax Act still hold good – 80C, 24B & 80E.

And if you haven’t done your Tax planning for the year, here’s the best Quarter to do it.

5.    Financial Year-end pressure on Builder; hence better negotiations

Real Estate, like all other Indian Industries close their Financial Year on the 31st of March, and Businesses would dole out the best deal in order to end the year on a high.

In effect, the best possible deals would be on offer, now more than ever.

Hence, you may want to venture out to a few projects that you have shortlisted (Ready to move in projects may serve your interest the best), to negotiate the pricing. The star alignment is just right!