What Home Buyers Expect in 2018
Jan 09, 2018 Home Trading Steps
We have seen a lot happening in real estate sector in the year 2017 starting from revolutionary laws coming into place to empower consumer as well making the sector transparent. And several others efforts have been taken to make the sector organised and property dealing simpler. All of these have let home buyers expecting more in the year 2018.
So let’s understand what home buyers are actually expecting from this new year.
Timely delivery: one of the main reasons for real estate industry’s stagnant state is untimely delivery, due to which buyers have lost their faith in the market. This low demand has resulted in lesser sales as well. With laws in place and market seems to be back on the track, in 2018, home buyers expect timely delivery from the developers while meeting all their promises.
Timely completion of infrastructure projects: delay in the completion of infrastructure projects also affects the real estate market. For instance, a home buyer purchases a home looking at the infrastructure developments that are planned in a respective location. But what if the infrastructure like metro or highways gets delayed due to some reason, then this would be a big disappointment for any home buyer. An infrastructure project increases the value of a location and projects located around it. Hence, the home buyers expect from the government as well that they finish the infrastructure projects on time especially when it comes for the public convenience.
Lucrative offers: there is a news that government might impose 8 to 10 percent tax on the unsold inventories that more than one year old from the next financial year. This means the builders who were holding their inventories to increase the prices might have to shell out more money in the form of taxes. In such case, the developers will try to sell their inventories using lucrative discounts and schemes. Hence, buyers can expect more offers from the builders and properties at much reasonable rates.
Going green: the green concept hasn’t gained much momentum in Indian real estate market and thus there are no incentive schemes related to environment-friendly projects. Looking at the deteriorating weather condition, environment-friendly projects are need of the hour. Buyers do prefer such project but they have shell out more money. Hence, the government need to shift their focus, encourage such projects by incentivising developers as well as giving some kind of rewards to the buyers.
Add-on benefits: interest rates might be low but buying a home is still not easy for the home buyers. Because additional costs associated with buying a home made the entire home buying process unaffordable for the buyers. Home buyers still expect interest rates to come down but they also expect add-on costs like process fees, administration charges etc to come down or banks might consider abolishing such charges to attract more consumers.
Proper implementation of RERA: some states are still working on the implementation of RERA. They haven’t built the structure and norms properly. The home buyers expect from the states to speed up the process so that their rights that are promised as per RERA are properly protected.
So let’s understand what home buyers are actually expecting from this new year.
Timely delivery: one of the main reasons for real estate industry’s stagnant state is untimely delivery, due to which buyers have lost their faith in the market. This low demand has resulted in lesser sales as well. With laws in place and market seems to be back on the track, in 2018, home buyers expect timely delivery from the developers while meeting all their promises.
Timely completion of infrastructure projects: delay in the completion of infrastructure projects also affects the real estate market. For instance, a home buyer purchases a home looking at the infrastructure developments that are planned in a respective location. But what if the infrastructure like metro or highways gets delayed due to some reason, then this would be a big disappointment for any home buyer. An infrastructure project increases the value of a location and projects located around it. Hence, the home buyers expect from the government as well that they finish the infrastructure projects on time especially when it comes for the public convenience.
Lucrative offers: there is a news that government might impose 8 to 10 percent tax on the unsold inventories that more than one year old from the next financial year. This means the builders who were holding their inventories to increase the prices might have to shell out more money in the form of taxes. In such case, the developers will try to sell their inventories using lucrative discounts and schemes. Hence, buyers can expect more offers from the builders and properties at much reasonable rates.
Going green: the green concept hasn’t gained much momentum in Indian real estate market and thus there are no incentive schemes related to environment-friendly projects. Looking at the deteriorating weather condition, environment-friendly projects are need of the hour. Buyers do prefer such project but they have shell out more money. Hence, the government need to shift their focus, encourage such projects by incentivising developers as well as giving some kind of rewards to the buyers.
Add-on benefits: interest rates might be low but buying a home is still not easy for the home buyers. Because additional costs associated with buying a home made the entire home buying process unaffordable for the buyers. Home buyers still expect interest rates to come down but they also expect add-on costs like process fees, administration charges etc to come down or banks might consider abolishing such charges to attract more consumers.
Proper implementation of RERA: some states are still working on the implementation of RERA. They haven’t built the structure and norms properly. The home buyers expect from the states to speed up the process so that their rights that are promised as per RERA are properly protected.
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