Everything a Homebuyer can Expect in 2020
Jan 13, 2020 Real Estate News
After a prolonged slowdown in the real estate market, it is expected that the new year and a new decade will bring positive changes in the real estate sector of the country. We discuss everything that a homebuyer can expect in 2020.
- Price correction: Even though the sales in the market have been slow, the prices of the properties haven’t seen any remarkable reduction. The overpriced or overvalued properties have seen some price correction, but apart from that, the price has more or less been the same. According to the reports, the prices of the properties have increased by 40 percent in some cities like Hyderabad. It is expected that the price increase will continue in cities like Hyderabad, Mumbai and Bangalore.
- Better home loan deals: The Reserve Bank of India has been on the repo rate reduction spree since last year, and the banks have failed to pass the benefit to the buyers. It is expected that the banks will reduce their home loan rates owing to the reduced repo rates by the RBI. Monetary wise, it will be an excellent decision to take advantage of reduced home loans and invest in the real estate.
- Reduction in the number of banks: A lot of NBFCs have been filing for insolvency and bankruptcy, the future of the non-banking financial sector seems to be in jeopardy. It is also expected that the number of loan lenders and banks will reduce leaving only the most reliable bank to survive the market. The homebuyers will have the option to take the loan from only the strongest and financially stable bank, reducing the risk of their investment going bad.
- More housing units: The government has announced that they will lend financial assistance to the projects that have been derailed or stalled due to lack of financial availability. This has brought cheer to the homebuyers whose projects have been stuck, and the possession has been postponed endlessly. This will also bring more units to the market giving more options to the potential homebuyers.
- Better market sentiment: The real estate market is pro-consumer and revolves around the needs and requirements of the buyers rather than the seller. With stringent laws and authorities set up in every state, it is expected that the market will be more transparent and fairer to the homebuyers. The buyers who are sitting on the fence waiting for the price correction and better sentiment from the seller can find this to the right time to invest in the real estate sector.
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