This Festive Season Brings Joy to the Potential Homebuyers
Sep 18, 2019 Real Estate News
Buying a house is a once in a lifetime investment for most of us and what better time to buy the property during the festive time. According to the reports, the sales of the properties peak from October to December. It starts during Navratras and goes on till new years.
The developers also come up with various offers and discounts to boost sales during this time of the years.
We list down the things that one can expect from the festive season and the things one shouldn’t:
The affordable segment is in high demand, and it is convenient for the home buyers who are looking to invest in the properties less than Rs 45 lacs. According to the reports, over 4 lac such units are available to move. There are many tax benefits in investing in affordable housing as well.
The prices of the properties have remained unchanged in the past year. But since the developers are waiting to sell their unsold inventory and the banks offering lower interest rate, it is a good time for potential home buyers to invest in property.
The liquidity is very tight in the market, and in such a scenario, it is difficult for the developers to survive, let alone offer discounts.
It is advised that the potential buyers while buying the property, do not get swayed by the offers and discounts; instead, they should mainly focus on their primary needs and requirements. The benefits from the property should also not get blurred on the verge of chasing the offers. Investing in the property is the most significant investment, and it is not ideal that the investment goes sour in the long run, just for the offers and freebies now.
The developers also come up with various offers and discounts to boost sales during this time of the years.
We list down the things that one can expect from the festive season and the things one shouldn’t:
What to expect this festive season if you are a potential homebuyer?
Recently RBI has reduced their repo rates, and it is at an all-time low at 5.4%. The RBI has urged the banks to pass the benefit mandatorily to the loan borrowers. The banks have followed the suite and have launched the repo rate linked interest rates which are lower than the MCLR rates. The home loans are available to the borrowers for just over 8 percent interest rate.The affordable segment is in high demand, and it is convenient for the home buyers who are looking to invest in the properties less than Rs 45 lacs. According to the reports, over 4 lac such units are available to move. There are many tax benefits in investing in affordable housing as well.
The prices of the properties have remained unchanged in the past year. But since the developers are waiting to sell their unsold inventory and the banks offering lower interest rate, it is a good time for potential home buyers to invest in property.
What to not expect?
During this time the developers launch discount offers, but this time the same wouldn’t be the case. Substantial discounts are something one shouldn’t expect. The developers are offering discounts and waivers in some other ways. For example, the Hiranandani group is offering to waive the stamp duty fees if the home buyer buys a house in the Bannerghatta, Bengaluru.The liquidity is very tight in the market, and in such a scenario, it is difficult for the developers to survive, let alone offer discounts.
It is advised that the potential buyers while buying the property, do not get swayed by the offers and discounts; instead, they should mainly focus on their primary needs and requirements. The benefits from the property should also not get blurred on the verge of chasing the offers. Investing in the property is the most significant investment, and it is not ideal that the investment goes sour in the long run, just for the offers and freebies now.
