What to Expect from Real Estate Industry in 2019?

Last few years have witnessed a considerable slow down in the real estate market. The miscalculated steps by the ambitious builders, government and buyers have hit the industry badly. But the government has been taking measure to revive the industry. The buyers are still wary of investing in real estate, only because of the bad reputation of the market. This has resulted in the unsold inventories piling up for the developers.

If you have made up your mind to invest in the real estate this year and buy yourself a property and fulfil the lifelong dream of being a home owner, then here’s everything you can expect from the real estate industry this year.

Stringent rules

Since RERA has come into full force, there has been a lot of confusion among the buyers and the builders. The buyers are not happy with the workings of RERA and buyers are already losing their faith in it. The government has addressed the concerns of the buyers and have made sure that the RERA will be following the rules and guidelines more strictly.

More projects

This year the buyers can look forward to the projects that will be following the RERA guidelines and keep their promises that they have made to the buyers regarding the timely delivery. The time is not suitable for the defaulter developers, and only the key players will be in the market.

Government initiatives

With the initiatives like affordable housing under PMAY, one can expect more such projects. The CLSS for the MIG group under the PMAY have been increased till March 2020, which is giving hope for more such projects.

Mandatory paperwork

Most non- salaried people used to approach the non-banking financial companies for financing their home loans. As they involve much lesser paperwork than the banks and financial institutes, they were the first and obvious choice for the self-employed people. But since NBFCs are facing the cash crunch since demonetization, they are more vigil towards granting loans. Even NBFCs involve more paperwork as any other banking institutes.

Use up the savings

Even the banks were increasing their interest rates on the home loans after the all-time low last year. They are committed to making sure that the loan they will be dispensing to be the right person and will not be defaulting on it. The cash crunch across the country has affected them as well. If you have made up your mind to take the home loan, then make sure you are able to pay at least 30 percent of the down payment amount by yourself. This will guarantee you a loan and will assure the bank that you are a legitimate borrower.

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