If you're like most people thinking whether to make their first home purchase, you've probably given attention to the advice of friends, family, and colleagues, many of whom are likely motivating you to buy a home. However, you may still wonder if buying a home is the right thing to do at this time or not. This article will help you to have a clear idea of the present scenario of the real estate market.
Last year has been devastating for the entire world but it has done one good thing for the people, generating the need for a permanent home that will give you a sense of security and peace of mind. The real estate market is picking up the pace in metropolitan cities like Bangalore, Mumbai, and Delhi. Many builders in Gurgaon are launching new townships under the Affordable housing scheme, enabling people to come forward to buy their dream home.
Firm policy support through last-mile funding mechanisms provided by the government for deferred housing projects, lower mortgage rates, reduction in stamp duty and apartment registration fee in a few states, followed by incentives and attractive payment schemes offered by builders, have helped in uplifting home buyer sentiments, which, has strengthened the confidence levels of end-users and fence-sitters.
Many Builders, especially in Delhi NCR like MVN Infrastructure have established astonishing townships that are awaiting for their customers to have a glimpse of luxury at affordable prices. MVN Infrastructure is offering flats for sale in Faridabad, Gurgaon, and Sohna which are equipped with all the facilities to make your lives better.
In 2021, things are getting better gradually but still, people are uncertain about how things will proceed further. People are wondering whether this is the right time to invest in their dream home or not. Well, let’s just look at some of the reasons to invest in your dream home in 2021.
Reasons to buy your dream home in 2021
Affordable Home Prices
It is estimated that between now and 2025, India will be included in the union of nations that account for 72% of the construction activity across the world. This means improved infrastructure and fluent connectivity and thus a high standard of living. Global Construction research estimates that by 2025 India will have a massive 1.1 crore annual average house completions. Investors can make investments during slow home prices which will be according to their budget and personal preferences.
The rise in Demand for Emerging Micro-Markets
Post-Covid, the demand for micro-markets have increased and builders have come up with affordable housing scheme to attract the customers. The demand for the ready-to-move house in Faridabad has increased because of the Work-from-Home scenario.
Lower home loan interest rates
Many of the Financial Institutions like SBI, Bank of Baroda, have reduced the home loan interest rates to support the real estate market and now it has dropped to 8.30%. The initiative by the Government will help the home buyers to invest in their dream home. In cities like Bangalore, where it becomes a hassle to buy a property, lower interest rates will empower the people to convert their dream into reality. The best apartments in Bangalore are now in your budget. Once the real estate market stabilizes the prices will hike, so this is the right time to invest.
Tax Benefits
If you are planning to buy your first home, this is the perfect time for you because you are going to get benefits in terms of tax deductions. The amount paid towards the repayment of the principal amount of the home loan is eligible for a tax deduction and if this is your first time, the deduction will be much higher, as per Section 80C of the Income Tax Act, 1961. For first-time home buyers, local and state real estate taxes can also be reduced.
Ease of Exploring the sites
The real estate industry will progress and adapt to ‘the new normal’ through digital transformation. Many builders are experimenting with advanced technologies to improve the experience of their customers. They can now seamlessly experience an instinctive journey: from awareness to verification about the purchase on the company website from the comfort of their homes. This trend is getting popular in Bangalore where you can have a virtual tour of the best residential projects in Bangalore and can inquire about the prices online.
Sense of Belonging
With uncertainties all around because of the pandemic, people are seeking a sense of security and belonging. A recent report by Housing & Trade Group suggests that 92% of the respondents would wish to have a physical asset during these times. Though physical assets might not yield immediate returns, it is less fragile during these times.
Buying a home is a perfect investment in the current situation, where work from home is gaining importance and individual safety is of supreme importance. Covid had impacted Delhi and NCR region which has increased the demand for permanent residences and people are moving towards acquiring a place in the top residential projects in Gurgaon.
Conclusion
These efforts by the Builders to establish trust between them and their customers, which motivates and encourages them to make a purchase decision. We are witnessing a positive outlook for residential real estate post-Covid-19 with more people buying their dream homes. However, people who want to buy a home this year should be aware of the trends around the market such as Repo rates, RERA policy, and Tax rules. Thus, if you are financially stable, 2021 is the perfect time for you to buy your dream home.