It is indeed difficult for the prospective buyers to purchase residential properties in Delhi NCR, because of the high price and the huge costs involved in the process. The interested buyer has to wait for the opportune moment to buy properties in Indian real estate, when the prices are low and other related conditions for purchasing a house are favourable.
2019 has the favourable conditions for purchasing a house-
The real estate sector in India is witnessing many encouraging developments, in the interests of the buyers, in the year 2019. Schemes such as “Pradhan Mantri Awas Yojana” or PMAY has been introduced by Government of India, for the benefits of prospective buyers of houses. Affordable housing has been given the infrastructure status. The developers, building affordable homes, have been given 100% tax exemption on their profits. RERA Act 2016 has been brought into force. Many schemes for subsidy have been launched for the first-time buyers of residential properties. The infrastructure development thrust has made 2019 the ideal time to invest in real estate
2019 has a boost in affordable and Mid Segment housing development-
Many developers have already launched a number of projects for mid segment and affordable houses, in this year of 2019. The real demand exists in this particular segment, as per the experts in real estate business. There is a resurgence in the residential property market in most places of India, because of the increased sales in the affordable and mid segment houses. It has set a road map for the year 2019, which promises better conversion rates, building of more houses for the interested buyers.
2019, April 1st, promises a reduced rate for GST –
The 33rd Council Meeting for GST promises very lucrative offers for both the buyers and the developers. This GST Council Meeting has taken into consideration the issues of transaction costs and affordability, which has caused much stress till now, to the real estate sector, for more than one and half years. It is expected that the rate of GST on under construction buildings will be reduced to 5%, from previous 12%. This will promise a huge relief to the developers and in turn, will benefit the prospective buyer, by drastically reducing the costs involved.
The GST rates for affordable housing sector is supposed to be reduced to 1%, from 8%. This will provide a much-needed boost to the affordable housing sector and it will grow in huge way. The Input Tax Credit or the ITC is being done away, which will make the GST compliance much easy and cost effective, for the developers and the builders.
2019, the right time to purchase a second home also-
Currently, the segment of buyers, interested in buying a second home at some tourist destinations, is also in the increase. This has resulted in a direct impact in the market for a second home. The buyers are expecting to earn good returns from this segment of second homes.
2019 will see a boost in NRI and foreign investment in Indian real estate sector-
There is an expectation of having good amount of investments in Indian Real Estate by the Non-Resident Indians and foreign investors, as the buyers will be able to secure discounts and deals across all the segment.
2019 will have offers such as easy availability of home loans, easy subvention schemes and fully furnished homes, which will make 2019 the best year to make an investment in real estate in India and to purchase a house here.