Are you among those home buyers who are planning to purchase their dream home this year? If yes, then this blog will give you an insight into the trends that will gain momentum in the Indian real estate market this year and which will help you in framing your buying decision.
Experts suggest that the price of several properties across various segments will remain stable in 2019. Further, with government planning to cut the GST rates in under construction properties, homebuyers can save more while buying a property.
Strict RERA Rules
With the implementation of RERA act in 2016, the real estate market has become more transparent and buyer friendly. Developers who defaulted at any point of time in their project faced strict punishment from the authorities. However, it is expected that in 2019 RERA will become stricter and more active than last year. The authorities have now decided to scrap of the complete project if the developer is not able to complete it on time. It will help home buyers to decide more easily about any project.
The Central Government has directed every state to work more actively on the ambitious project ‘Housing for All 2022’ wherein they are developing affordable homes under PMAY. Developing homes under PMAY is also proving more beneficial for developers as they are getting more benefits from the Government. More the affordable homes, more opportunity will be there for home buyers to buy their dream home this year.
Apart from affordable, even the mid-segment housing projects will see a boost that will attract more buyers further in this segment.
What if you get more than what you have invested? Obviously, you will be happy. Same will be the case with resale properties in 2019. With home buyers cashing in on ready to move in properties, resale property price will increase up to a large extent helping you in getting better ROI on property.
Technologies to overtake
With technologies taking over the real estate market, it’s important for home buyers to become tech-savvy. Today developers and firms are selling properties by wooing home buyers with advancements like Virtual Reality, 3-D videos, Artificial Intelligence etc. This gives a proper insight into the home buyers about the property, its construction, and surroundings.
Second Home Investment
Buying another home in a major tourist destination will gain momentum in 2019. Everyone wants to invest in a home that is free from city’s hustle and bustle, traffic, pollution etc. Due to these features, the number of second-home buyers will increase at a faster rate in 2019.
Last-Mile Connectivity Areas in Reach
With enhanced connectivity to last mile areas in major tier-1 cities like Delhi-NCR, Mumbai etc. even the major suburban areas have now come in the reach of home buyers. Property prices here are much less as compared to the city center areas. Therefore these areas will become more favourable to invest among property buyers as well as developers.