What makes NOW an ideal time to invest in property? Siddharth Pansari, Director, Primarc Group, lists six primary reasons:
(i) The government has recently reduced the GST rates to 1 per cent for affordable housing and 5 per cent for all other housing. These have been the lowest rates in years.
(ii) There is huge infrastructural development happening in West Bengal. A lot of arterial roads and Metro corridors are being developed, making this the ideal time to buy property along these zones because they will start fetching a premium once the projects are completed and prices escalate.
(iii) The government, through the Pradhan Mantri Awas Yojana, is offering a lot of interest subsidies, whereby a person can save more than Rs 2 to 3 lakh, in terms of interest, depending on the house he or she buys.
(iv) Interest rates on housing loans are at rock bottom. The government is doing everything possible to push it and banks are more willing to fund home loans.
(v) The government has declared that income tax is not liable till Rs 5 lakh. Then there is an additional Rs 2 lakh allowance on home loans. Add to that low GST rates and interest subsidy from the government, the disposable income goes up and one can invest in a second home, since there is tax breaks for second-home owners as well.
(vi) Both the Central and the State governments have brought in very strict regulations for developers, like the Real Estate (Regulation & Development) Act (RERA) and Housing Industry Regulatory Act (HIRA). This has increased transparency, with everything being uploaded on the HIRA website. There is customer protection, whether it is for developers not delivering projects on time or not fulfilling their obligations.
The consumer today is better protected and in a far better place than ever before.
So, if a new home has been on your mind, get to it, there cannot be a better time to buy!