Current Property Scenario In India — Property News India
Purchasing a house is considered as the most precious investment of your life rather the biggest purchase. You put in all your hard earned money in a building a home of your dreams, so why not take the extreme care before purchasing it?
However, there is yet another reason of being extremely careful before making a house purchase decision. The festive season is just around the corner and taking advantage of the fact that people consider this time as auspicious to make purchases, builders and real estate dealers offer discounts and lucrative prices. The discounts and freebies are too attractive to miss out in the beginning but later turn out to be a trap. So, it is in your own benefit to be aware of all these traps and lucrative offers.
Banks too have eased the loan giving procedure, but is it really the right time to purchase a property in India?
Property prices in India are increasing at a gradual rate. Some cities have also seen a decline in the rates. While homemakers are finding it difficult to sell, high interest and property rates are making home buyers wait. But if we look at the overall industry sentiment, it has significantly improved. This year’s budget too introduced significant moves to improve the performance of the sector.
Some of the important decisions in this year’s budget are as follows:
It has made way for easy flow of funds into the real estate sector by giving permission of foreign direct investment/ FDI for projects spread over 20,000 sq. metres instead of the old limit of 50,000 sq. metres.
The limit for minimum capitalisation required for FDI has also been reduced to 5 billion dollars from 10 billion dollars.
Moreover, to support the housing for all scheme by 2020, the government has also decided to allocate funds of Rs 4000 crore to provide cheaper loans for low-cost housing.
Considering all the above developments in the sector, it is estimated that the sector will perform best in the upcoming years, So, if you are looking to purchase a property this festive season, this might be just the right time.
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