Indian real estate market has been one of the best performers since the past few decades and has grown since then. India is the fastest growing countries in the world where real estate investors and many other international companies have always set their eyes to this country. Some of the spectacular cities you should consider when buying a property include Mumbai, Hyderabad, Bangalore, and Delhi. There is no doubt that the real estate market in 2018 had seen its ups and downs. 2019 is a good time to invest in properties because of major reforms, affordable loans, introduction to the real estate regulatory authority act(RERA) and many other things. Plus with the economic growth of the country, the significant rise in employment level and annual income are also increasing the demand for residential and commercial properties.
Let’s look at some of the top reasons why 2019 has turned out to be the best time to invest in real estate.
Introduction to RERA - The Real Estate Regulatory Authority (RERA) Act has improved responsibility and transparency in the real estate sector. RERA, stipulating a due date for finishing the tasks, has constrained designers to return to their plans of action. Since RERA`s implementation, real estate developers have appeared serious regarding finishing their upcoming projects. This has increased purchaser’s confidence in terms of project completion. With the RERA set up for over a year, the market has seen a surge in demand for all real estate categories, be it ready to move homes, under construction properties, or newly launched units.
Reduced GST rates - Over the period of 1-year issues regarding transaction costs and affordability has plagued the real estate sector. Under construction buildings have witnessed a reduction in rates from 12% to 5%, helping the developers as this increases the demand for under construction properties. The vision of housing for all by 2022 is being achieved with the reduction in rates for the affordable housing sector under the GST compliance. The introduction of GST seemed to have a positive impact on both homebuyers as well as developers.
Tax Savings for Capital Gains - In its Interim Budget 2019, the government declared that people can spare expense on capital additions from property deal by putting resources into two private properties. Already, Section 54 of the Income Tax Act, enabled citizens to put resources into one private property, rather than two, as now proposed in the Interim Budget 2019. People can, in any case, take profit of the capital gain rollover once in a lifetime, with a topping of up to Rs 2 crore. The choice, invited by the land business, gives working class citizens motivation to cheer.
To conclude, many developers are offering easy subvention schemes, well-equipped homes and easy availability of home loans are some of the top reasons why one should not wait to invest in real estate in 2019.