Are you contemplating to buy a house for a long time? Well, this seems to be just the right time as real estate developers are bombarding the market with ready-to-move-in apartments and that too in affordable segment.
As per a recent report, more and more developers are now aligning their business strategies with residential real estate market trends and sentiments by offering more ready-to-move-in apartments. In fact, there is an unsold inventory of 6.73 lakh units across the top seven cities out of which nearly 85,000 units are currently in the ready-to-move-in state.
But what’s more interesting here is that about 60 percent of the ready-to-move-in houses currently are priced in the affordable and mid segments prices that is below Rs 80 lakh, ET Realty reported.
Real Estate (Regulations and Development) Act, 2016 (RERA), Goods and Services Tax Act (GST) and the Benami Transactions (Prohibition) Amendment Act, 2016 have definitely played an important role in making the Indian real estate market more buyer friendly. The government’s ‘Housing for All By 2022’ and the grant of infrastructure status to the affordable housing sector further boosted the housing supply in affordable segment.
Clearly, the developers’ community is coming to terms with these unprecedented events which can be seen in the form of mass availability of affordable ready-to-move-in homes.
So, if you are sitting on the fence to make a move, this is just the time as there is good availability of ready-to-move-in affordable properties which in turn offer good value with the least risk. The fact that ready-to-move-in properties does not invite GST is another added reason to consider them both by end-users as well as investors.
The residential real estate was in a slump for over a couple of years now. Well, the recovery is still a way to go, the second half of 2018 definitely saw some positive movement, and that was led by the affordable and the mid-segment.
After witnessing the downfall of the reputed developers like Amrapali and Unitech, buyers are now more cautious towards investing in under-construction properties. Due to the added burden of GST as well as mass-availability of the ready-to-move-in properties, it is no wonder that the buyers are now getting more and more inclined to put their money where they can get the possession immediately.