Government is reforming the realty sector with RERA, GST, Smarty City, and Affordable Housing Sector etc. All the efforts are for drawing forth the accountability and transparency to the real estate sector as this sector plays a major role in country’s economy. As we all know most of the states have failed to meet the deadline of RERA implementation on the scheduled day May 1, 2017. All these states have received another 3 months’ buffer time for finalizing their respective rules. Again real estate and gold investment have been closed off from the GST purview. During this transiting period, home buyers might catch fish in the troubled water. At least that’s what experts think.
“At present buying flats in Kolkata is no less than a treasure trove. As property price has reduced by almost 5% from Q4 FY 14 to Q4 FY 17. Residential property sale in Kolkata is about to take pace in this FY expected. For low budget flats in Kolkata the sale never took south even after demonetization hit,” said Mr. Mahesh Somani, West Bengal RERA expert.
It’s the right time to buy flats in Kolkata. The average inflation was likely 4.9% in 2016 and in 2015 it was 5.9 shows that statistics. Luxury homes will be available at much affordable rate now and it’s expected the price will be at a cascading state in coming three years. Developers should resist the bargain-basement and continue offering subsidized payment plans and price guarantees.
Where the average price per sq ft in Delhi NCR, Pune and Kolkata has been declined, Mumbai Metropolitan Region (MMR) is the only city where there is a price hike by 1%. Real estate investors can negotiate realistic prices in both prime and secondary markets.
Government’s ambitious project ‘Housing for All by 2022’ aims at development of affordable housing sector across the country. Banks have lowered their home loan EMI rates between 8.25-8.5 per cent, which is the supposed to be the most reduced rate in the past 8 years. Government also allows subsidy of 4 per cent for the first time home buyers. Additionally, RERA implementation has an important role in giving rise to realty investment as market is recovering its confidence level on this sector. Eventually property price will soon to escalate gradually, thus people are advised to make their investment right away.
- Somani Realtors News Network