The new financial year is just around the corner and one month is all it will take for the calendar to roll. The most noticeable aspect of this year is that the general elections are about to be held right now. Hence, it makes sense to think twice about what course of action you will take if you are planning to buy a new home.
There could be a number of reasons that you are interested in investing in a new flat. It could be that you genuinely wish to move into a new residence or you want to buy a second summer house or you may even be planning to rent out your new home to tenants that will become a big source of income.
Whatever the reason, there are many tips and tricks that you need to incorporate into your house hunting scheme. This includes a number of things that will help shape such an important decision of your life. With these tips, you will definitely be able to deal with the Kolkata property builders in a much smarter way.
This article helps you with a number of guidelines that can help you make the right choice from the plethora of options available. Here, we provide you with the latest trends and developments that you must be aware of before plunging into such an important decision of your life. After reading it, you will definitely be in a much better position to make the right choice after evaluating all the factors that go into making your job hunt an easy one.
Read on to find out the various things that you need to make a note of before investing in property this new financial year.
Polls are due to be held in May and this major fact will definitely have an important effect in your purchase of the property. Most real estate experts are advising people not to buy property in this state of flux. It is very likely that there is going to be a coalition government at the centre. There is every possibility of there being conflicting views between the parties that come to power and the potential opposition. Hence, there are high chances of a compromise between the two.
Given this scenario, it is highly prudent that you don’t buy a new home in the next two months. Based on the outcome of the election and the resultant changes in the real estate scene that come with it, you can then think of the next course of action that will be the most profitable and lucrative for you. Thus, you must definitely pay attention to the impending polls that will surely give you a clear idea of what you should do next.
Estimated Drop in Prices
Recently, most real estate research companies have predicted that there might be a drop in prices as builders and developers have a large amount of unsold inventory that needs to be taken care of. This trend is also more likely to make prices fall as there is a major liquidity crunch. These two factors may cause developers willing to bargain prices with their clients in order to increase the level of sales of their projects.
On the flip side, the current time is not good if you wish to reap the benefits of property appreciation that generally come with buying a new property. This is mainly because of the fact that the property prices are unlikely to rise in the next three to four years. So don’t buy a house right now if your only aim is to sell off your flat for a profit. Having said that, you must know that the time is right and perfect for buying your first house especially a 2 BHK flat in BT Road, Kolkata or even if you want to upgrade from a smaller house to a larger one.
Another thing that you need to make note of is that banks and other financial institutions have reduced their interest rates on home loans. So if you need to take a loan for buying property, then this is the most appropriate time for it. So go for it if the situation favors your need!
The final thing that we need to mention here is that there is expected to be a drop in the GST levels for people who wish you buy flats for ready possession. This is in stark contrast to properties that are under construction that have high GST rates. Current trends indicate that GST rates are expected to reduce after the polls are over; hence it makes sense to go for flats that are exempt from GST. This will hold you in good stead as it is evident that the Government is supporting home buyers as opposed to the builders and developers.
Value for Money
Most people have the misconception that cheaper flats are always better as they are more affordable and within easy reach for people from different walks of life. However, this may not always hold true as there has been a major spurt in affordable housing in the past two years. This is in stark contrast to the real estate scene five years ago.
In the beginning, only selected builders and developers pitched for affordable housing. This was when the affordable section of the real estate sector in India was in its nascent stages. But with the passage of time, it became evident that people responded quickly to this option that was thrown to them. The result of this was the fact that all the builders and developers wanted to have their slice of the residential market. In this way, there was a significant rise in the number of such projects that have come up all over the country.
However, people should not only look at the money aspect of the thing when they buy a flat. They should also see things like construction and location that play a major role in getting excellent value for money. This is because it is difficult to commute from far-flung areas of the city and this results in added expenses as well. Only by observing all these factors will buyers get excellent value for money while buying upcoming housing properties in Kolkata.
Thus, the above-mentioned tricks and guidelines will definitely help you invest wisely in property this new financial year.