Buying a home in Mumbai is like buying a dream!
I know you must be thinking, whether its the right time to buy a property in Mumbai?
whether should i buy a new home in Mumbai or at some other place?
Opportunities don’t knock again and again and then when they do, one should make the best use of it.
After the COVID-19 pandemic situation and considering the impact of coronavirus.
People have realized that it’s always better to have your own home, rather than staying out on rent.
Once you buy a home, you will create an asset for a life time.
It also assures a safety and security of your family during a situation like corona virus.
Home is also a better investment option than stocks or gold with lesser risk and better Return on investment.
Here, i will give you 5 strong reasons to buy a property during this period or in 2020.
1. Price Correction:
As we know the law of demand and supply affects the price.
Now, when we know that a good amount of an inventory available in the Mumbai MCGM region and suburbs with no or zero sales.
price correction of 10 to 15% will push sales, as informed by financial institutions, economists, and industry leaders.
Also, to maintain a cash flow its expected that developers will give the best price.
So, i would recommend people to make a move, to buy a home during this year or period.
2. Availability of Ready to Move in homes in Mumbai:
Ready to move in homes has a higher demand after RERA as many of the people looking for it.
So, buy a ready to move in home with a ready possession.
Also, you can utilize this period as an opportunity by getting a best price.
Here, you will also be saving on GST, which can be from 1% to 8% for residential properties.
The benefit of stamp duty is also expected but announcements are yet to be made by the respective state governments.
3. Payment Flexibility:
Developers are now giving online payment discounts with the best offers and the option of flexible payments too.
Flexi payment plans will work best for you as you can pay with your convenience.
Irrespective of the construction linked or Timely plans, where you have to make a timely payments.
Here, you just need to make sure that the same payment plan is mentioned in the agreement.
4. Reduction in GST & Stamp Duty expected:
To boost the real estate sector for this financial year of 2020-21.
The government is planning to reduce the GST & stamp duty to push the housing demand.
In Mumbai, there are so many flats for sales that are available. So further incentives for buyers are expected by the state government too.
5. Easy availability of home loans at a cheaper rate:
The reduction in repo rate by the central bank will further support home buyers.
As banks are revising the interest for home loans with easy processing of documents.
Looking at the demand for homes in India, the government has taken this decision to boost sales.
Further benefits will be given to home buyers considering the current situation and condition of the industry.
To know more about the real estate industry, follow me on Instagram @tarun_rochlani