Buying a new flat in a metro city involves tedious fact-finding exercises, comparative studies, calculations and much more. The life changing opportunities offered by Pune can make anyone get attracted to settle down here. Acknowledging the recent market trends in India one should calculate and think about every aspect before investing in real estate. Experts believe that these disturbances in the real estate sector are soon to be overcome. The liquidity crisis is delaying construction operations and it is affecting both the buyers and the builders at the same time.
In this context, Anuj Goel Pune, Director, Goel Ganga Developments, says that the hope of improvement in the real estate market with the proposals from the government and other factors will bring stability and revival to this industry. Let's take a brief look at some major factors that are in favor.
The NBFC's bailout
In a recent event, Finance Minister Nirmala Sitharaman drafted a layout where the government would support NBFC’s by incorporating the first losses up to 10%. This would be for a limited period, and it is expected to help NBFC from the present crisis. According to Anuj Goel Ganga, it will speed up the completion of pending projects and help the builders to handover possessions to the buyers.
New policies for floating-rates
According to the latest commission, the RBI declared that banks have to combine floating-rate loans to the repo rate, it would make home loans seem winning to the new buyers. The banks can offer discounted loans for buying homes. Now, saving money and investments in the property at the same time will become profitable, says AnnujGoel Ganga.
The slashed rates by RBI
In the August, RBI stated a cut off in the repo rates. It has brought reassurances among the home buyers who are applying to home loans. The new repo rates are 5.40% which is the lowest rate in the last five years. Following this new rule, the banks have reduced their interest rates for home loans. It will help in pushing the reserve of inventories in big cities like Pune at a good pace.
The cut back in GST rates
To make affordable homes easily accessible, the government launched new scheme-’housing' it is expected to be delivered by the end of the year 2022. The new changes in the GST rates from 12% to 5 % for the under-construction projects is a big step for real estate. Additionally, the reduced GST to 1% for the projects which are falling under the affordable housing schemes is getting huge acclaim from the people.
With these steps, a new hope is appearing among the new home buyers in Pune. The new home buyer is advanced and understanding to make the right decision, says Anuj Goel Pune Director, Goel Ganga Developments.