Why 2019 Is the Best Time to Buy Affordable Flats in Gurugram
With the inclusion of major reforms, realty favoring declarations, and affordable home loans in the Interim Budget, together with
according the real estate sector its much deserving and much awaited ‘industry status’ the market condition for buying affordable housing property in Gurugram is just opportune. In addition, the steady, noteworthy rise in employment levels and yearly household income has also boosted the demand for residential properties which are within your means.
Having said that, here’s a glance at some of the main reasons why 2019 has changed over as the most suitable time for buying affordable flats in Gurugram.
RERA — A radical policy which has transfigured the Indian real estate market
- With the ushering in of Real Estate Regulatory Authority (RERA) Act, transparency, and accountability within the real estate marketplace has improved and become more streamlined.
- RERA has stipulated a cutoff date for every project completion.
- This has compelled developers in Gurugram to reassess their business models.
- They’ve shown increased awareness and urgency to complete projects within predetermined deadlines.
- As a consequence, the homebuyer’s confidence has increased manifold.
The extension of PMAY benefits
- Entitled benefits under the Pradhan Mantri Awash Yojana (PMAY) were augmented in recent times with the inclusion of more number of eligible homebuyers.
- With PMAY in place, the maximum permitted carpet area of budget 2 BHK flats in Gurgaon was increased and the scheme was given away an extension till March 31, 2020.
- Therefore, now it’s well-timed to make the most of the benefits offered by the PMAY Credit Linked Subsidy Scheme (CLSS).
RBI’s Repo Rate slashed by 25 basis points
- With the intent to stimulate economic activity, the RBI lowered its REPO RATE to 6 percent with a corresponding reduction by 25 basis points.
- This decision has dropped home loan interest rates and most banks are supposed to be handing over the benefit to prospective homebuyers.
Increased tax savings on capital gains
- The government has announced how potential end buyers can take advantage of saving tax on capital earnings by simultaneously putting in resources into tworesidential properties from among the best housing projects in Gurgaon.
- In the past, taxpayers were permitted to invest in only one residential property.
- However, individuals may cash in on the rollover of capital gains on one occasion in their whole lifetime as the government has put a ceiling onRs 2 crores.
- This amendment was hugely welcomed by the whole real estate industry and provided the middle-class taxpayers a sound reason to rejoice.