It is Time for Buying New Property
Source:Growempire.com / Date: 7th May 2019
It is Time for Buying New Property
Akshaya Tritiya, also known as Akti or Akha Teej, is the annual springtime festival of the Hindus and Jains. It falls on the third Tithi (lunar day) of Bright Half (Shukla Paksha) of Vaisakha month. It is observed regionally by Hindus and Jains in India and Nepal as signifying the "third day of unending prosperity". The festival date varies and is set according to the lunisolar Hindu calendar, and falls in April or May of every year in the Gregorian calendar.
People from across the country are celebrating Akshaya Tritiya, which is considered as one of the most auspicious days to buy gold and property. During this period, demand for gold, particularly physical gold in the form of jewelry, bars, and coins usually witnesses a huge rise. However, buying real estate too is one of the things that is recommended. So, coming to the property, most of us aspire to own a house and to achieve that goal we strive hard through our savings and investments.
Although gold is a favorite form of investment, it offers lesser versatility as compared to real estate. Also, property prices are at lower levels currently, and this market is less volatile. Apart from this, one can enjoy purchasing a house right now, as in future the prices may go up making it too expensive to buy. Not only this, but real estate can also be a medium for income generation as the house can be kept on rent.
Therefore, compared with gold, shares and other similar investment platforms real estate tends to win, simply as it is less volatile. Going ahead, here’s why the property should be purchased during this time. Builders have been struggling over the last few years due to certain moves by the government like demonetization, Goods and Service Tax (GST), amendment in RERA law and Insolvency code. This has resulted in property prices in the country correcting as much as 3% on an average basis in the second half of 2017.
Another reason to purchase property this Akshaya Tritiya would be that there are indications you may face a situation where property prices have spiked in the near future.
Elsewhere, RBI has maintained the policy repo rate unchanged for the fourth time in a row, but this did not stop banks from increasing interest rates for a list of groups. After increasing MCLR by 20 basis points, the largest lender SBI recently raised the base rate and benchmark prime lending rate (BPLR) by 5 basis point.
Other banks also followed suit and even NBFCs started increasing their lending rates. HDFC, the largest mortgage provider, increased the retail prime lending rate by 20 bps from April 01.
It is being known that developers are sitting with 0.5 million units of unsold inventory in major cities. This gives buyers a chance to select ready-to-move-in units at comparatively affordable prices.
- GST waiver: For homebuyers interested in investing in under-construction properties, some developers are waiving off GST charges, bringing down the total cost of the property.
- Free stamp duty and registration fee: Such offers are made widely in the state of Maharashtra. Stamp duty, which roughly accounts for five percent of the property value, and one percent registration fee is offered as a discount to the homebuyers.
- Discounted base price: Few developers are offering discounts on the base price. This varies up to 20 percent of the actual value of the property.
- Free goodies: Modular kitchen, electrical appliances, woodwork furnishing, gold coin, vehicle, etc., are some of the free freebies offered by the developers depending on the ticket size. Homebuyers can choose these freebies to bring down the total cost of buying a home.
Find out Below Properties With Akshaya Tritiya Offer