Will The Festive Season Bring Luck To The Real Estate Sector?
With the onset of the festive season, homebuyers, as well as developers, are looking forward to making the most of it. The season not only ignites the buyers' sentiments but it is also a catalyst to the revive of the market as well. Most of the inventory with the developers get sold during this festive season.
Though the market is slow this year round, the developers are banking upon this period to make the most of it and bring back the much-needed positivity and vibrancy into the sector.
The wave of change
Keeping in mind the current state of affairs, after the coming of demonetisation, the Real Estate Law and the Goods and Services Tax, now is the right time to invest in real estate. These new introductions into the sector have made the business more organised ensuring the buyers get what they are sold. As the Real Estate Law ensures timely deliveries, transparency and accountability, a homebuyer can easily access project-related information, right from the current phase of the project, to the permissions acquired or pending by the developer etc. at the Real Estate Regulatory Authority's (RERA) website, thus, giving the consumers a sense of security and bringing back their confidence into the market.
A better economy
With the Indian economy riding on a growth path, a better future is anticipated for the real estate sector. Indian real estate is much better now as the economy is showing signs of improvement with stringent laws that is thus leading to higher buyer's sentiments.
What should you buy?
After a dip in the market and rise in the unsold inventory, it is suggested that a homebuyer invests in a ready-to-move flat, rather than an under-construction project and wait for its completion.
The festive season holds a great significance in India and contributes in a big way to the market. Buying a house is an emotional decision and people prefer to wait for an auspicious occasion for a new beginning. Cities like Mumbai are some of the prominent housing markets that witness an upsurge in demand for housing during this season. Moreover, the season is expected to be brighter this year around as prices have also been steady for a while now. With a stable market, options aplenty and auspicious days ahead now is the time to invest in a house.