If you want to buy a house, “Now” is the best time to realize your dream. Read on to discover 5 reasons that make the current time the best for real estate purchases.

Implementation of RERA

RERA has given buyers the confidence to invest in properties as they are confident that their interests will be protected. It has also been liked by a large proportion of developers who are happy and satisfied with RERA because it provides accountability and greater transparency.

Affordable housing

Tax deductions on the interest rate for home loans, credit-linked subsidy plans, tax exemptions for developers of affordable housing projects, etc. are incentives enough to invest in the purchase of real estate. On the other hand, the low prices, favorable financing conditions and the many developer provisions have ensured that the demand for such projects has continued to grow.

Low mortgage rates

Mortgage rates are at their lowest level in ten years. Some banks, such as SBI, have even waived loan processing fees. The gap between buying a flat or renting a flat has narrowed in some micromarkets and some mid-market segments, which has promoted home purchases.

Reduced stamp duty

Many states have lowered stamp duties to promote home buying. Take, for example, the cases of Maharashtra and Karnataka, two states that have lowered stamp duties. The decision has boosted transactions in both states. Even West Bengal has announced to cut stamp duties and circle rates.

Customized Payment Plans

Developers today offer customized payment plans. This does not include pre-EMI and payment protection plans, as well as a 4-7% price discount on projects under construction. Despite the pandemic, these initiatives have given a major boost to residential sales.

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