If you have been looking to buy a home in India, experts say that this is the right time to make the purchase. As a result of demonetization and many other reforms such as RERA and GST, property purchase in India has become a fairly lucrative proposition.
Here are some reasons why this is the right time for you to buy a home:
•Property prices are at all-time low:Demonetization has had a direct impact on property prices in India. It has significantly reduced the inflation of property rates, which is why property prices are at all-time low right now. This is why experts recommend buying a home at this point in time.
•RERA has ensured enormous transparency in property purchase: With the implementation of the Real Estate Regulatory Authority (RERA) Act, property purchase has become much more reliable and transparent. Builders are now being held more accountable and due compensation is being offered against delays in the completion of real estate projects.
•GST has greatly simplified the processes of property purchase:As a result of the Goods and Services Tax (GST) coming into effect, the processes that go into property purchase have been simplified to a large extent. The complex paperwork that used to go into property purchase until now has been reduced to a minimum, thereby making the entire process compact and easy to understand.
•Home loan interest rates are lower than before:The interest rates on home loans in India have come down significantly and are currently at a 12-year low. This shift has contributed to making property in India much more affordable at this point in time.
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