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Real Estate Under Embargo
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The condition of the real estate market is somewhat a rollercoaster ride both for the developers and the buyers at the same time. The rise and fall of the market are making this industry full of uncertainties. Buying a home is now more complicated for the end buyers and hence most of them turn to choose to live in rented accommodations and wait for the prices to settle to an affordable rate.
The affordability is what a common man is looking for because of the limited cash flow. The only factor that stops a person from becoming a homeowner is finance. Well, of course, the most common answer would be ‘take a home loan instead’. Although this is the most common answer or say an insightful opinion, taking a home loan is just a solution which could be seen as the tip of an iceberg whereas the real deal is beneath the surface.
For buying a home one would need to save for the down payment along with all the basic necessary expenses such as for the basic needs, future planning as well as any and all emergencies to come. With all such possibilities, it becomes very difficult for a person to look up to buying the home of his dreams.
Now when talking about the real estate market the developers are cautiously playing their turn as the sales of the homes have declined drastically. The developers are putting the majority of their efforts into clearing the inventory rather than creating more housing space. As mentioned earlier affordable housing is what every developer should really aim for. For most of the buyers in metro cities, a property priced at 50 lakh or below is the sweet spot.
Although the 50 lakh mark is what seems affordable, real estate developers cannot make their inventories available at such a price as it would mean a loss to them. However, with some sort of financial aids such as HomeCapital’s Down Payment Assistance Program, the buyer can think about buying the desired home. They have also partnered with many real estate developers to include their projects under this financial aid for the buyers. There are multiple projects by renowned developers that are listed under the offerings of HomeCapital on which they provide down payment assistance.
The residential segment of the real estate market has been experiencing letdowns and due to many government interventions such as demonetization and GST. This has created a crack in the crust of the real estate market and the impact was felt by overall. What is the best part you ask? Well, projects with affordable housing are starting to emerge in order to attract more and more buyers. Coupled with it are the initiatives by the government such as PMAY (Pradhan Mantri Awas Yojna) where the government has promised housing for everyone.
As a buyer, we should be careful about the pitfalls that are prone to be present in such scenarios. In order to tackle such mishappenings, one should research the market thoroughly before making a move. There are multiple online sources that not only provide information on the market trends but also guides the buyer in the home buying journey.
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