Home ArticleReal Estate 2018: Do You Really Need It? This Will Help You Decide!

Real Estate 2018: Do You Really Need It? This Will Help You Decide!

When we talk about the growth of real estate for the year 2017 in terms of prices and sales, its been a silent journey. Real estate which was one of the most popular investment in terms of returns is been experiencing a dip in its popularity off late because of stagnancy or dip in sale prices. The sector which was once considered a paradise for investing black money has suffered a lot because of reforms like RERA, demonetisation and GST. These three government acts have hit the real estate sector hard. In some of the real estate markets, the sale volume and prices are still to catch up the pre-demonetisation level. As per Anarock research in 2017, 1.5 lakh units got sold during the first quarter of 2017. This is 70% dip in sales as compared to selling of units in first quarter of 2016. Also, the number of new launches got impacted due to demonetisation as 93K units were added in top 5 cities in India in the first quarter of 2017. This again was a dip of 50% for the same period of 2016.

Although expert believes that real estate market is in a process of transition. The market will emerge out as consumer-friendly after going through all these reforms. The government in the year 2017 make it clear that home buyers will now have much more rights and power as compared to the earlier scenario. Also, various steps are been taken in order to synchronize the supply and booking. Although the implementation of such measures were undoubtedly some teething troubles. In order to give thrust to the affordable housing in the year 2018, the government has introduced many of its home buyer friendly policies. Rules and regulations defining the affordable housing and mid-income group were also changed by the government in order to cover a larger buyer base and help builders offload their budget home inventories.

Experts say that there will be no price hike in the year 2018, however, there will be an increase in selling of properties as the recent reforms are going to boost the confidence in home buyers.
The price level will be on the similar scale in the year 2018 as compared to that of the year 2017. Although the year will be considered a good time to buy the properties. As the year will be witnessing a greater number of project completions thus providing more options to the real estate buyers.

So here we conclude saying that “The Year 2018 is going to be the best time to buy properties for mid-scale buyers, they can avail the benefits up to 2.67 lakh under Pradhan Mantri Awas Yojna(condition applies) along with RERA backing their rights.”

Below are the conditions to fulfil in order to avail PMAY.

Economically Weaker Section (EWS)- People who earn an annual household income less than Rs.3 lakh come under the EWS category. However, an applicant claiming to be from EWS needs to provide relevant proof to the government to ascertain their claims.

Light Income Group (LIG)- People that fall under LIG category usually have an annual household income ranging from Rs.3 lakh to 6 lakh. Again, to be eligible for consideration, they need to provide sufficient proof of their economic standing.

Medium Income Group (MIG1)- Those who earn an annual household income below Rs.12 lakh fall under the MIG1 category. These people can avail loans of up to Rs.9 lakh for the construction of a residence.

Medium Income Group (MIG2)- Individuals earning an annual household income between Rs.12 to Rs.18 lakh will fall under MIG2 of the PMAY scheme. These people can avail loans of up to Rs.12 lakh.

Minorities- People hailing from minority groups like SC/ST/OBC will fall under minorities. To be considered under the PMAY scheme, these people need to meet to provide relevant caste and income certificates.

Women- Women belonging to EWS/LIG categories will be considered if they apply under the PMAY scheme.

Besides this, there is a basic requirement an applicant has to meet. For instance, if the beneficiary is a family, it must comprise of a husband, wife, and unmarried children. Also, no person from the family should own a house in their name.

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