Will 2017 Be a Good Year for the Property Buyers?
Well, this is the common question that has started bothering a number of home buyers who are planning for an investment soon. Especially, with demonetization hitting the platform in the recent past, it has become even a greater concern for people and the home buyer aspirants have now been crazy over knowing about the impending prospects of investment in 2017.
Though the last year was quite harsh for the property buyers, but with a number of good initiatives taken by the proactive Government, the year 2017 is expected to be fairly good for the home buyers.
Over the past few years, the Pune Residential Market has always been on a downward movement and it was only in the mid October 2016, just before the execution of demonetization, the property sales volume experienced a positive track due to the festive season on board.
Here are some reasons why 2017 can be an excellent start for the upper class as well as the middle class buyers-
Demonetization- When the housing industry was expected to get better by late 2016, the ban on the big currency notes arrived with a number of feasible effects. Although the real estate prices didn’t experience a significant decline or rise, still the misconceptions regarding the same seemed to bring in a great blow to the sales. However, it was a temporary effect that didn’t last for long. In reality, the ban gave birth to a number of unfinished housing projects which, in return, reduced property prices at least to some extent, making it a boon for the home buyers. As an impact of the same, while the key real estate will remain unchanged, it will really be a cheer to the home buyers as well as the medium sized builders.
RERA- Moreover, with RERA (Real Estate Regulatory Act) making its arrival by March, the developers are also likely to be strict on their deliveries which, quite undoubtedly, is going to be a good news for the buyers of all categories. Apart from bringing in a huge transparency to the entire process, it will also put a sheer end to all the bad practices done to the real estate business till date. The RERA act makes sure that the builders are accountable for every commitment they make. While the property’s possession date cannot be changed, any unwanted activity by the developer will also be condemned by a number of ways.
Rate cut by the lenders- Last but not the least; the recent rate cut by the public sector lenders has again made the home buyers go gaga over it. Going by the recent verdict of Modi Government, SBI along with a number of its subsidiaries has reduced the lending rate by up to 90 points, making it a great investment opportunity for the home buyers. Apart from improving the loan growth, it’s also expected to boost up the entire real estate sector.
Even if there have been a lot of assumptions and guess works about the prospects of real estate in 2017, the recent initiatives taken by the Government are actually going to make the year lucky for the home buyers.