The last year has been a fairly significant one for real estate in India, and 2019 is set to witness some important enhancements in the home-buying process. After reforms like RERA and GST have stabilized and streamlined the real estate market, homebuyers can look towards simpler and transparent processes, tax concessions and technological enhancements to further enhance the purchase process.
Here are 4 important home-buying trends to watch out for in 2019:
1. The rise of affordable housing: The Housing For All initiative by the Government aims to build one crore new housing units across the country by 2022. To meet this target, affordable housing is being given the most attention. Last year, there was a surge in the supply of housing units in Q2 2018, approximately 50,100 new housing units were launched across NCR, MMR, Chennai, Bengaluru, Pune, Kolkata and Hyderabad. This year, homebuyers can look towards an impressive range of affordable projects to invest in.
2. Transparent and more efficient processes: Reforms like RERA, GST and the Benami Property Act have played an important role in making the home-buying process much more reliable and transparent than ever. Not until long ago, buying a home in India entailed several complex and arduous processes. With the consolidation of taxes under GST, the purchase process has been simplified to a large extent.
3. Tax concessions on property purchase: The recently revised GST rates will offer lucrative concessions on homes purchases under the CLSS as well as on ready to occupy residential properties. At the same time, the overall cost of construction will come down, thereby stabilizing property prices across various segments.
4. The use of technology: This year witness significant technological interventions that will greatly enhance the home-buying process in India. We can expect a more organized online marketplace for buying, selling and renting homes. Home automation for a comfortable and eco-friendly lifestyle, Kum Kang technology for swift construction processes, virtual property tours for more informed and effective purchase decisions, as well as ancillary tools like digital document signing, will gain momentum this year.
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