Real estate plays an important role in the economy of the country. The housing sector is most important in real estate as people invest their deposits in it to buy a house. The government has implemented many schemes and policies to fulfill the dream of the people. In such a situation, buying a house now can be beneficial.
Protection of capital under RERA Act
The government enacted the Real Estate (Regulation and Development) Act (RERA) in 2016 to protect the interests of customers. This act makes the capital of the customers safe and builders cannot run away with money. Under this law, the builder has to give the house within a certain period. Failure to do so can result in legal action being taken against him.
Affordable Housing Scheme
Under the Affordable Housing Scheme, houses are provided to the people at low prices. People’s trend towards it has increased for a few years. The government is focusing on providing more and more houses to the people under this. For this, tax exemption on home loan interest, subsidy, tax exemption to builder etc. are being given.
Rising demand for ready to move apartments
Nowadays people do not want to wait for home for many years after depositing money. In such a situation, people are buying more ready-to-move apartments. For this people are also ready to pay some more money. There have also been many offers by real estate companies on ready-to-move homes, which has increased their demand.
Low interest rate on home loan
The interest rates on home loans have come down significantly. Now even banks are giving home loans at lower interest rates as compared to housing finance companies. The customers are benefiting from this. SBI is not even charging processing fee on home loan.
Stamp duty reduction in many states
To increase the sale of houses, many states have given exemption in stamp duty. These include states like Maharashtra, Karnataka and West Bengal. The circle rate has also been reduced. Many rules have been relaxed to provide easy houses to the people.