Real estate has always been the most popular sector for investment owing to large scale property appreciation. This has especially become popular in recent times with savings bank interest rates plunging to an all-time low. However, owing to unfortunate trends, there has been a reduction in the rise of prices of apartments in current times.
This scenario makes it extremely beneficial for people who want to buy an apartment as the prices are not rising any further. This is a very rare case which needs to be made optimal use of so that we can get a better deal. Hence, it is clear that the New Year 2019 is a definite harbinger of good times for property buyers in Kolkata.
This article provides you with the reasons as to why investing in real estate in Kolkata is a good decision. Here we give you a lowdown of all the factors that play a major role in making an investment in real estate a good decision. In this way, we can explore all the different angles of how the real estate developers have changed the entire residential complex scene in Kolkata.
Read on to find out why 2019 is the best year for investing in real estate.
1. The Lull In The Property Market
Due to non-repayment of loans and the large scale rise of non-performing assets, there has been a lull in the property market. This is because banks and other financial institutions are hesitating in giving loans to the buyers owing to large scale defaulting on money returns.
Given this scenario, there has been a definitive reduction in the price of property all over Kolkata. This is definitely good news for people who want to buy a house at the lowest possible price. It is expected that this lull in the property market will continue for the entire 2019 so it makes ample sense to invest in the real estate sector right away.
2. Supply More Than Demand
There has been an abundance of supply in real estate projects in recent times. After the regulation of the RERA Act in 2019, there has been a shift in the attitudes of the builders and developers. They are currently focusing on completing their current projects rather than taking part in new ones. Hence, there has been a massive reduction in the number of projects that are being built. This holds good for halting the rise in prices of property and can be taken full advantage of by the property buyers. Hence, the factor of supply more than demand plays a major role in influencing the property buyer’s decision.
3. Reduction In Interest Rate For Home Loans
There has been a massive reduction in interest rates for home loans that can now be availed of at 8.35 % per annum. This rate is one of the lowest ones since the most recent decade. Most people buy 2 BHK apartments by making use of home loans hence, a fall in the interest rate definitely helps in making it easier for home buyers to hunt for property. In this way, there has been a massive rise in the confidence level of the buyers who need to make ample use of this opportunity to buy a house.
Now that we have discussed the various reasons for investing in real estate this year, we can now proceed to discuss some procedures that you need to follow while making one of the most important investment decisions of your life.
Tips And Guidelines For Buying A House
Here we discuss the various tips and guidelines that can help in making the real estate deal worthwhile. It will also help avoid any bitterness in the relations between the parties concerned. Read on to find out how you can get the best deal in this situation.
1. Do A Thorough Check
It makes ample sense to conduct a thorough check on the builder and developer who is constructing your house before purchasing it. If you want to reduce the risk involved in making the most important investment decision of your life, then you should only go for renowned real estate developers in Kolkata who will give you whatever they have promised. In this way, you can steer clear of tension and anxiety owing to problems that may occur in the real estate deal.
2. Don’t Take A Hasty Decision
Property investments are always a very level of investment and you should never take a hasty decision as this can mar your life forever. Considering the above scenario, it makes sense to wait and watch and then weigh all the options one after another. After considerable perusal and discussion with near and dear ones should you take the decision of purchasing an apartment. Hence, it is absolutely clear that it pays to be patient when purchasing an apartment especially if this is your first time.
3. Make Financial Plans
Buying a home especially a 3 BHK involves high scale financial plans as a lot of money is involved in purchasing a house. You not only have to save up a lot of money but also have to make arrangements for any shortage that may come in the way of funding for your house. This is where home loans can come in handy although now banks and other financial institutions are becoming wary of providing for the same due to a large number of defaulters who never end up paying back the loan amount with interests. Given this scenario, it becomes imperative that you make stable financial plans that will help you get the best deal at just the right amount of money.
4. Maintenance And Repairs
Every apartment requires to have maintenance and repairs conducted at regular intervals. This amount needs to be paid every month in advance so as to carry out the work at the stipulated time. Hence, all property buyers need to save some money in advance so as to be able to pay for maintenance. Also, there will inevitably be wear and tear of the building that will make it essential to conduct periodic repairs at regular intervals. Hence, you need to keep aside some funds for repairs as well so that there is no paucity for it later on.
From the above, it is clear that investing in real estate can be very useful for appreciating the value of your house. All you need to do is just check out the upcoming real estate projects in Kolkata. So we can finally conclude that investing in real estate is a prudent decision in 2019!