Every human dreams of having a Dream home, every penny he earns is with a longing dream to buy a house someday. Then, why don’t Indians buy their own house?
According to Information and Credit Rating Agency (ICRA) 26.4 million square feet of real estate space sold in 2018, seeing 50.1 percent growth over the corresponding period a year ago, while CII-JLL released a report named India’s Real Estate Milestone- 20 years narrative which talks about the 20 years old journey of Real estate industry, giving special attention to all government initiatives and movements. The report states, a total investment of ? 24, 011 Crore in the first quarter of 2018 in Real Estate; all aspects of the industry be it Residential, Retail, Office or Investment has seen a healthy increase.
India Brand Equity Foundation (IBEF) had estimated real estate market to boom to ? 1,261 crores by 2020 in India, but the CII-JLL report stated an un-estimated increase in Real Estate Industry.
Even though the investment in Real Estate Industry has seen a up rise, the buyer’s buying homes has declined moderately by 3.6 %, i.e. ?13,020 Crore compared to ?13,505 Crore last year. ICRA believes 21.3 million square feet new projects to be launched in the year 2018. Why shouldn’t you buy a house now?
Each and every project by any Real Estate Developer being developed now, offers all lifestyle amenities that escalates your standard of living and lifestyle. Due to Demonetization, the prices of property have stabilized. At the same time, banks were flushed with funds and decreased interest rates on home loans. This worked in the interest of the home buyer along with RERA, which aimed at greater transparency and accountability. Along with Demonetization, GST and RERA will help in improving compliance and transparency levels in industry, increasing confidence of the buyer and further boosting the market. Why would you pay Rent when you can pay EMI!