Why 2022 Is An Ideal Time To Buy A Real Estate Property?

In India, the ideal age to buy properties is considered as 35-45 years. So if you are someone from this age bracket bang it’s your lucky year. Buying a property, 2022 and in the middle of a global pandemic might seem to not go together right? But yeah give us a chance to explain. We will dive deep into the reasons why this year, 2022 is the right time to buy a property.

The financial year 2021 has a declining gross domestic product of 7.4%. GDP is how the value-added is measured. The production of goods and services leads to GDP’s formation.

So the Indian economy took a bash and was affected very badly due to the Covid-19 and its other variants virus outbreak. Especially during the second quarantine, most spheres of the market suffered but to excess stocks. But very few spheres flourished during this period like online retail, agriculture, etc. But the spheres that flourished were very few. Many hit the rock bottom during this global pandemic.

The Indian real estate market also joins the club of downfalls. Not just the developers, even the property owners were affected dramatically during this period. They were not able to either rent or sell their properties.

Then days and months passed by and we met the third quarantine. The excess stocks started falling. The real estate sphere seemed to rise from the stagnation. By Diwali and Navratri the sales were put up, all paused projects were resumed, etc. This whole downfall has lured most of the real estate buyers to purchase flats at a surprisingly lower rate. If you are someone who really wants to invest in real estate, buckle up guys, this is the best time for you to buy your very own house.

Some of the factors that have to be looked into before buying your real estate are:

• Finances
• Infrastructure
• Connectivity
• Neighborhood
• Budget
• Locality
• Facilities
• Location
• Utilities

The rate of real estate has been constant and not increased throughout the period of over nine months. The Hindu published this report with the claims. As per the average in the third quarter of this year, the recent home price of the RBI( Reserve bank of India) has declined by 1%. This is such a blessing in disguise for real estate buyers in numerous ways. The real estate price interest rate has a steady decline to it. This lures all the property buyers to invest in buying a flat this year.

Are you one of those potential flat buyers who have also been waiting for a miraculous opportunity like this? Make sure to read further to find out why it’s your time to buy a property.

Home loan interest rates are facing a great fall

The MCLR (marginal cost of fund-based lending rate) has been reduced to an 8.30% of declined interest rate by state-owned banks. It’s a great boon to property buyers as it shows up as an advantage for them to utilize home loans easily with a reduced leading rate. As per financial experts, they claim that there will be a raise in interests again. So if you are wanting to buy a property for a long time this is the right chance for you to seize it before the interest rates rise up.

Cost efficient

The main factor to buy a property in 2022 is because they are cost efficient and budget friendly as of now. This is due to many reasons. Though the elephant in the room would be the various virus outbreaks there were also other reasons for this cost efficiency. Some of the reasons worth noticing are:

Tax relaxations have worked wonders for property buyers. The purchasing capacity has risen over the roof this year.

• The availability of the inventories have raised above the demand rate. This has stabilized the rate at which the inventories are sold.
• Due to the whole shift and chaos in India during the outbreak of coronavirus many flats were finished and furnished but unoccupied. This is one of the main reasons why the property developers have this need to just sell off their inventories even if asked for a really low rate.

Thus proving that 2022 is the right time for you to get your very own property for a budget-friendly offer.

Tax benefits

Tax reliefs are a great convincing point to consider before buying a property this year for a first-time buyer. The tax reliefs mentioned below will be applicable till March 2022. A payable annual interest of 1.5 lakh could be saved if you buy a flat or any property (2022)  this year. This is applicable if the property costs are somewhere under 45 lakh.

So as a buyer 2022 is a great time for you because of the flexible payment plans and amazing drop in price. So why wait? Fulfill your dream this year!