During the year 2020, most people stored their finances to aid any emergencies that might come in their way of living. But the fatality of coronavirus decreased rapidly and the introduction of Covishield and Covaxin boosted the immunity power of people. The spending capacity of potential buyers increased again and they are ready to make wise investments. Not only has the economic growth been improved across all states but also the market value of real estate sectors rising again.
Real estate investment in new construction in Mulund east is undoubtedly a clever choice. With the growing space crunch, population, and increasing demand for property, investing your money in real estate will fetch you a great return on investment. Here are some attractive reasons why 2021 is the best time for real estate investment.
Experts in India estimated that the real estate marketplace will reach 65 billion US dollars by 2045. However, there lies an inequality between supply and demand. India is experiencing a shortage of more than 10 million units of property that need to be developed. The Central Government is pushing the smart city projects to implement more than 100 smart cities across India. Additionally, over the past 10 years, India has witnessed an average return of 11.6% each year. The ROI rate on real estate is proved to be more beneficial than gold or any other forms of investment. As the sector is growing rapidly, 2021 might be the best year to make an investment in new construction in Mulund.
To combat the coronavirus pandemic, the government has introduced a new moratorium relief. This relief was soon followed by a rate reduction in stamp duty and registration fee as well as other tax relief measures. The Central along with the State Government is doing everything they can to promote real estate investment so that it can contribute to the GDP of India.
Apart from that, Central Government has also introduced a new form of tax relief for homeowners. Not only the sales agreement and circle rate have been increased by 20% but the relief will also be valid up to 30th June 2021.
The damage in the real estate industry brought by the coronavirus pandemic might be a blessing in disguise for potential real estate investors. Real estate developers and builders are competing with each other to close their stock as soon as possible. Think 2021 as a clearance sale period of new projects in Mulund. The discount rates are only applicable during the transition period until everything goes back to normal. The Government is also taking every necessary step to make real estate investment affordable for everyone. As Vaccination is introduced, everything will go back to normal pretty soon. So, now is the perfect time to take Property Investment in 2021 seriously.
The banks are contributing to promoting real estate investment. The home loan interest has been decreased by 6.7% compared to the previous rate of interest that was 8%-9%. The process of applying for a home loan has also been made very accessible and user-friendly. As the interest rates have been reduced, more and more people are taking advantage of low-interest rate home loans. However, keep in mind that this willingness from banks might not continue for a long time.