Contemplating to buy property from a long time? This is just the right time to own a house. Want to know why?
Inventory Issues Giving Birth To Attractive Schemes
Indian real estate is currently burdened with a huge pile of inventory. As per a recent report by Knight Frank India, there are about 450,263 units lying unsold in the top eight cities.
The high number of unsold houses has rung in the alarm bells for developers. Just like desperate time comes with desperate measures, the realty developers are also opting for some extreme tactics to push off the unsold units to the buyers.
And one of such desperate measure is “buy now, pay later” scheme for ready-to-move-in homes. Under this scheme, buyers can move in with a small down payment and pay EMI after a year or two.
Until a short while ago, such schemes were offered only in the cases of under-construction homes. But as the pile of unsold inventory of ready homes is growing significantly, such schemes are percolating in the case of ready homes as well.
Luxury Homes Up For Grab
In fact, such attractive schemes are also being offered in high-end homes in Delhi NCR, Bengaluru and especially in Mumbai MMR, where homes are the least affordable and unsold inventory has seen the steepest rise this year.
Like in the case of Mumbai-based Sheth Vasant Oasis project in suburban Marol, where apartments cost ₹2.3 crore and above, buyers can pay 10% now, move in and the builder will take care of equated monthly instalments (EMI) for a year, Livemint reported. In another upscale project titled Beaupride, buyers can pay 25% now and 25% annually for the next few years.
It is evident that builders are ready to bear the EMI costs, rather than holding on to inventory. If you make the right move now, you will have nothing to lose and can easily own a ready-to-move-in home at your own terms.
Dip In Prices
The triple effect of slack demand, huge inventory and stringent regulations is that the prices of property have been in check in almost all the major cities. While Mumbai, Pune, Kolkatta and Chennaisaw an actual dip in Y-O-Y prices, other major cities like NCR, Bengaluru and Ahmedabad the rise in prices was lower than the consumer price inflation.
It is better to make the move while the home prices are in check.