Despite the sluggish growth of the real estate sector, it is estimated to become a $1 trillion strong industry by 2030. Further, it will soon see a huge influx of NRI investments in major cities, such as Delhi, Bengaluru, Ahmedabad, Pune, Chennai, etc.
What does this mean for the mundane homebuyer? Is it the right time to buy a house in the top metros or should you wait before locking in the money? Buying property is one of the safest investment options today, but while the market may have been marred by slower growth, the rate of the property has inched upwards.
However, even in the backdrop of a steady price rise, Delhi has shown slower growth. This means that compared to other cities, the property prices haven’t risen as much.
If you’re looking to buy a house in Delhi, it’s essential to consider the timing. The recent situation of the real estate sector actually makes it a fantastic time to buy a home in Delhi. Whether you want to dip into your savings or opt for housing finance, if you’re serious about purchasing property, the timing is just right. Read ahead to know why!
First, the slow pace of the sector has left the Delhi-NCR belt with a lot of inventory. Numerous newly constructed houses are up for grabs but don’t have many takers yet. This demand-supply gap has given a considerable price advantage to the buyers who can leverage it to purchase property at a much cheaper rate. Even if the discounted rate seems a little steep, it’s advisable to take a home loan for the purchase as future price corrections can skyrocket the cost of the same property.
Secondly, it’s not just new constructions but pre-owned properties too that are on sale. A lot of Delhi natives park their money in properties purely for the sake of investment. Since they are eager to offload the investment, the buyers get a stronger negotiation power. Not to mention that their entry in the market increases the number of houses on sale, thereby causing a further increase in supply.
Additional read:- 10 Mistakes You Should Avoid as a First-Time Home Buyer
While on the one hand, the real estate sector is currently primed for buyers looking to bag a fantastic deal, the housing finance sector is booming too on the other. Home loans are becoming popular by the day, and with the government’s initiative to incentivize the residential real estate sector, it’s safe to expect up to 19% growth in housing credit.
Taking a home loan is a much prudent decision today, despite having the funds available to purchase the house in one go. Not only does this prevent a huge dent in savings, but home loans also offer fantastic tax benefits and improve your creditworthiness. Plus, you get a lot of other benefits if you take a home loan from Tata Capital. To conclude, this is the right time to buy a house in Delhi. With favorable changes in home loan eligibility, investing in your dream home has now become very easy.