11 Things Homebuyers Can Expect In 2019
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- While things are looking up for the sector, rates of property in 2019 will largely remain stable in most big cities. Since banks and housing finance companies are wary of financing housing projects on concerns of loan defaults, developers will largely depend on homebuyers to infuse liquidity in their ongoing projects. Since buyers are their only hope, rates of property are likely to remain stable.
- After touching a record low, interest rate on home loans might increase this year. That will jack up rates of property for those who apply for bank finance to materialise the purchase.
- Non-banking finance companies used to be an obvious choice for non-salaried homebuyers since borrowing from those involved less paperwork. Since these are now in a money crunch of sorts themselves, borrowers would find it slightly difficult to secure finance from them. Keeping that in mind, you may like to start putting your papers in place already.
- If banks seemed over-eager to lend you money, consider that passé. Tackling liquidity issues themselves, banks would adopt a more cautious approach in 2019. This means borrowers should approach them armed with an impressive credit history. It would make your case stronger if you have paid more than 30% of the transaction value from your own sources.
- As newer nodes of connectivity make travelling from one place to another easier in big cities, suburban localities will see a turn of luck in the New Year. Consequently, rates of properties in these areas will rise and property owners who have given their properties on rent can also expect to earn more as monthly rent.
- Real estate regulatory authorities are likely to go more active, ensuring better compliance among realtors. It may become much safer in 2019 to invest in under-construction projects because only those developers who are sure of completing their projects online and who have the resources required to finish projects will venture into new launches.
- Those buyers who have been planning to buy resale properties in city centres may expect price correction. How so? Real estate developers in India’s key property markets are sitting on huge ready-to-move-in inventory stock. This means there is greater availability of such properties in the market today than it was earlier. In such a scenario where buyers have the option to invest in a newer property, owners would be more reasonable in pricing their old properties.
- We would recommend you acquaint yourself with the online medium if you are not tech-savvy yet. As authorities bring more and more processes online to simplify the sale and purchase process, being technologically challenged is a luxury property-seekers cannot afford.
- As affordable remains the flavour of the season, luxury takes a backseat. Those looking for brand-new luxury properties will have to go for specific cities in order to find projects. Such investors would find plenty of options in Hyderabad, where rates of property have been rising consistently, too.
- Struggling with liquidity issues, revenue departments of various cities, including Mumbai, Bengaluru and Gurgaon, have gone for increasing circle rates. Perennially battling finance issues, expanding cities find it only natural to jack up circle rates. The possibility of a hike in circle rate in other cities cannot be ruled out in the New Year.
- Since there has been a remarkable rise in property-related frauds, authorities have sprung up in action and going after the culprits. To avoid any trouble, make sure you keep the deal clean. Scan all property-related papers carefully.
- by Sunita Mishra
Source : PropTiger
