People dream to buy a home and work hard towards fulfilling it. For decades, real estate prices were fluctuating and hardly matched people’s income levels. Besides, the builder-buyer contract structure was majorly designed in favor of builders. Due to lack of transparency, there was a loss of trust for builders developing among home buyers.
What has changed?
Therefore, the central government introduced RERA to regulate the real estate market. Real Estate regulations Act defines the norms that improve transparency in the transaction process.
Besides, the government even introduced GST or Goods & service tax along with other favorable policies. The real estate market has seen significant changes and the environment seems more organized than what it was earlier.
Is this the correct time to invest in Bangalore’s property market?
Undoubtedly, over the past couple of years, the property market has seen a significant uptick. This upward route is because of different factors like the flourishing job market, infrastructure, and evolving living standards.
Builders like Prestige Groups are getting creative and building beautiful residential homes with gated communities. Its current project Prestige Primrose Hills is a very sophisticated development scheme.
The city’s eager tech-savvy population is hunting for sustainable, smart, and aesthetically sound homes. The builder’s creative nerves are being challenged and they put in lots of effort in creating a sophisticated design. Due to transaction transparency, customer demand is witnessing al-high time because real estate has regained trust.
Benefits in the revising property market trend
Interest rates are low and to trigger activity in home loan niche banks have launched repo rate-linked products. It means borrowers can obtain home loans at 8.05% p.a. Homes priced below INR 45 lakhs will get an extra tax deduction of INR 1.50 lakh.
NRIs can invest in the under-construction Primrose Hills project and benefit from the low GST. Bangalore is a hub for MNCs that offer great job opportunities. It is the main reason that investors need to consider buying an apartment in Bangalore.