Mumbai (Maharashtra) [India], September 16: 2023 has started with a bang for the real estate. We are seeing many new constructions and a boost in house sales. These will grow more in the coming months, boosting the sector. According to real estate experts, the sector is undergoing tremendous changes, making it the most profitable sector.
One may wonder why there is a jump in house sales. Well, these can be attributed to several government initiatives, low home loan rates and a competitive market. Enhanced buying power has drawn people to invest in new homes. This change became evident in 2019, and the trend has grown in 2023. Experts like Shravan Gupta and MGF Group feel this change can be attributed to these changing factors.
Everyone dreams of having their own home. This is made possible due to the affordable housing scenario. The government is promoting several schemes like the PM awas plan, whose main aim is to make houses at low and affordable prices. These are available at a much lower market rate and have drawn prominent builders to the sector. It has drawn people to invest in homes with government schemes and home loans.
The renewed focus on home loans is another factor responsible for the leap in the real estate segment. It won’t be wrong to assume that low home rates have drawn many to invest in a new home. It is easy to avail yourself of home loans at a low rate from banks like ICICI and SBI. These come with several perks like floating loans and many such schemes like free parking and extra flooring. These are the biggest factors which attract new investors in the sector. Shravan Gupta, MGF Group, feels it is the best time to invest in a new home and avail yourself of tax benefits too.
Another vital factor is the trend of rental apartments. Most people today prefer to live near workplaces and schools. Hence, it is a common practice to live in a rented apartment. Such homes are available in prime areas, and one does not have to worry about transport. It is wise to invest in small homes if it’s solely for rental purposes. Unlike other investments, rents will continue to rise, making it a steady source of income. These make buying a house the best option in a country like India, where real estate is headed towards progression.
Ultimately, people buy new homes from the health angle. People have realized the value of good health, and a building that has open space, a separate yoga room and a gym are highly in demand. One can stay fit without stepping out of the home. Shravan Gupta, MGF Group, believes this will change the design and aesthetic of buildings in the future.
India is poised to grow at a steady pace. This has boosted the real estate sector and drawn several new players in the market. These trends take this one step further, signaling a boom in the housing segment. 2023 is the year of real estate, and it’s time to capitalize on it with open hands.
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Divya Agarwal
