How Gurgaon Real Estate Can Benefit From Your Budget In 2017

Gurgaon, a major player in Indian real estate, has been dealing with tough times, especially since 2015, and in 2016 property sales volumes in Gurgaon further reduced and new unit launches were limited in the city. .

Furthermore, the demonetization at the end of 2016 further affected developers in Gurgaon as in the rest of the country. Stability in quoted prices was noted and discounts were still available but people stayed away from buying residential flats in Gurgaon. Gurgaon saw a drop in residential property investment as residential buyers, many of whom were major end-users, sought move-in ready flats and were wary of promises of future infrastructure or property. Overall, the Gurgaon market experienced a huge drop off recently.

With the new budget placing affordable housing in the infrastructure category, the government plans to move closer to its goal of providing affordable housing for all by 2022. This newly awarded infrastructure status also makes cheaper financing options available from home builders. real estate that can now access funding at a loan rate of less than 10% for affordable housing development, leading to a further and ultimate reduction in purchase costs for homebuyers.

About 95% of the demand in real estate has been for affordable housing. With reduced borrowing rates, real estate developers can now focus on building housing projects where there is high demand and expect healthy growth in this segment.

The budget has benefited the end users the most. With the huge tax breaks being offered to the lowest income earners an important tool in boosting affordable housing, the dream of many to own a home now seems closer to coming true. Also, with demonetization, banks have been further inundated with funds, and there is speculation that banks will further lower interest rates and get affordable and attractive home loans. Future homebuyers have been watching the market closely.

As a real estate market, Gurgaon has great chances of recovering from the downtime of the recent past. One of its driving strengths has been its ability to produce high-quality office space, and now, while building on this strength, if developers in Gurgaon prioritize building and launching affordable move-in ready housing projects that consumers final value. value and subsequently reward, then Gurgaon will soon emerge as a strong provider of real estate meeting the housing needs of its residents.