India’s fight against black money, corruption and terrorism just got very real. In what many consider to be a rather bold move, Prime Minister NarendraModi on November 8th announced that the INR 500 and INR 1000 notes will no longer be legal tenders. Modi has said that these notes will be replaced with newly minted INR 500 and INR 2000 notes. This move has far reaching implications for many sectors including real estate which has been going through a somewhat uninspiring phase in the recent times.
It is expected that the segments of the property market which have a high proportion of cash transactions will be hit hard- viz the secondary property market, luxury home sales and land transactions. The range of cash component used in these segments is anywhere between 15-40%. One can expect to see a price correction triggered by stagnation of sales as the stock of unaccounted money which lubricates these markets has been sucked out.
Even though many are predicting negative market sentiments for the realty sector there is a silver lining for buyers who are financing their property purchase via means of accounted money and home loans. Here are top 5 reasons why a salaried property seekers should invest in a property today:
If you are looking to buy a home, and are looking to finance your purchase through a loan, there can’t be a better time than now!
India Property Online Pvt. Ltd. is the country's leading portal in the online real estate space. IndiaProperty.com offers one-stop property marketing solutions serving builders, real estate agents and home owners, to sell or rent their properties, while offering a feature rich interface for property buyers to search and identify properties that match their requirement. India Property has pioneered several innovations such as Assisted Property - India's first online assisted buying service, Gruhapravesh - India's first series of virtual and offline property shows, 3D Virtual Tour and India's first augmented reality based Real Estate Mobile Application amongst others. The portal has over 5 million registered users with over 700000 property listings and 8000+ builders and agents using the platform to market properties.