With the announcement of Tax benefits in the recent budget, both the affordable home buyers as well as developers are in a cheerful mode. Especially, talking about the Mumbai and its suburban areas real estate market, experts say that the loan benefits will not only boost the sales of the affordable home but will also help in decreasing the number of unsold inventories in these areas.
According to property experts, areas which fall in Mumbai Metropolitan Region will get more benefits as most of the developers are developing their affordable housing projects here. These regions include Panvel, Ulwe, Vasind, Palghar, Boisar, and Shahpur.
“After studying the last year reports, sales have remained decent in this category of homes as thousands of inventories were purchased by homebuyers that are priced 45 lakhs or less than that.”
The expert further informed that at present, homebuyers are getting good incentives on the purchase of affordable homes within this range. And, with the government now offering a 10% incentive on apartments priced up to Rs 45 lakh, the demand will further go up in this section. It will increase the buyer’s confidence as well as will also revive the real estate market.
Seeing the average property price, most of the apartments in the above Navi Mumbai areas are priced less than 45 lakh. While most common are 1 BHK, at some places a homebuyer can also get a 2 BHK in the same range. Apart from this, better infrastructure, connectivity and the trans-harbor link is also calling prospective homebuyers to invest in MMR.
Welcoming the move by the government, most of the homebuyers said that the initiative by the government will now help them in purchasing their dream home with lots of benefits.