Dear To-be Home Buyer,
Greetings. These days are just action packed. The new financial year has just begun. The country is voting for a new government at the centre. India has for the first-time overtaken China in terms of foreign investments. The feeling of financial slowdown in certain parts of India is more because of consolidating business models rather than a real crunch or depression. The summers are here and as we write this, food inflation is at a level that was last seen in 1991!
We had to say all of that to reassure you that the future is looking bright for us Indians. Things are always a little tight when big changes and consolidations happen, but they also open newer and faster avenues to the future. So, there we are, enough of niceties. To the questions, then.
Is this the right time to buy a home?
At Square Yards, we face this question a lot. Digging deep, we also understand that a home purchase is not something that one does many times in a lifetime. It is a special and rare occasion to put your money down on a new home. The concerns that you have are quite genuine. With respect and understanding then, let us help you navigate the core issues;
#1. Is the future stable?
Yes. Globally, India is still one of the highest rated economies for investments. Consumption is healthy. The service sector is doing well. Manufacturing growth is steady overall. A big push in infrastructure creation means new opportunities for our graduating young minds as well as for our labour force. International relations for India have never looked better and new developments in all sectors are coming by the boat loads. Stop worrying. Buy now!
#2. Are home prices too high?
No. Over the last few years, affordable housing in India has seen a big push from developers. Earlier, real estate builders would shy away from creating affordable housing products and brands. It was probably something that did not create enough glamour for them. The situation was quite akin to all automobile brands producing Rolls Royces. An ego driven wrong judgement for which many builders have paid a heavy price, and many continue to do so.
The offerings in the market today are credible, well designed and make for some of the best homes we have seen in decades. And, at the right price too. Have no doubt that in the mid-size housing segment (INR 20 to 70 lacs per unit depending on the city) the asking price is at its lowest point right now. Demand is increasing. Supply is yet to catch up meaning price appreciation is inevitable. So, don’t wait and pay more. Buy now and watch your asset grow in value.
#3. Is it safe to buy an under-construction property?
Oh Yes! To be honest, we have sold so many homes and the regulatory environment has never been better for a home buyer. You might raise an eyebrow about groups of home buyers who are suffering and crying murder on social media but understand that you are hearing aggrieved home buyers’ voices now because they know that they will be heard and action is being taken against unscrupulous builders, no matter how big they are.
Now, what that does tell you? The days of builders taking your money and not delivering are over. RERA is still taking baby steps but its presence is enough to bring in the core ethics the industry lacked. At Square Yards, we can vouch for that, as we work with hundreds of developers across India!
Anyway we look at it, the time to buy is now. Post elections is going to see better market sentiments, many new project launches and hold your breath, higher price tags for homes. Beat the price, write out that booking cheque today.
If you have a specific concern or feel like a reassuring chat, get in touch with us and one of our advisors will be more than happy to help.
The Square Yards Team