The year 2020 had us hoarding our finances to mitigate any emergencies that may come our way. But the coronavirus cases have come down rapidly and the introduction of the vaccine has reduced the risk further. The spending capacity of the average buyer has opened up again to make wise investments. Economic growth has improved across all sectors, with the real estate sector steadily rising.
Here are compelling reasons why 2021 is the best year to invest in real estate property, especially in Apartments in Chennai.
High returns on investment:
Estimates by experts put the real estate industry to reach 650 Billion US Dollars by 2040. However, there is a disparity between supply and demand. There is a shortage of 10 million units that still need to be developed to meet the demand. The Central Government is working on the Smart City Project to identify and implement 100 smart cities across India. Over the past 10 years, there has been an average increase of 11.6% in housing returns, each year. Housing has been proved to have more returns than generated by gold or any other form of equity. 2021 might be the best year to take advantage of this growing sector.
Government schemes to promote real estate investment:
For the coronavirus pandemic, the government and RBI announced the moratorium relief. This was soon followed by a reduction in the registration fee and stamp duty, and other such tax relief measures. The Central and State government have done their best to promote investment in real estate as it is a major contributor to India’s GDP.
A new tax relief for homeowners has been introduced by the Central Government. For those buying new homes worth up to Rs. 2 Crores, the permissible differential between the circle rate and sale agreement has been increased to 20%. This relief proposed on November 12, 2020, will continue up to June 30, 2021.
Rejuvenating industrial corridors and SEZ:
The rentals took a dip in 2020 as many people moved to their home towns during the lockdown. But now, businesses have been given the green signal to open at full force in 2021. Further several new SEZs have been proposed for cities like Chennai, Bengaluru, Pune, etc. This will boost the workforce and subsequent rental market. Even if you are not looking for a home for yourself, you can still invest in real estate, like apartments in Chennai, to rent them out.
Reduced rates:
The lull in the real estate market brought on by the coronavirus pandemic might just be the blessing in disguise for prospective buyers. Builders and real estate developers are competing with each other to give the best deals to close their stock. Consider 2021 as a Clearance sale period for property for apartments in Chennai. These rates are only available during the transition period from the lockdown to full normalcy. The government is also doing everything possible to make great housing affordable to everyone. With the introduction of the vaccine, things will soon return to normal. The government hopes to achieve complete vaccination by the end of 2021. Now is the time to take advantage of these rates and get high returns on low investment.
Easy and low-interest funding:
The banks are also doing their part in promoting investment in real estate. Interest rates on home loans have come down to as low as 6.7% compared to the 8 or 9 % implemented earlier. The home loan processes have also been made more accessible to the common man. More and more consumers are smartly availing home loans at these reduced interest rates. This willingness by the banks and the RBI to reduce their interest may not continue for long. So 2021 is the safest time to make that property deal. Lifestyle Housing is a well-established real estate developer with properties to match everyone’s budget. Our independent houses for sale in Chennai are the fastest moving commodity in 2021. Unmatched quality and transparent process make us the developer of choice for prospective buyers. Our dedicated legal, accounting, and sales team will help you wade the waters of property investment and make you a proud homeowner in 2021.
