Gurgaon: The onset of demonetization appeared to hit the country hard. However, as the economy started to revive post demonetization, people realized the long-term benefits of the move. The demonetization had a considerable impact on the real estate affecting not only developers but also buyers who witnessed price stability in the sector. The real estate market of Gurgaon amply demonstrates how recent government initiatives have helped the sector to become more buyer-friendly.
Anubhav Jain, Director, Silverglades, says: “Since the market has been extremely stabilized now, this is the right time for buyers to make their purchase decisions and avail attractive offers from financial institutions. Further rate cuts are expected within this year and all buyers stand to benefit as and when that move is made by banking institutions. There is a slight chance that by the end of the year, if demand does start picking up, there may be a slight price increase which is why now is a right time to buy a property.”
While demonetization did create some uncertainty, it has undoubtedly brought positive results for all and heralded transparency into the real estate sector. Says Pankaj Bansal, Director, M3M Group: “Several steps taken by the government in recent times- from RERA to GST, to Real Estate Investment Trust- combined with demonetization, further increased investor confidence in the real estate market. Now with the demonetization drive over, banks are expected to extend more housing loans. Interest rates are already at their lowest as compared to last many years. This is expected to drive the housing demand. With the budget also being fairly beneficial to the sector and with infrastructure given to affordable housing segment, buying a home will now be easier than before, and that too with benefits being extended to both, the developers and the end-consumers. The property market in Gurugram and other cities as well is definitely in the recovery phase.”
The real estate market in the city has already started witnessing some movement. Demand for organized players has been bolstered since January. Both inquiry levels and volumes of transaction have witnessed an upswing. “It is actually an ideal time for end- users to take that decision of purchasing their shortlisted property. Home loan rates have reduced and there are good offers from developers to promote sales. Instead of paying rentals, prospective homebuyers should go for a home loan where the outflow in the form of EMI ensures an asset creation. There are also a number of good subvention scheme options in the market which help buffer home loan interest costs for the buyers,” asserts Mr. Harinder Dhillon, VP Sales, DLF.
Also, the taxpayers will also stand to benefit from this move. “The additional benefits for the individual taxpayers vis a vis savings would help buyers to look for home as a lucrative approach. With the loan interest rates falling, the buyers would now queue up to buy their dream homes,” says Mr. Rahul Singla, Director Mapsko Group.