There is no denying that many Indians saved money in 2021 due to the fear of pandemic spreading everywhere. We all know a few friends and family members who wanted to buy a flat in Mumbai but decided to postpone due to many hurdles that came with the first and second waves of the coronavirus. However, in 2022, the number of coronavirus cases has dropped and the real estate market has started to normalise again. Several factors make 2022 a perfect time to find the best house for sale in Mumbai. Here are four persuasive arguments for why 2022 is the best time to buy your dream property in Mumbai.
Government Initiatives To Encourage Real Estate Investment
In response to the COVID-19 pandemic, the government and the Reserve Bank of India (RBI) declared a moratorium relief. Immediately after, the registration fee and stamp duty were reduced, as were other tax-relief measures of the same kind. In addition, the Indian government, both at the national and state levels, has made every effort to encourage investment in real estate, which significantly contributes to the country’s gross domestic product. You will find several real estate developers that are offering a full waiver of GST to the buyers as the developer is ready to bear that cost at their end, further lowering the cost of the house.
Reduced Loan Interest Rates
Potential purchasers may find that the real estate market has slowed due to the COVID-19 pandemic, which has turned out to be a blessing in disguise for them. Builders and real estate developers are vying to provide the finest offers to customers to clear out their inventory. Consider the year 2022 as the Clearance Sale for property and flats in Mumbai. In addition, the government is doing all it can to make high-quality housing accessible to everyone. Many financial institutions and banks are offering home loans with interest rates as low as 6.5 percent per annum! With home loan interest rates at an all-time low, now is the moment to take advantage of these low-interest rates and earn significant returns on a tiny initial capital outlay.
High Return On Investment
Over the previous ten years, annual returns on home investments have increased by an average of 11.6 percent yearly. It has been shown that real estate generates more significant returns than gold or any other kind of equity investment. The year 2022 may prove to be the most advantageous for capitalising on this expanding industry.
Rejuvenating industrial corridors and special economic zones
Rental prices fell in 2020 due to the lockout, as many individuals returned to their hometowns. On the other hand, businesses have been given the go-ahead to begin operations in full force in 2022. Furthermore, several special economic zones (SEZs) have been planned for Chennai, Bengaluru, Pune, and others. This will increase the number of people employed and the rental market. Even if you are not in the market for a house of your own, you may invest in real estate, such as flats in Mumbai, to rent it out.
In 2022, the independent house for sale in Mumbai will be the most in-demand commodity. If you seek help in finding the most suited house in Mumbai, you can certainly find assistance at Nobroker. Their dedicated team of the legal, real estate expert teams will assist you in navigating the complications of property investing and help achieve your goal of becoming a happy homeowner by 2022.