The homebuyers often look to purchase property at a budget-friendly cost as it allows them to avail increased tax benefit and the longest repayment tenure to repay the loan amount in easy and small installments.
A home buying process involves a lot many things but what if your preferred home exceeds the budget? Well, this is disheartening and many people drop the idea of owning a property for some time. But, this is not a smart idea and thus we are listing all the points that prove helpful in case the property cost extra than the determined budget.
Launched in 2015, the Pradhan Mantri Aawas Yojna is defined as PMAY Urban and Rural. This scheme is the flagship program of the Narendra Modi-led Union Government that aims to offer Housing for All by 2022. This housing scheme is also popular as the Credit-linked Subsidy Scheme [CLSS] and is introduced to provide dwelling unit to each family who particularly come under the Economically Weaker Section [EWS] and Middle Income group [MIG].
As India is celebrating its 72nd independence, the country’s real estate market has witnessed a lot of changes in last few years. The market which was not consumer favourable once, today due to many policy reforms has become buyers and investor’s favourite. From affordable housing to technological advancements, Indian real estate has expanded its reach across every part of the country.
Celebrating this Independence Day, let’s take a look on some of the biggest milestone, Indian realty sector has achieved:
The property market of Delhi-NCR is witnessing a boost from the past some time and the biggest reason for this positive move is affordable housing. In fact, the factors like economic and social conditions play a pivotal role in conversion of the prospects into property owners. Apart from these issues, the recently introduced Affordable Housing scheme is offering new dimensions to the real estate sector of the national capital city and its surrounding areas. This policy has not only creating positive vibes for the real estate sector but is also proving beneficial for the infrastructural development.
The dream of being a property owner has become easier for almost every aspiring home buyer in India. The top reasons for realization of this dream are the unveiling of Pradhan Mantri Aawas Yojna [PMAY] Scheme that offers subsidy to the home buyers up to a limit and under certain conditions. Then the formation of Real Estate Regulatory Authority Act also known as the RERA Act.
This law started its full-fledged working from 01st May 2017. The guidelines of this Act help the home buyers in each aspect of the home buying procedure. The fool-proof working of the RERA Act leaves no loopholes from where the developer/builder can escape after selling a property via wrong ethics. A home buyer can keep his money and property safe by opting for a property purchase in the project registered under the RERA Act of that particular State.