How Budget 2019 will boost Affordable Housing
The last year was a great turning point for the Indian real estate market, and now it will keep going to boost in 2019 as well. The revision of policies and affordable pricing attracts many domestic and commercial citizen to come in the real estate market and contribute to increase sales. Housing for all by 2022 mission also playing its part to give a boost to affordable housing in India.
Reforms made by Indian government played an essential role in establishing the residential estate market, which was facing difficulties for the many last years. The reduction in GST and other housing taxes led the affordable housing to the top level.
Transparency in procedure will lead the affordable housing to the next level in 2019
Big Indian states like Bangalore and others introduced the cryptocurrency in the real estate sector, which helps to provide transparency in the procedure. In the old days, fraud people occupied other innocent people’s land unlawfully. Illegal paperwork and occupation was a serious issue to address in real estate sector. Introduction of cryptocurrency help to secure data and make clear and fair transactions to serve the people at their best. With the development of this new advanced system, affordable housing will continue to boost in 2019 because people feel safe and secure while making a purchase or transforming money.
How making fast approvals will give a boost to affordable housing in 2019
In the past, people face a severe delay in approving their projects, which negatively influences the real estate residential market. It takes 12 months to 2 years in approving a project. Sometimes the cost and taxes go so high that the property holder face financial problem in completing the projects and the delay costs them more. Most of the time the person in charge did not sign the project that leads to the delay in approval. However, in 2018 Indian government work best to resolve this issue to facilitate the affordable housing scheme and make approval procedure online.
The advancement in approval procedure is the noticeable factor that is going to boost affordable housing in 2019 and bring more people to invest in the residential real estate market.
GST rate on under construction flats
The best step taken by the Indian government that leads to giving a quick boost to affordable housing in 2019 is the cut off the GST rate on under construction flats. In last years, when someone is delayed in completing the projects, he has to pay an additional amount but now the problem is solved. Indian government has cut the GST rate on under construction flats for 12 percent to 8 percent. We hope that this step will influence the whole market and increase the sales of flats.
Movement in prices
From 2017 to 2018, the cost per square feet changes just one to two percent. This is a minor change in price movement. You can say that the prices remain flat in the last two years and there will not be any change in housing pricing per square feet in 2019. Stability in housing prices will attract more consumers towards affordable housing in 2019.
The boost in affordable housing is linked with jobs opportunities
With the increase in affordable housing, you will find more job opportunities in multiple states. Moreover, foreign investors will also come to invest in the real estate market of India due to affordable pricing.
Beside government reduction in taxes, GST and ensuring transparency, there is still more to work on different agendas relating to affordable housing because the all real estate sectors are changing dramatically. There persist more opportunities with challenges for both consumers and developers. To get the long-term effects there need to plan each step very carefully to run the entire system in a flow.