As per Colliers Research, RERA and GST compliance will remain a challenge for several developers for at least the next six months. We expect a decline in the number of launches in H2 2017. However, the sales are likely to pick up during the festive season due to higher optimism among buyers after RERA.
Reports of price correction, more often than not, seem to conceal more than it reveal on the pulse of the property barometer. The answer as to whether this is the right time to buy is not a simple yes or no, but it depends on a number of factors like whether a buyer is looking for first or second house, for living or investment, if investment then it is for the long run or short run etc.
Considering the overall economic health of an economy is largely influenced by the functioning of its housing market, there is definitely a need to reform the property buying and selling process which allows consumers to be more involved. This is all the more relevant in the present market conditions where, the cost of capital and loans are high and not expected to decrease in the near future – affecting the affordability and availability of homes.
The top 8 cities witnessed residential launches of approximately 25,800 units in the first quarter of 2017 and registering a 16% decline from the corresponding period last year, says a report by Cushman & Wakefield.
Credit Worthiness is defined by individual’s Credit Score which is calculated based on her/his credit history. Credit history is basically how much debt an individual owes or had in the past; how was the payment schedule – regular, timely, late, etc; how often does one borrow; is person a loan guarantor in any transaction; and so on so forth. All these indicate at borrower’s current financial health and repayment capability.
Contrary to the general perception that only the Richie Rich can buy a house in Mumbai, the fact of the matter is that there is something for every budget segment. If not the fancy luxe living in posh areas, a roof over the head is always there with the rider of more money adding to more amenities and lesser travelling distances.
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