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2017 Union Budget May Lift The Growth Graph Of Housing Market

Posted on: Mar-2017 | By: 9Dimen Group | General

Buying a house or an apartment these days is practically a complex task but thanks to some property based business firms that have reduced the gap between a buyer and the seller. But after the sudden jump by the government into the real estate and housing market, it seems that the market is expected to flourish soon.
The drop in the mortgage rates and high going home prices has generated a fruitful demand for the houses. Disclosure of Union Budget has disturbed the real estate sector on a positive note. The whole action of demonetization has reduced the interest rates of the home loan, forcing banks to design a well crafted package of property loan in association with government financial bodies.
The important key point that should be emphasized is the declaration of affordable housing scheme by government. Indian government has announced about its plans to build about 1 Crore rural houses by 2019. These plan by government would definitely boon the below poverty line population and middle class population, who are striving to build their own house.
Rising activity into real estate market would generate employment for the young generation which will indirectly affect the country’s economy and spur the market growth.
The new government plan has subsidy clauses for the buyers who earn below 5 Lakhs per annum. This mass reduction in the overall home rates due to subsidy will probably help the individual to accomplish ones wish to own a house with basic amenities, that too in budget friendly way.
 On the other side, developers that will be engaged in the government projects can also gain tax relief if the stock stays unsold.
Post analyzing the overall government’s affordable housing based scheme, it seems that the real estate market may witness a strong rise on graph.