Owning a home is a long-cherished dream for many among us. There is no denying the fact that time is a crucial factor for many of the decisions that we take in our lives. If you are a prospective homebuyer, the year 2020 is a perfect time to invest in a new home in Kerala. The following are a few tips that will help you decide whether it is the best time to buy your dream home.
Why 2020 is the best time for homebuyers in Kerala?
Rapid industrial development
Kerala is home to many Tier-II and Tier-III cities that are now witnessing rapid growth in terms of infrastructure and property value. Infrastructural development in a locality brings about an increase in the values of property in and around its vicinity. Kerala is now home to various global IT hubs located across cities like Kochi, Trivandrum, Calicut and Thrissur. These technology centres has brought about a huge rise in demand for residential properties. The state is attracting a lot of realtors owing to the high demand for housing & rentals. Kerala is one among the top destinations in India for real estate investment.
Spacious homes at best prices
Realtors are launching exclusive luxury villas across many cities in Kerala. These independent villas are equipped with modern lifestyle amenities and are available at competitive prices. Moreover, these villa projects are set in a beautiful and eco-friendly environment and let the owners lead a comfortable and wholesome lifestyle.
More customers are investing in a new home as the banks are offering low-interest rates on home loans. Most of the banks currently offer loans at interest rates ranging between 8.3-9%. According to new RBI rules, banks have to link all new floating rate home, auto and other retail loans to external benchmarks from 1 st October 2019. So for borrowers whose home loan rates are linked to the repo rate, the EMIs will come down when the rates are reset depending on the change in repo rate. For home loan borrowers whose home loan rates are linked to the bank's MCLR rates, the EMIs are expected to fall as banks gradually lower their rates.
Favorable Government rules
RERA (Real Estate Regulation and Development) Act and other favourable schemes introduced by the government ensures the credibility of real estate properties and related legal formalities. RERA has brought about certain rules to ensure the accountability and transparency of real estate transactions. This act has come to effect across many South Indian cities like Bangalore and Coimbatore. Much to the relief of homebuyers, we expect that RERA will soon be implemented in Kerala also.
Lower GST rates
The year 2019 has seen a reduction in the GST rates since April 1, which is an outcome of the 33rd GST council meeting. The GST rates were drastically reduced for under-construction projects to 5% from the earlier value of 12%. The affordable housing sector has now a reduced GST rate of 1%. This is indeed a positive sign for those who wish to buy properties in Kerala.
Best time for NRIs to invest
The state is also witnessing rapid growth in terms of infrastructure with the construction of new International airport terminals, Metro train services, Shopping malls and other road transport facilities. By considering all these factors, more and more NRIs are opting to invest in Kerala. NRIs can avail home loan facilities from any RBI approved bank at 80% of the value of the property. Besides these factors, the regulatory reforms of the government prove that the coming year is the best time for the NRIs to invest in Kerala.
We hope that you found this article beneficial. Now go ahead and invest in your dream home without any ado.
Victoria Realtors is one of the largest gated community developers in Kerala and offers exclusive villa projects in Palakkad, Ottapalam, Thrissur and Coimbatore. Please get in touch with us to schedule a site visit.
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