General Election & Home Buying Decision -Techman Group
April 10, 2019
Which home to buy or which property to invest in is one of the most crucial decisions in a man’s life. A lot of thinking, research, comparisons and site visits are required to take the final call. One can see fierce competition in the Indian real estate sector and hence it becomes a little difficult to choose the best option. Hence it is important to understand the market where the buyer is planning to make his/her investment. This will help them to make a well-versed decision and correctly analyse the best time to invest or buy a home.
The buying process begins way before the buyer finalises the property. It starts with analysing the monthly/annual income and setting a budget for the purchase on the basis of that income. Then comes another important aspect, i.e., location. Finalising the location means determining your house hunting area, which should be near to your workplace, should have good connectivity along with the commercial hubs and other conveniences. And in the end comes the developer, checking the background of the developer and doing thorough research (both online and offline) is as vital as any other step. But all this planning and research could go south in certain circumstances such as at the time of elections.
The election is a procedure through which a common man votes for his representative in a democracy. Post-election the new government is formed, and the chances of alterations in the existing real estate guidelines increase. A single policy change can sway the dynamics of real estate in the country.
With elections around the corner, the critical time for buyers is back where they’ll be once again stuck in the dilemma of investing where and in which property. Although, Indian Real Estate is still dealing with the recent alterations that have been sanctioned, explicitly RERA. Potential homebuyers tend to postpone the buying procedure, believing that the new government might bring some new policies. The new schemes, offers and policies may or may not be favourable for investments, hence they wait and observe the market. Even the developers are in a similar situation.
As sceptical as the situation seems, it is somehow a blessing in disguise for the buyers who are desperately looking for a house or property for investment. As the developers, at this point of time, choose to vend their current stock instead of launching any new project, the buyers can take advantage of this situation as it is the best time to do some solid bargaining. So instead of waiting for the new government to form and new policies to be introduced, you can take full advantage of this situation and end up with both a great deal and your dream home.