Why This Is The Right Time To Buy A House Projects in Panvel?

Posted by Balaji Symphony on October 24th, 2019

If you have been looking to buy a house in Navi Mumbai, experts say that this is the right time to make the purchase. As a result of demonetization and many other reforms such as RERA and GST, property purchase in Navi Mumbai has become a fairly lucrative proposition.

Here are some reasons why this is the right time for you to buy a House Projects in Panvel:

RERA has ensured enormous transparency in property purchase:

With the implementation of the Real Estate Regulatory Authority (RERA) Act, property purchase has become much more reliable and transparent. Developers and Builders in Panvel are now being held more accountable and due compensation is being offered against delays in the completion of real estate Projects in Panvel.

Property prices are at all-time low:

Demonetization has had a direct impact on property prices in Navi Mumbai. It has significantly reduced the inflation of property rates, which is why property prices are at all-time low right now. This is why experts recommend buying a house at this point in time.

GST has greatly simplified the processes of property purchase:

As a result of the Goods and Services Tax (GST) coming into effect, the processes that go into property purchase have been simplified to a large extent. The complex paperwork that used to go into a property purchase until now has been reduced to a minimum, thereby making the entire process compact and easy to understand.

A residential house in the carpet area of up to 90 sqm in non-metropolitan cities/towns and 60 sqm in metropolitan cities having a value up to Rs. 45 lakh (both for metropolitan and non-metropolitan cities) has been categorized as affordable housing. Metropolitan cities are Bengaluru, Chennai, Delhi NCR (limited to Delhi, Noida, Greater Noida, Ghaziabad, Gurgaon, Faridabad), Hyderabad, Kolkata and Mumbai.

On how the tax liability would be calculated for a person who owns two or more flats in the housing society or residential complex, the Ministry said in such cases the ceiling of Rs 7,500 per month per member shall be applied separately, for each residential apartment owned by him. The Ministry further clarified that RWAs are entitled to take input tax credit (ITC) of Goods and Services Tax (GST) paid by them on capital goods generators, water pumps, lawn furniture, etc.

House loan interest rates are lower than before:

The interest rates on house loans in Navi Mumbai have come down significantly. This shift has contributed to making Property in Panvel much more affordable at this point in time.

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