Purchasing a house is a dream for many. It is a long-term financial investment for you and your children. However, it can take up a major part of your savings. Therefore, it is essential that you have some background knowledge, otherwise you’ll blow up al your savings.
Things to remember while investing in Affordable Housing of Gurgaon
As major reforms are being introduced, buying affordable homes in Gurgaon is becoming popular among everyone. People from any class can invest their money in the affordable properties of Gurgaon. So, thanks to all these changes, Affordable Housing in Gurgaon has a bright future.
The following are some things that you must be aware of before you invest your money.
Before you invest all your savings or take loans, you should have some basic know-how about RERA. This policy has transformed the real estate market in India. Thanks to this policy, there is a higher accountability in this market. It determines the cut-off date for each project. So, the developers can reassess the business models and finish the project before the cut-off date. This policy has greatly improved the confidence of investors in Gurgaon.
2. Extension of PMAY
PMAY or Pradhan Mantri Awas Yojna has increased the number of eligible home buyers. Under the affordable housing policy in Gurgaon, the carpet area for budget 2BHK apartments has been increased. All the projects under this scheme have been given an extension till 31st March, 2020.
So, this is the best time to make the most out of this. You can avail the benefits of PMAY credit linked subsidy scheme. Naturally, this has aroused interest among buyers and investors. More people are investing in the affordable housing projects so that they can avail the subsided value.
3. Higher Tax Savings
The government has introduced that potential homebuyers can save taxes on capital gains if they invest simultaneously in two residential properties. Before this, the taxpayers could invest in only one property and they could not buy another property under their own name. However, thanks to this change, homebuyers can cash in on capital gains.
4. Site Plan of the Project
Another thing that you must remember before you purchase property in Gurgaon is the site plan of the project. You must thoroughly go through it so that you have a clear-cut idea about all the associated features. It is possible that one developer is providing more facilities than another one. Purchasing property is a long-term investment of all your savings. Therefore, it is essential that you go with the one that is ready to give more features.
5. Calculate expenses
Before you make the investment, make sure that you have all the money in your hand. If you need to take a loan, make sure that you get it beforehand. This way, the entire deal will be hassle-free.
You may also like to read: Why you need to invest in studio apartments of Gurgaon?
So, if you keep all of this in mind, you will be able to sign a good deal that will secure your family’s future.