The Budget 2017, which has brought the revised tax incentives, will provide a thrust to the cheap housing market, especially the small homes. This will lead to a surge in supply of affordable real estate in Mumbai. The increase in the number of housing units will impact the prices of property in Mumbai and will boost the sentiments the sentiments of the real estate market.
The Union Budget 2017 has been a game changer for the housing sector which was reeling under severe downfall due to the demonetization policy. The Government has extended the tax exemption period for constructing homes for 3 or five years. This has provided a major boost to the affordable housing segment. In addition, to this, the budget has also eased the regulations by offering 100% exemption on the profits made on the sales of the flats with carpet area of 30 sq mts in metro cities and 60 sq mt in non-metro cities. This declaration has generated a wave of positive sentiments among builders and home buyers. The Mumbai real estate has been struggling for a long time but this announcement in the budget has been relieving factor.
The prices of the 1BHK units will be impacted majorly by this announcement. Let us find out more about the falling prices of the 1 BHK units-
1 BHK units
The flats of the carpet areas of 30 sq m in merto cities are usually in 1 BHK units, which are popularly known as the compact or nano homes. In the recent years, there has been a rapid increase in the demnad of these units. There are many working professionals and first home buyers who are attracted to this format builders in mumbai . On the contatry, the builders have been refraining from developing these compact housing units owing to high input costs and lower returns.
With the latest announcement in Budget about the tax exemption more and more developers are excepted to initiate more such projects. This will generate a lot of supply of homes in this segement and subsequently will lower the prices of the affordable houses. The prices of the property of carpet area 300 sq m will fall by Rs. 3 lakhs , which would be very significant for the buyers in this segement. This means that the average ticket size in this segement will be between Rs.20-25 lakhs.The areas like Panvel, Kalyan, and Thane will certainly witness a steeper dip in the prices.
So, go ahead and explore these areas!
Tips to Follow before buying home in mumbai
The Union Budget 2017 has been a game changer for the housing sector which was reeling under severe downfall due to the demonetization policy. The Government has extended the tax exemption period for constructing homes for 3 or five years. This has provided a major boost to the affordable housing segment. In addition, to this, the budget has also eased the regulations by offering 100% exemption on the profits made on the sales of the flats with carpet area of 30 sq mts in metro cities and 60 sq mt in non-metro cities. This declaration has generated a wave of positive sentiments among builders and home buyers. The Mumbai real estate has been struggling for a long time but this announcement in the budget has been relieving factor.
The prices of the 1BHK units will be impacted majorly by this announcement. Let us find out more about the falling prices of the 1 BHK units-
1 BHK units
The flats of the carpet areas of 30 sq m in merto cities are usually in 1 BHK units, which are popularly known as the compact or nano homes. In the recent years, there has been a rapid increase in the demnad of these units. There are many working professionals and first home buyers who are attracted to this format builders in mumbai . On the contatry, the builders have been refraining from developing these compact housing units owing to high input costs and lower returns.
With the latest announcement in Budget about the tax exemption more and more developers are excepted to initiate more such projects. This will generate a lot of supply of homes in this segement and subsequently will lower the prices of the affordable houses. The prices of the property of carpet area 300 sq m will fall by Rs. 3 lakhs , which would be very significant for the buyers in this segement. This means that the average ticket size in this segement will be between Rs.20-25 lakhs.The areas like Panvel, Kalyan, and Thane will certainly witness a steeper dip in the prices.
So, go ahead and explore these areas!
Tips to Follow before buying home in mumbai
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