Since quite a few months, investors and end users have been asking me about the ideal time to buy a property. Well, as far as investment is concerned, any time is the right time. If you ask me, I shall say, yehi hai right time! Go for it.
I personally feel that those with a long-term perspective in mind should never hesitate to invest in real estate. That is because the prices and demand for realty never go down and the returns on investment in this sector are generally higher than those in equity markets and gold and even higher than those on fixed deposits.
From the time Shri Narendra Modi, became the Prime Minister of India in May 2014, sentiments in all investment avenues barring gold have changed. With high hopes from the new government at the center, there is rise in investments within the country and investment is also flowing into India from across the globe. Furthermore, non-resident Indians have always preferred investment in land, weekend bungalows, flats, apartments, offices and shops over any other type of investment.
After the Vibrant Gujarat Summit in January 2015, many NRGs have not only inquired about but have also booked several properties in all around India. There has been a constant rise in this trend. Till last year and even today, Mumbai, Pune & Gujarat are the most favorite cities picked by NRGs. Demand for land in Mumbai, outskirts of Navi Mumbai and many others also seems to be on the rise.
The biggest advantage of Maharashtra & Gujarat and specifically Mumbai, Pune & Ahmedabad are in its real estate sector caters to every segment of the society. From the richest to the poorest, all have a scope to buy an affordable house or property in the city as the real estate prices are still under control thanks to the policies and support of the state government.
With launch of massive urbanization projects under three different schemes – Atal Mission for Rejuvenation and Urban Transformation (AMRUT), 100 Smart Cities, and House for All – the central government is trying to meet the demand of houses in the country by 2022. The demand for new houses is expected to see a multifold growth in the next seven years. Moreover, slowly but gradually, the number of nuclear families is rising. This will further push up the demand for affordable houses in urban areas.
The three projects will help to create new cities in India. As far as Maharashtra & Gujarat is concerned, the top cities like Mumbai, Navi Mumbai, Pune, Ahmedabad, Vadodara, Rajkot, and Surat will soon have satellite towns. To meet the pace of rising urbanization, there will be great demand for the land around these big cities and it is not likely to end for at least a decade from now.
Realty prices have bottomed out long back and are all set to escalate from here. The occupancy rate is also expected to go up. Including plots and flats, even commercial space will be in demand. Investors from Mumbai, Delhi and abroad have already started queuing up. Before the outsiders grab this golden opportunity, get on and ride the gravy train or you might repent forever.