- Demand for this specialty has grown significantly as a result of recent corporate scandals
- Attractive tax breaks and home loans
- Home loan interest rates are at an all-time low
Although there are many reasons for the increase in demand in this sector, the main reason is that home loan rates are reaching the lowest possible level. Home loan interest rates are at an all-time low. Affordable homes account for more than 35 percent of property distribution across the country’s top seven cities, according to property consultancy firms.
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The current exemptions in this category also help builders to focus more on the affordable segment. Rising demand is also helping experienced developers to focus on this area.
Most of the houses in this category cost up to Rs 45 lakh. Demand is highest in the tier two and tier three cities. A person who buys a house at an affordable price will get a discount of Rs 3.5 lakh on the home loan interest. Previously it was Rs 2 lakh.
Restrictions on real estate, such as RERA and GST, have made transactions in the sector more transparent. This eliminates delays in completing the properties. Transparency in this area is also a positive factor for investors