Why owning a flat is beneficial in today’s date?
As per the reports, the Real estate sector in India is expected to reach a market size of US$ 1 trillion by 2030. (Source:IBEF)
In real estate, residential investments will also rise as affordable residences (Flats/Houses) are still in demand. In residential investments, there is often competition between flats & plots. Well, the best option always depends on one’s financial condition and many other priorities. But, for a middle-class person or someone looking for a short-term investment, owning a flat is beneficial.
Some advantages of flats over plots in India are as follows:
1)Owning a flat gives you home loan/tax benefits
If you are a person with a job(monthly salary) & not a businessman who has chances of having more amount of cash as compared to a salaried person, then a flat is surely a better option for you as you can get home loan/tax benefits. Because you’ll be able to manage your monthly expenses as well as get tax exemption benefits.
2) There is no income from plots until the time you construct upon it.
If you own a plot, there are very less chances that you can generate monthly income without constructing a home. Chances of doing hassle-free business in plots are very less. Many rules are to be followed in such processes.
3) Resale Value
Nowadays, many builders who are providing luxury apartments are giving a five-year warranty to buyers against structural flaws. If your flat is located in the prime area or area is developing, chances are high that you might get better resale value.
4) Low risks
As compared to plot/land investment issues, investing in a flat has very limited issues that can be handled & one can come out of them easily. A land is prone to litigations and if someone gets involved in it, it’s hard to come out.
5) Investment tenure
In today’s date, everyone is interested in short-term investments and get good returns quickly. Land investment cannot give you quick money as it’s difficult to get rental income from it. The market is really unpredictable and no one can guarantee the best results. So, short term investment will gain popularity in the future.