Buying your house is a significant step and this decision must be taken with complete prudence. In India, it is considered auspicious to invest your wealth in purchasing property or precious metals like gold during festivities. With the festive season around the corner, the real estate market is gearing up with many offers and discounts to lure customers. However, is it the ideal time to buy your new home?

Making the right decision depends on a mix of factors. While the primary checkpoints include the most suitable location and budget, factors like bank interest rates, income growth and payment schemes also play an important role. In addition to these, offers and discounts from developers act as a catalyst to realize demand.

The real estate sector has witnessed many developments that have influenced its functioning lately. The Real Estate Regulation Act (RERA) has set major ground rules to protect the interest of buyers and increase transparency within the sector. The government is gradually moving towards digitizing processes for payment of stamp duty, registration, and other charges. Among other steps, the implication of 0% Goods and Service Tax (GST) on completed properties has shifted the focus of buyers on completed projects or those in advanced stages of completion from the under construction projects.

A direct price discount is the most decisive incentive that a developer can offer, however, the buyer should carefully look at the value obtained and the money saved from such a scheme. When some developers in a certain locality start announcing rate cuts, other players also often tend to follow suit.

Add-ons like free furnishing, modular kitchens, reserved parking space, waiver of stamp duty and registration charges prove to be beneficial for the homebuyer. With the introduction of RERA it is mandatory for developers to be completely transparent in their offerings, including in terms of schemes and freebies offered, if not they are liable to attract a hefty punishment.

It is important to remember that the decision to buy a house should stem from addressing your needs than being dependent on the discounts and schemes offered. In addition, while opting for the most profitable discount it is important that you do not compromise on the location, social infrastructure and price point.