The budget 2020 has recently been announced, and people deliberately looking for rental flats in Faridabad have taken a break to understand how the new budget is going to impact their search. Even if we don’t pose as a critic or an appraiser for the budget, the fact is, the budget 2020 did have nothing significant to offer to the real estate industry. This means that the trend that was observed in the budget of the previous years would continue this year as well.
Since the real estate market is a bit on the colder front in terms of investment, a scramble towards the rental housing sector is seen. Considering recession and inflation into the picture, besides the number of ongoing protests and threats of property damage, people are thinking it wise and settling for rental flats in Faridabad.
In addition, the recession is engendering mass layoffs, which is further impacting the overall job security. Dual working households are striving hard to make ends meet, in case they are paying EMIs of their home. On the other hand, a household with a single income is striving hard for basic needs. In such a scenario, the millennial populace, who think practical and are wary of struggle are inclined towards renting a flat in Faridabad, rather than taking the pressure of paying monthly EMIs.
What Does the Revised Tax Slab Say for the Rental Housing Sector?
The revised tax slab does not add much of a value for either the real estate market or the rental housing sector, which means that any new trend will not be seen in either of these sectors. The income tax has been slashed for individuals making an average income. This means the individuals have more money in hand for saving. Now, since they fall in the middle bracket, they do not have sufficient money for investing in a property; however, they now have enough money to upgrade their lifestyle.
This shows that people would not be very much willing to invest in real estate or owning a house, especially the ones that fall in the middle bracket of the income tax slab, however, they might give some thinking on opting for a 2 BHK if they have been living in a 1 BHK flat, or they would consider upgrading their flat to 3 BHK if they are living in a 2 BHK flat.
Is it the Right Time to Rent a Property?
As opposed to the real estate market, the rental housing sector is hot. This is because there are more options available for people to choose from. In addition, by simply searching for ‘rent a flat in Faridabad’ they are exposed to a pool of options of companies through which they can decide to seek guidance. There are a number of brokers as well, who can help you find the place the way you desire to stay in Faridabad, of course at a price.
All-in-all, with more savings in your hand, renting a flat in Faridabad has become easier than ever. Previously, to cut down on the rent, individuals would prefer to rent a flat outside of the city. However, with the increase in the purchasing power, you can simply look for one in the heart of the city to cut down on the other expenses.