Property rates projected to increase up to 30% with Elections in India
Elections Around the Corner – The Cost of your Dream Home is going to be Dearer.
More than 50 Countries in the World are going to Elections this Year of 2024, The Americans will choose their 60th President and India will choose its 15th Prime Minster through the 18th Loka Sabha Elections that will be Scheduled to held in April – May 2024
The 18th Loka Sabha Elections are the Crucial one as India will elect 543 Members across the Nation to serve them for the Next 5 Years
How will this Elections affect the Home Buyers?
As Majority of the Indian Real Estate Industry is run by the Corporate Houses and this Corporate Houses are the Main Donors / Funders to the Major Political Parties in the Election Fray, The Companies Reserve major funds in this Election year to Fund Candidates in their Respective Constituencies, The Companies Funding Elections via Electrol Bonds will also get a Tax Rebate under the section 17A of the Income Tax Act 1961
The Directors / Heads / Decision Makers work closely with this Political Parties and in many cases they themselves are the Candidates from these Political parties and in require of Funds at this time to carry on the Election Campaigns, Rallies, Advertisements, Campaigns and others
It Is Also Noted that the Real Estate Developers in Bangalore are also the main contributors to the Parties and Candidates from their Home Towns also, one of the major Developer in Bangalore also Contributes to his Candidates from Kerala, other Developer is completely focused to his Home State in Telangana, Major Real Estate developers are also a Largest Contributors to fund Elections in West Bengal, Tamil Nadu, Haryana, Madhya Pradesh, Rajasthan, Punjab, Uttar Pradesh and other states
Since the Real Estate Companies are obliged to Donate to this Political Parties in this Election Season, they may offer some upfront steep discounts to the home buyers to Reach their Target of Funds and post Elections whichever the Party is winning The Real Estate Prices across the Industry will see a Steep Increase of Property Rates by 20 to 30 %
Mr. M Murali Chairman and Managing Director of Shriram Properties in the TV Debate on the Leading National Channel agreed that there will be a ‘substantial rise’ in property prices after the 2024 general elections.
Noted Real Estate Advisor Mr. Augustine Joseph, Managing Partner Network Ventures points out that Elections does not make or break the Market but they do effect the Market sentiments to a significant degree, He also notes that Since the Property Market is the Key Election Financer and developers are looking forward to Liquidate their Inventory for the Purpose, the Fence sitters should make use of this opportunity which will equally benefit both the Builder and Buyer and it is a Win-win Situation for both the Investor and the Builder
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