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As the number of cases decreases and the number of vaccinated individuals increase, you’ll see a great surge in the demand for residential real estate in India.
Covid-19 Impact On Indian Housing Market
Due to the second wave and its repercussions you’ll see that there is a delay in the recovery of sales. The central bank has announced higher tax breaks and lower interest rates on home loans for lucrative purchases. In addition to the economic crunches and the lockdown due to the pandemic, most of the construction has also slowed down. This has led to a delay in project completion.
Covid-19 impact on home-buyers
Only if the interest rates on home loans go below 7% will we actually see a change in consumer behaviour. With the site visits reducing in number and hesitations in making the purchase decision, however, you’ll also see that the pandemic has made people realise the importance of homeownership. Thus, regardless of the financial back draw, you may see a number of customers coming up to make a purchase.
Covid-19 Impact On Builders
There have been very few sales and thus, the inventory list has gone nowhere. A near-halt situation in the construction activity can also be seen here. The government has announced various packages for developers to help them during this crucial period.
Even though this may seem like a challenging time, better days are expected in 2022. Amid the growing need amongst people for homeownership, you’ll see a number of millennial home buyers and investors.
The biggest flex of buying a home in the post-Covid era is the availability of space. When you plan to buy a flat, an apartment or a rowhouse, you need to keep in mind, there has to be ample space with respect to the people living in the same. However, you must also keep in mind that a large house does not necessarily mean a smartly designed home. Before you plan to move into your home, try to furnish your home when your workspace can be easily accommodated.
However, if you are planning to visit a site anytime soon, do keep in mind the safety precautions. Fortune Dream Con Pvt. Ltd. has a wide variety of residential and commercial projects in Vapi, Daman and Silvassa. And they’re made a lot of arrangements to make sure you have a safe and smooth home-buying process.