Covid-19 has brought an unprecedented crisis affecting every walk of life. Ailing economy, job loss and uncertainty were some of the immediate effects of the Covid-19 during its emergence & subsequent lockdowns in India. Now while looking forward in this 7th month since the first lockdown, the Covid-19 cases are still rising but the world is slowly yet steadily returning to its normal pace. Companies are open, factories are hurrying to complete the production of their order book, travel is picking up and though the change of pace is slow, it is progressive. This testing time has forced everyone to think for a reliable investment option which can bring relief & instil confidence during such pandemics in future. Challenging times have helped to change the perception of owning a house, with safety, security and convenience being the prime factors for the discerning homebuyers. Favourable buyer’s market, all-time low home loan interest, long tenure of home loans, and government incentivisation are steps in the right direction.
Residential spaces are changing with additional Flexi space high in demand, technology, community living and self-sustainability topping the priority chart of the customers. The Indian economy is slowly opening up in a phased manner, and the government has infused liquidity into the system with a stimulus package equivalent to 10% of the country’s GDP, along with the reduction of the repo rate to 4% are all steps in the right direction. Real estate remains the preferred investment avenue followed by gold. A significant section of homebuyers is motivated to move to larger homes due to the work from home arrangement. Most of the home buyers are first time home buyers who are looking for a home for end-use within the right price aligned with developer credibility. Ready-to-move-in homes remain a popular choice.
It is also the right time to buy a house because buyers are likely to get better deals and prices may go up soon. Home loan interest rates are at an all-time low. While a price correction is highly unlikely, especially with branded developers, it would be a good time to grab a good deal in the loan market. Moreover, it is also the fact that the prices have not increased much from the last 6-7 years and it is anticipated that the prices might go up in the ensuing months due to an increase in the sales velocity. Hence it is an ideal opportunity for buyers to get a good deal and secure their investment.
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