The COVID-19 pandemic has disturbed every industry, including real estate. Keeping that in mind, is this the right time to purchase a home or invest in property? There are several reasons why people want their own home, including the pride of homeownership.
Here are 5 reasons why now is a great opportunity to get your own home:
1. Home Credit Loan Fees are at a Record Low
Reserve Bank of India’s Housing Price Index Track shows a yearly increase of 11.6% in housing returns from the past 10 years from 10 major cities in India. The increase in returns is phenomenal by far, and much higher than the returns earned by investing in gold or equity. The returns on housing have withstood volatile market trends for a decade, and even in the pandemic they have shown no signs of wavering. The central government has also been encouraging and appreciating development programs to address the urban housing shortfall. Most notable of them all has been The Smart City Project which aims to find and build 100 smart cities across India to boost economic development.
2. Better Government Support
The authorities have been quick in declaring monetary and other boost bundles unlike earlier. Individuals know that the reliance on worldwide assets for the private area is restricted. Major demand is in a request of a neighborhood in nature. Bengaluru, followed by Pune, Hyderabad, and Chennai are improving compared to other urban areas. As verified above, we are amidst an exceptionally kind financing cost system with the repo rate being the most minimal since 2008.
3. Request Side Empowering Agents
During emergencies in the past, the property market got overheated, coming about because of higher valuations, declining Loan to Value proportion (LTV), and horrible financing costs. Presently, the situation is better for purchasers with higher LTVs, lower valuation, and less expensive credit accessibility. The need and inclination to claim property are at an unsurpassed high after the spread of COVID-19. The effect of value advantage and lower home credit rates is empowering clients to purchase property. Additionally, the house chase, particularly with end clients, is starting 6-8 months preceding the real purchase date, and the current relaxation of costs and lodging advance rates is pushing repressed interest in the framework.
4. Real Estate–An Asset
The above factors have made real estate a positive and steady resource. The luxury real estate market was hit at first during the pandemic but as luxury home buyers have a high demand on security and space, it has become an asset for them to invest. Once invested, rental yields can improve. For example, professional stability and continuous financial restoration are expected to stay good and will improve the purchaser supposition.
5. Great Offers
In the current situation, with trouble across the economy and uncertainty about what might happen in a few years, the purchasing choices of every millennial homebuyer are on hold. But with offers and EMI options offered by real estate builders and developers, home buying has been on rise.
Considering the above reasons, invest in your dream home today. Suraj Estate Developers is one of the top builders in Mumbai creating landmarks with luxury flats for sale in Mumbai, new projects in Dadar and flats in Mahim.
(Source: The Times Of India: https://timesofindia.indiatimes.com/spotlight/why-is-it-the-right-time-to-invest-in-real-estate/articleshow/79661986.cms)