During this COVID – 19 era, economies across the globe are tumbling, stock markets are volatile, and most investments have become fragile. However, the real estate sector, specifically Affordable Housing, is the single most reliable and thriving market even during times of crisis.
The one thing that has come out as a stark realization is the importance of owning your own home. A home that is safe, that is yours, that is spacious enough for the people living in it, rent-free and with your basic living amenities.
Lockdowns and the Covid-19 pandemic have come with draconian consequences especially to the vulnerable class in the country, making everyone realize the importance of investing in the right place at the right time. This is why many experts hint this is the time you can throw your dart and hit the Bullseye because the pandemic has made people reluctant and unwilling towards spending, directly impacting the fall in real estate prices.
Additionally, home loans today are cheap and easy to acquire, and interest rates on home loans by public and privates sector banks are between 7.20% and 8.05%, which are lowest in decades. Let’s also keep in mind, that first time home owners can also avail the benefits of the Pradhan Mantri Awas Yojana Scheme giving them a direct deduction of close to 2 lakhs, which is sizeable for this segment.
There was a survey conducted by 99acres which showed there are 60% of potential buyers from the pre-COVID-19 era who are still determined to buy their homes within a year.
In India, especially in the Mumbai real estate market, a comfortable space to live is a luxury, owing to high land values. However, areas around Mumbai, Navi Mumbai and Maha Mumbai, which are developing speak otherwise.
Our team at TES (Thaker’s Estate Services) has done extensive research during the last few months when Mumbai and the adjacent regions were in complete lockdown. We found that a number of people in the EWS, LIG, MIG-1 class have understood that it is important to have a roof over your head, for the safety and security of your family and their well-being. We have further gathered what kind of a home they require, the areas they are looking and what they are willing to spend. At the same time, we have researched various properties that fit these criteria and contacted the Developers and Promoters, aiming to create a Win-Win Situation for all, and making dreams come true even in these times. Even for investors, there are lucrative opportunities that we have identified through our ongoing research, combined with the expertise and knowledge we have in-house.
Today the buyers are well-read, well educated about markets, investments and rates giving the control in their hands. As always – a buyers market, where you can actually acquire your dream house, where you want and how you want.
The rise of smart gadgets in the market has led users to become smart; property-investors are more vigilant of all pros and cons of investing at a particular site than ever before. Most of the investors are educated on minute details varying from leakage fixing, gas-pipeline to major ones like the quality of construction and lifestyle amenities of a locality.
Yes, physical site visits are not so easy now, and Indians like to see and touch and feel a product before they invest in it. However, technology and digital is not very far behind.
Some states are now considering the introduction of E-registration of property documents, and completing the entire value chain. Maharashtra is already E-registration friendly. This is necessary because physical site visits are unlikely to pick up quickly even after the lockdown ends, as both buyers and sellers will remain cautious. The digital era will be contributing great convenience to potential buyers especially during the Covid-19 lockdown.
As Mr. Raju Thaker, from Thaker’s estate services, says having your own house provides a better lifestyle and guarantees the safety of your family. Also, owning a house is far more than just about a better lifestyle, it’s a strong and long term highly-lucrative investment and a sense of security that Indian have always had.
Clearly, when the prices are low, interest on loans is cheaper and home loans are easily accessible, there has never been a better time to invest in the real estate market than this.