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Buying a home during COVID

June 24, 2021

Buying a home during COVID

Through the ups and downs of this pandemic, the world has seen numerous uncertainties without much or any time to prepare. But as is our nature, humans have adapted to the prevailing scenario and the economies of the world have started to rebuild itself with the invaluable experience gained over the past year. The situation in India was particularly dire, with a deadly second wave of infections sweeping across the country. But the impact of the second wave on the economy was curbed there has been introductions to new policies that carefully balance the saving of lives with the need to protect livelihoods and minimizing the negative impact on the economy, forging their paths to recovery. Most cities endured their lockdowns and have started to unlock once again, resuming the regular basis of life and apart from the IT sector who are still determined to continue with Work from Home, most of the other sectors have fastened their seatbelt and begun their journey to redemption.

Real estate market during the current COVID

The real estate sector has seen its fair share of volatile fluctuations. Beginning with the absence of most of the labor class during the first lockdown to the abrupt discontinuation of ongoing projects during the second, it has been a rather arduous time and turns of events but things seem to look up once again. Most of the world had been cooped up in their homes for over a year give or take, the real estate market has developed a consistently rising demand for bigger and spacious homes which are ready to move in.

There has also been a significant fall in the preference for under-construction projects owing to the numerous uncertainties, most people don’t feel comfortable putting a chunk of their savings into projects that could potentially go on a hiatus without a definite heads-up. In order to adapt to the wavering circumstances and to abide by the need for physical distancing, majority of developers have optimized their respective websites with the sole motivation of creating a user-friendly experience by providing detailed virtual tours of their projects in order to provide better clarity. The luxury segment of real estate has been booming with a specific requirement for sustainable projects that play a significant role in the preservation of nature. A new preference for houses away from the hassles and crowds of the city has emerged and people now seek to live a peaceful and easygoing lifestyle.

Factors to consider while buying a home during COVID

Ignoring the several myths about Real estate in India, it has actually become quite affordable due to a variety of reasons that encourage the purchase of homes and other real estates.

  • Interest rates of home loans have been cut down to an appealing cost and the home loans can pay up to 80% of the total amount
  • Lenders offer attractive deals to gain traction
  • India is predicted to face inflation during the latter part of 2021 and real estate performs pretty well during the rising prices of the market
  • The reduction of charges on stamp duty in Maharashtra has been the primary incentive to buy homes and invest in real estate
  • It is unlikely that the rates will be corrected any further so it is important to make the decision soon
  • The property prices have been trimmed while offering attractive incentives that are quite beneficial to the customer

Virtual site visits are a thing now and you can still take a look at the houses of your choice at your own convenient time. Many real estate developers are preferring virtual tours of properties for sale after the second wave. The homebuying scenario during COVID is about to change and so is the real estate market.

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