Is the Indian Housing Sector recovering post-pandemic?

The emergence of the Covid-19 pandemic in February 2020 had severely impacted the economic condition in India. People didn’t bother to give a single thought about the real estate sector. After the national lockdown in March, workers were unavailable leading to a long pause in the construction of housing projects and pushing the deadlines.

However, soon after the unlock,  the real estate industry began to revive. And being one of the property websites in India, we can conclude that although at a slow pace but the sale of properties began to rise again. Let us see how this recovery has taken place and what makes it a suitable period for investment.

1. An Increase in Property sales

Although the sale of properties saw a downfall during the lockdown, the sale of residential properties saw an inclination soon after the unlock. Gradually, more and more visitors were found visiting the properties for inspection and buying objectives. They were also offered virtual property visits by the real estate companies.

2. A Rise in Price Negotiation

Although numerous efforts were made by the real estate companies to sell the properties, some of them were still left unsold. So the real estate companies began to offer them at lower prices to attract buyers’ attention. Buyers were found open to price negotiation and were also interested in the discounts offered by the real estate firms. As a result, a sound opportunity opened up before the home buyers after the unlock.

3. Initiatives by Government

Even the government is coming up with numerous initiatives to encourage the sale of properties in India. One of those initiatives is the lower interest rate on home loans, which is increasingly influencing the buyers. By minimizing the pressure on home loan borrowers, the finance department motivated them to opt for a loan. Hence, buyers with a home loan requirement are grabbing this compelling opportunity since then. In addition to this, many states in India reduced the stamp duty to attract more buyers to make an investment in properties.

4. Rising interest in under-construction properties

In 2019, a majority of the population was interested in buying ready-to-shift properties in India. This scenario changed soon after the unlock. Hence, at present, the country is experiencing a rising demand for under-construction properties. One of the major reasons for such a happening is that these properties are available at lower prices as compared to the ready-to-shift ones. Another important reason could be hygiene, as shifting to a new property is a cumbersome task, and after covid people concern more about their safety and hygiene.

Conclusion

Now that you have learned about how the housing sector is recovering after covid-19, we being one of the leading real estate websites in India, suggest that it is the right time to invest in it. Due to price negotiation possibilities and discounts, the buyers can also crack deals at lower prices. Also, buyers can opt for under-construction properties at lower prices and take benefit from the government initiatives towards home loans, and stamp duties.

If you are also looking for flats and houses in India at affordable rates,  you can reach us for your queries. We are Truehomes24, one of the best real estate websites in India, working day in and out to provide you with the best assistance for buying, selling, or renting a property.