Coronavirus has disturbed almost every industry, including real estate. Keeping that in mindset is this the right choice and time to buy a home or invest in a piece of property? The answer is definitely yes.
Experts in this industry certainly believe an unsettled stock market and mediocre mutual funds have increased the need for a stable asset class that can provide fantastic returns. And what a great choice than buying or investing money in a home? Furthermore, residential real estate is at its peak currently, with lesser interest rates and a buyer’s market. Various surveys carried out by property advisors have revealed that housing enquiries have rebounded to about 50% of COVID-19 levels in the major cities and a majority of homebuyers are definitely giving it a thought to return to the market in the coming 3 months. It was also revealed that 91% of the people prefer buying a property than renting.
While real estate have definitely suffered a hindrance because of the Coronavirus spread, it is likely to be short lived. Stakeholders have embraced novel and inventive techniques to be in contact with the upcoming and interested buyers or even those who are considering a purchase. It is suggested that inventory is at a five-year low, as new launches have lowered by 50%.
As per data with Housing.com, there are close to 60,000 properties for sale in Pune, a large number of which is in the secondary market. While COVID-19 may have impacted launches, the trend towards rationalization in novel launches, can be mapped back to the real estate law, following which builders are focusing on completing existing projects, rather than launching new ones. The Real Estate Regulatory Authority (RERA) mandates strict actions against developers who go against the rules.
“Novel launches have seen a decrease, falling by 50% from 52,631 new units introduced in the market in H2 2019 to 21,072 novel units introduced in H1 2020. On an annual basis, novel inventory launched across the city has decreased by 16%.
While novel launches may have decreased, the reality in the elegant segment looks different. Novel launches in this segment have risen by 71, there were 5,050 novel luxurious project launches in the city between June 2019 and the same time in 2020. PASHAN Sus Road, Wakad are among the premium residential areas in Pune.
With the COVID-19 pandemic, real estate indisputably has become the major ideal investment product. “The upward curve of the segment was seen from Q2FY21 and this has been consistently rising, removing the jinx of all the years. As a matter of fact, all through the nationwide lockdown, realty transactions continued to happen virtually. This positive development can be applied to reasons such as the RBI pumping liquidity into the segment, mushroomed significance of home ownership among the property buyers, deferred payment scheme in favor of ready-to-move-in apartments and the sales suffered during the festive season. The home buyer understands that capitalizing on real estate is the major secured long-term investment in an inconsistent market, has also created a strong base for the sector to rise.
Aptly comprehended by the Maharashtra government, stamp duty reduction from 5 per cent to 2 per cent in Pune has been a great game-changer. The same will become 3 per cent from January 1, 2021 to March 31, 2021. The verdict of this slash was to be seen with Pune recording registrations that have risen significantly. On the similar lines, Pune’s property market has been seeing amazing healthy green shoots which has heightened the hope for amazing real estate sales for the upcoming segments. Pune has now recorded an increased jump in sales.
The Coronavirus pandemic have expedited consolidation in the Real Estate Industry. It has also been suggested that the professional builders, with great financial health has risen stronger. This has resulted in providing great returns for consumers in terms of product quality.
The success of any project counts on three important factors first is the brand, second is the project and third is the location.” Developers need to make products which are not only excellent in terms of internal and external design and features, but provide the units at the excellent cost.
A great reason to buy a dream home is that housing units are available at good affordable prices.
Consumers have a great selection of choices to choose from in almost all locations and thus buy ready-to-move in properties at affordable prices.
The government has been quick in announcing fiscal packages. People are cognizant that counting on global funds for the residential sector is restricted. Residential real estate demand is local in nature. IT has not been affected greatly and this is quite known in the recovery that’s being seen in the current times. Pune, followed by Mumbai, is doing excellent compared to other cities.
The influence of price benefit and reduced home loan rates is in fact allowing customers to buy property. On the similar lines, the house hunt, especially with the consumers is initiated 6-7 months prior to the actual buy date and the current housing loan price is actually pushing the pent-up demand in the system.
Do not wait up now. Brand new apartments are now available at Engineer Horizons. A contemporary collection of elegant 1,2 and 3 bedroom flats are now available at affordable rates. We take elegance to next level and incorporate not only great designer touches but also high end finishes to create every apartment look stand apart. Our community is filled with fascinating indoor and outdoor spaces to make your days relaxed and easier. To sweeten and lighten the deal, all our projects are situated in the heart of Pune City making it really ideal to great access to all resources including public transportation and Entertainment.
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