Indian Real Estate Market is Stronger Than Before
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Some of the believable real estate players in the Indian Real Estate Market has reinvented itself in order to comprehend, plan and implement contemporary ways to stay ahead during this pandemic challenge. Strong emphasis on building credibility, financial strength, producing demand and fresh outlook has fueled the growth of the Indian real estate market. Together with the government’s support and accurate planning, the Indian real estate market is set to see an uptake in the coming months.
Here is why the Indian Housing Sector continues to rise powerful as we move ahead:
Constant Sales Growth Signal Recovery:
Later in June 2020, enquires for residential sales have improved and are rebounding to pre-COVID-19 levels. There has been an increased demand for Luxury Residential Apartments in Bangalore from Non Resident Indians (NRIs) in addition to end users who have been the key buyers. The work from home culture has made consumer who are living in rented accommodation realize the importance of having their own homes. Therefore, the real estate developers are cautiously positive about the recovery and hoping the sector to be back on the track in the next few quarters.
Most Trusted Developers Preferred by Homebuyers:
Prospective homebuyers have given their trust in real estate brands that showcase transparent and fair dealings. The advent of Real Estate Regulatory Authority (RERA) is bringing about business transparency also reducing the number of homebuyer’s complaints across the nation. One must not get lured by profitable deals alone, offered by the developers during these challenging times, instead, they must assess the for and against and go for a more trusted name in the real estate market. The NRI class has also communicated a great sense of interest in Indian real estate with reputable developers over different markets.
Low Home Loan Interest Rates:
The reduction in interest rates has paved the way for prospective homebuyers to invest in properties of their own choice. Certain banks are offering minimum interest rates as low as 6.70%.
The recently announced stimulus package put forward by Finance Minister Nirmala Sitharaman will act as a backbone in the recovery of the real estate sector. This will provide demand booster for residential real estate and income tax relief to the developers as well as homebuyers. Under Section 43CA, Income tax relief will be provided to 20% of the differential between circle rate and agreement value increased from 10% for the period from the date of the announcement to 30th June 2021. This will apply to the primary sale of residential units of value up to Rs 2 crore.
Also extra outlay of Rs 18,000 crore under PM Awaas Yojana (Urban) for FY21 will help in the construction of 12 lakhs houses and completion of 18 lakhs homes. The continuous efforts towards infusing fluidity through special schemes for NBFC/HFC/MFI will support the housing sector to tide over the liquidity crisis. It will also give support to the construction &infrastructure through relaxation of Earnest Money Deposit (EMD) & performance security on government tenders.
- Progressive recovery in sales of housing after lockdown relaxation started in June 2020.
- Besides end-users, NRIs, millennials and working women are selecting to purchase homes.
- Preference for ready to move in properties built by credible developers; demand for larger homes with open spaces and self-contained projects.
- Best time to purchase homes due to the low interest rates, flexible payments and low prices.
- Pandemic has led to redesigning the homes.
- Owing to overall economic growth, developers are cautiously positive about recovery.
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Noopur writes the content on real-estate from several years and she is one of the few writers who provide the thought provoking content on best properties deals.