- Real estate sector, which is facing a downturn after the banknote ban, sees a surge in real estate purchases at festivals
- Now is the right time to buy a house, improvements in other sectors will increase the attraction of investors in these sectors.
The real estate sector, which is facing sluggishness after the bankruptcies, is optimistic that sales will pick up in the coming festive season. The developers said the desire to own a house has increased in the Corona era. A loan at the lowest price in five years and the cheapest rate ever will motivate you to buy a house. Developers have also started preparing various offers to attract customers.
Credai and Naredco, an association of real estate executives, estimate that Corona will now overcome the hurdles seen in the real estate sector. Navratri sees the highest bookings in real estate across the country. Good bookings are expected this time around. The Real Insight Q3,20 report released by Housing.com and the PropTiger Group also hinted at a quick recovery in real estate. Home sales rose 85 percent in the July-September quarter compared to the April-June quarter.
“The situation in various sectors of the economy is improving,” said Dhruv Agarwal, group CEO, Proptiger & Housing.com. The upcoming festive season is important in terms of the real estate sector. From which the demand scenario for the next 12 months will be decided. The highest demand will be for ready-to-possess homes priced up to Rs 45 lakh.
Prefer buying a home owned
The national chairman of NARDECO, Dr. Niranjan Hiranandani said that people living in rented houses are buying their own houses because of work from home. Apart from reducing stamp duty, Maharashtra and Madhya Pradesh have the lowest home loan rates. There is optimism that home sales will increase during the festive season.
Rapid recovery will be recorded in real estate
Dhruv Agarwal, group CEO of PropTiger & Housing.com, said the importance of owning a house has been realized in the Corona era. In addition, lower property prices and lower interest rates on loans have made people eager to buy a home. Hopefully, the festive season will see amazing sales. And there will be a quick recovery in real estate.
The right time to buy a house, the reason- reduction in prices and loan rates
- According to experts, house prices have remained stable for the past five years. Interest rates on home loans have reached a 15-year low. Agarwal said several states, including Maharashtra and Madhya Pradesh, have reduced stamp duty. Which is why now is the best time to buy a house. The holiday season is in full swing.
- The interest subsidy received by the Center has been extended till March 31-21
- Other investment options Gold-silver became expensive, property rates remained stable
- The developers issued a number of exciting offers for the festivals
How the offer will be received?
- One year discount on EMI on booking a flat
- Maintenance-free for one year on the purchase of flat
- 3 to 4 percent discount on the price of the flat
- Gold coins to buyers
- Gift Modular Kitchen, Furniture to Home Appliances Club House Membership Charge Discount
Ahmedabad saw a positive decline in unsold inventory
The Ahmedabad housing market has seen a positive movement on the demand and supply side, as well as changes in prices. A total of 3,142 units were launched in Q3 2020 amid delays in lockdown sanctions. However, an annual comparison showed a decrease of 40%. Most of the inventory was in brackets worth Rs 45 lakh, the new supply recorded in this bracket is about 61%.
Mani Rangarajan, group COO, Housing.com, said financial institutions have also kept home loan interest rates at a sub-7% level after the RBI cut the repo rate to 4%. Housing sales nearly tripled, with 3,339 units sold. However, sales in 3BHK were lower than the level seen in Q3 2020. 60% sales in the quarter were concentrated in the sub-45 lakh value bracket. The unsold stock had 38,736 units as of Sept. 30. Inventory overhang has increased to 31 months. In terms of prices, there has been a 6% growth.
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