Home buying also seemed to be on the wane. However, as the saying goes, ‘there is opportunity in crisis’, some people consider this to be a good time to buy a home.
The corona virus has crippled the economy. There is not a single area that has escaped the onslaught of the corona. It also includes the construction and real estate sectors. That’s why home buying seems to be on the rise. However, as the saying goes, ‘there is opportunity in crisis’, some people think that this is the best time to buy a house. They are seen doing such things saying that house prices have come down during this period. However, the question of whether to buy such a house is really a question of profit or loss. This is a review that seeks an answer to this question
According to a survey by India Real Estate Report 2020, 89 per cent of people said it would be appropriate to buy property in 2021. The survey was conducted by real estate platform NoBroker.com. No Broker works in every major city in the country.
Home sales began to rise even after the corona virus infection
In particular, there has been an increase in home sales following the corona virus infection. Even young people who have a job or a business prefer to buy a house. Many young people are trying to buy their own home. According to a survey, 63 per cent of people between the ages of 25 and 40 are willing to buy a home. Last year, the figure was 49 percent. ”
According to property consultant JLL India, home purchases increased by 51 per cent between October and December compared to July-September. The highest increase in home purchases was in Pune, Maharashtra. The growth rate is up to 147 percent. According to JLL’s report, home sales in 7 major cities in the country are on the rise. These cities include Mumbai, Bangalore, Delhi, Pune, Chennai, Kolkata, and Hyderabad.
Anarock Property Consultant’s report also points to an increase in home purchases. According to his statistics, 50,900 houses were sold in 7 cities between October and December.
Is It The Right Time To Buy A Home?
Buying a home should be one of the momentous events of your life. “It’s important for end users to look at location, infrastructure, developer’s track record and facilities without stating the time of purchase,” Joshi said. He added that prices will continue to rise and that it is important to invest wholeheartedly rather than considering whether it is a good or bad time to buy a home.
Home-buying is usually highly subjective and driven by needs, which cannot be done on time due to financial and market conditions. Speaking on the demand, Rangarajan said that the website traffic on Housing.com was at an earlier level, indicating that buyers have returned to the market. Also, the traffic reduction during the second wave of COVID-1 of was less, compared to the first wave when traffic was reduced by up to 40%. He further noted that in a few years the peripheral locations for city shopping and the development of infrastructure in the area have improved the affordability of buying a home, resulting in people not having to live near central business districts and spending more Housing.
Discussing the trend in housing finance, Kotak Mahindra Bank’s Garyali said the confidence of developers and RERA had led to an increase in customers moving to real estate as an asset class. He further said, “Affordability Index (EMI / income) in India has been low all the time. Interest and asset rates have been almost flat as incomes have risen over the past five years. This has also caused EMIs to shrink. This has led people to upgrade to larger homes and consider buying their first home. According to him, 0% of the applicants were first time home buyers.
Corona’s time to buy a house, then you must know this
Corona is currently causing lockdowns in many places in India. However, many may need to buy or sell a home during this time. You can sell your old home or buy a new one for a number of reasons, such as moving, moving to a new city, or getting married. Moreover, house prices have certainly been relatively low at present due to the impact on home buying and selling over the past two years. That’s why if you want to sell or buy your home during the Corona epidemic, this is definitely the time for you. Here are some things to keep in mind when buying or selling a home.
Buying or selling a home in Corona’s time
These tips can definitely be of benefit to you if you have to make a home decision during the Corona epidemic.
- Search Online for Home –
You can use the online portal to buy or sell a home during this period. Because there are so many types it’s hard to say. This is a great way to shortlist a home. Because at present it is definitely not possible to go directly to the society to see the house through an agent.
- Seek the guidance of an expert –
If you are going to buy a house during the Corona epidemic, seek the help of friends or acquaintances who live there before searching online. This will give you an accurate idea of where you can buy a home according to your budget. In addition, current letters, news updates on news channels can definitely be of benefit to you.
- Home Loan Benefits-
If you have decided to buy a house during the Corona period, it will be to your advantage to buy a house with a home loan. This is because the Corona epidemic has now led to lower interest rates on home loans. In addition, home loan banks are now offering better offers to their customers. So that the dream of your home can definitely come true. Some banks, meanwhile, are lowering processing fees to enable consumers to take home loans.
- The right time to buy a home-
The Corona epidemic has had a huge impact on home buying and selling over the past two years. Ongoing construction has been stopped in many places. This has led to sharp decline in house prices during this period. Of course this is a great time for consumers to buy a home.
- Use subsidy –
If you are buying a house for the first time, you can take advantage of Pradhan Mantri Niwas Yojana to buy your house. Under this scheme you will be given subsidy in home loan. So that your dream of a house can come true in less money. However, this plan is available only to first time home buyers.
The corona has caused a recession in all sectors. The construction sector was also hit hard. This is the golden opportunity to fulfill your dream of buying a home.
Buying a home should be one of the momentous events of your life. This is one of the best things for your family. The decision to ban the currency was taken two and a half years ago. RERA was implemented 4-5 years ago. This had a huge impact on the construction business.
The corona is causing the stock market to fall and is likely to remain so for the next few months. That’s why this is the best time to buy a home. The corona virus has further increased the chances of buying a home with a government initiative. This is the perfect time to buy a home for the next thing.
1) Reduction in interest rates on home loans from banks
2) Possibility of reduction in stamp duty and GST. The Maharashtra government has reduced the stamp duty by 1 per cent from April 1.
3) Builders are also giving huge concessions. Buying a home should be one of the momentous events of your life.
4) Due to increasing uncertainty in the equity market, buying a house can be seen as an investment option.
5) Banks are also in crisis during this period and FD rates are low.
The Corona Crisis has made us aware of many things. That’s why when buying a home, you need to consider your lifestyle and budget. The following things are important for this.
- Choosing the best house
- Reasonable price
- Goodwill of construction professionals
- Market conditions
- Get it before you lose the opportunity to buy a house
- Waiting for the big discount in the future
Think about your finances before buying a home. Decide exactly how you want the house and what your needs are. Choose the right place. Get to know the place you are going to choose. Understand what the loan weeks will be like. Learn about paperwork and legal issues. Consult an expert.
Currently, there is a good opportunity to buy a house in Thane, Ghodbunder Road, Virar, Mira Road, Navi Mumbai, Kalyan, Badlapur and Mumbai Suburbs in the Mumbai metropolitan area and now also in pune you have good opprtuinty to buy a house in Bavdhan, Hinjewadi, Karadi, Warje, and Baner and now pune also have metro-train so easy to travel and Pune is up growing city so choose where you want to buy your Dream House.