The COVID-19 pandemic had affected the real estate sector initially but the home sales have seen a sharp turn around in India with 134% jump in sales.
The Coronavirus Pandemic, being an unprecedented event, brought with a lot of chaos. Everyone across the globe suffered due to the impact the pandemic had on every sphere of life. The unfamiliarity brought with a lot of uncertainty that hindered the overall routine life of everyone. The pandemic also lead to the imposition of a nation-wide lockdown in India which hindered with the growth or even normal functioning of every sector. Real Estate has been among the worst hit sectors due to the decline in overall home sales. Initially the sector faced a lot of loss; however, there has been a turning point that has been witnessed.
Normality is being restored and with that all the sectors are making a fresh and progressive start. The post Covid world, gradually falling into place is giving way to new opportunities for all the developers. The top real estate developers like SBP Group is gaining a lot of momentum in the meantime due to their credible image and consumers trust earned over time. Even though it cannot be said that all the states are powering through the situation equally well but the top cities in India sure are emerging despite the unfortunate circumstances with a beacon of hope for all the others.
Housing Sector is paving a way towards a strong recovery as the home sales in the recent quarter has seen an enormous and evident increase of up to 134 percent. One of the major reasons behind this increase is the decline that was faced by the sector. The decline lead to an all time low in the property rates which made it easier for people to make investments. Many people saw this as an opportunity to buy a home of their own or even invest in a asset which will be more beneficial and rewarding compared to the returns from stocks.
The major reasons for the same are also the Record low home loan rates, Discounts as well as Incentives being offered by Developers. Lower taxes are also an aspect worth considering while acknowledging the positive shift in the consumer behaviour.
Developers are making the most of this opportunity by luring in consumers with amazing offers and additional benefits, meanwhile, the Homebuyers are making optimum use of this to invest in a home of their own.
Considering the Pandemic, many people have realised the value of possessing a home as it provides a sense of security in times of uncertainty. The potential buyers who were looking for homes right before the lockdown are also making their long-awaited investments in the present time. The Developers are also taking an initiative by providing lucrative payment plans etc.
The Indian Government has always introduced many policies and reforms to help the Real Estate Sector overcome the hurdles it has been faced with. Home Loans have been made easily accessible to people who wish to avail it. The rate of interest has also been relaxed to benefit the Banks as well as increase the inflow of money.
In Addition to all this, the advent of the Festive season has enormously impacted the consumer behaviour as most people wish to make big purchases as well investments during the auspicious season. The festive season also brings with it a lot of festive offers by the Developers, over and above the already existing offers. Major Indian festivals like Navratri, Dhanteras & Diwali are considered the best, in terms auspiciousness and the investments made during this time are believed to bring in a lot of fortune and positivity into the lives of the people.
The upsurge has mostly been witnessed in the Top seven cities considered best for living and in terms of employment opportunities. The Most prominent home sales have been made in Chennai, Hyderabad, Pune, Kolkata, Bangalore & Mumbai etc. During normal times, investing in Property in these cities is quite difficult as the value and price of property is quite high. The home sales price slashes have encouraged a lot of people who have always wanted to own property in these cities to finally be able to afford them.
In conclusion, despite the many challenges the real estate sector has faced due to the Pandemic, it has redeemed itself and emerged stronger than ever. It has been with the collective effort of the Developers like SBP Group who have taken the initiative to recommence the high inflow of investments. Additionally, the reforms extended by the Government to benefit the Developers as well as the Homebuyers have always played a role in the overall Growth.
If you are willing to Invest in Real Estate, right now is one of the best times to consider it without a doubt. If you are looking to invest in property in Punjab, you must take SBP Group into consideration. The Group offers affordable luxury housing options that are suited for everyone regardless of their preferences as the SBP’s Projects have it all.
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