Here’s Why Real Estate is seeing an Upswing
The festive season has brought a win-win situation for all the stakeholders in the real estate world. With the home loan interests being at their lowest (6.5-6.8%), developers are offering great deals, the bank could not offer better deals than it is already, and homebuyers are ready to invest. And we aren’t saying this. From all perspectives, whether festive or market, experts say it is the best time to invest.
Real estate has thrived through the second wave of COVID. And finally, luck has knocked the doors of both real estate developers and homebuyers. With an upswing in development, Indore has become a destination for investment. The robust infrastructure, options, education, IT sector is attracting a swarm of homebuyers. Here are a few reasons why realty is reaching heights:
Turning the odds:
Problems such as expensive properties, construction cost, home loan rate of interest, lower connectivity, and so have been completely transformed. People are getting more affordable housing options. The road connectivity in Indore from the outskirts to the central city has tremendously increased. Especially A.B Bypass road. The government and banks give continuous support for loans and schemes and make it a victory point for the city.
Increase in demand:
The new work-from-home model has increased the demand for open spaces. People want large spaces that are affordable for a home-office type of setup. A.B Bypass Road, Vijay Nagar, Bicholi Mardana, Super Corridor provide great property options.
The priorities have shifted where people looked for moving around for a job, taking risks, and preferred a flexible living post-pandemic. People want to have certainty and assets. That’s why they like to settle down. Also, work from home has encouraged people to be in one place finally. With, of course, other finance options supporting this priority, people are ready to invest.
Affordability and Eligibility:
Not to mention again, home loan rates are at a decade low. Also, RBI keeping the repo rate unchanged indicates that the home loan rate will remain constant. This has increased people’s faith in buying homes. In terms of eligibility, the government has expanded its horizons. People like freelancers, artists and others who might not have payslips but assured income can try for HFCs.
Striking a balance:
Even builders are striking the right balance. Since there are housing options at all prices, but buyers expect a good standard of living- developers are trying to strike a balance. That’s balancing cost, design, comfort and amenities. Thus, attracting more customers.
The real estate market is shifting from being investor-driven to an end-user driven market. Real estate with government support is trying its best to remain afloat—exceeding expectations. Nonetheless, the raw material cost is making it challenging for developers to maintain property costs. That’s the only challenge. Though undeniably, demands will only go up from here!
For more information and expert guidance to buy a real estate property, call – 8889350111