Indian Real Estate : The Wait-And-Watch Approach is Coming to an End

Indian Real Estate – Potential Home Buyers to Homeowners

Indians are not known to be hasty in making decisions. Whether buying clothes, jewellery, or even a piece of land, the wait and watch approach is something all of us are guilty of. We like to analyze our decisions, be 100% sure of the value the item brings into our life, and get the best deals in the market.

However, this approach cannot hold for all the decisions we make. After a drastic slowdown in the wake of the initial lockdown necessitated by the Covid-19 pandemic, the Indian real estate sector has shown signs of a recovery. For many potential homebuyers, a more spontaneous decision-making approach seems to have been more beneficial here. And this is reflected in the sales figures for housing units for the third and fourth quarter of the financial year 2020-2021. To make things even better, the low home loan interest rates can be another catalyst in boost housing sales in 2022 and 2023.

The above trends show that the wait and watch approach in the Indian real estate segment is coming to an end for some buyers. Many recent events have nudged potential home buyers to become homeowners.

Read on to know more about the same.

Aid from government schemes

The Government of India has launched housing schemes like the Pradhan Mantri Awas Yojana to help lower-income groups, minorities, women, and scheduled castes and tribes buy a home. This scheme, along with other similar ones, offers subsidies on home loans and easy financing options for enabling people to buy a home at affordable costs.

The post-pandemic effect

For a lot of people, the Covid-19 pandemic has been the primary reason to venture into the Indian real estate investment segment. A number of reasons played a role here. Firstly, the lockdowns forced people into their homes.

As people spent more and more time in their homes and not offices, schools, or colleges, the need for a comfortable, luxurious, and stylish home also increased. Furthermore, with people working from home, the need for extra space has been felt.

People now want all the amenities within the residential project they live in without having to to step out because they are scared of catching a COVID infection. This gave rise to the demand for homes in residential properties that offer all amenities like sports complexes, open spaces, gymnasiums, swimming pools, banquet halls, yoga rooms, spas, and more.

If you are looking to buy property in Mumbai, Indian real estate developers like Piramal Realty can offer you great spacious homes in prime localities in the city that can deliver a luxurious and comfortable lifestyle.

Great home loan deals

Another major advantage that has pushed people to stop waiting and start investing has been the low home loan interest rates. In the aftermath of the global Covid-19 pandemic, the home loan interest rates in India reached a four-decade low in May 2021. This development has helped people avail of home loans at a lower cost.

With a lower interest rate and subsequently lower EMIs, people could purchase big properties at relatively affordable costs.

Amazing construction projects

Places like Mumbai are seeing massive construction developments. Many flyovers, metro lines, business parks, residential complexes, etc., are underway and expected to transform several localities and neighborhoods in the city. These projects have attracted many investors and contributed immensely to their decision to buy a property in Mumbai.

The same can be said for other metros like Delhi, Hyderabad, Bengaluru, Chennai, etc. Indian real estate investors no longer want to watch growth from a distance. Instead, they wish to be a part of the city’s skyline and own a small piece in its development.

Better financial security

The last year and a half have been financially turbulent for most people. The uncertainty around jobs, rising health concerns, and depleting emergency reserves have coerced people to invest more and prepare well for any financial contingencies in the future.

Indian real estate can offer a high return on investment. In addition, real estate investments can offer inflation-beating returns and the opportunity to create a second source of income through renting or leasing.

To sum it up

If you too have been watching from the sidelines and wanting to buy property in Mumbai or elsewhere, now is the time. It is time for the wait and watch approach to end and the go-getter attitude to flourish. So, grab the best opportunities and become a property owner to live a financially secure and luxurious life.

This article is based on the information publicly available for general use. We do not claim any responsibility regarding the genuineness of the same. The information provided herein does not, and is not intended to, constitute legal advice; instead, it is for general informational purposes only. We expressly disclaim any liability, which may arise due to any decision taken by any person/s basis the article hereof. Readers should obtain separate advice with respect to any particular information provided herein.

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