Is This The Right Time to Buy a House in India? Here is Your Answer

08 Jun,2020 | Avirahi Group

The world is currently facing an unprecedented crisis. With covid-19 posing a threat to millions of human lives, most part of the world locked itself down to stop the contagious deadly disease from spreading. Now that several countries of the world and many parts of India are easing the lockdown measures, one very important question needs to be answered- what now? Governments across the world are putting humongous efforts to bring the economies back on track. The Government of India which announced a Rs. 20 lakh crore stimulus package to revive the economy is no exception. Here we are listing down the reasons why real estate- one of the most important sectors of Indian economy- may bloom after covid-19 crisis.

Golden period for the real estate sector:

(image courtesy: bing.com)

Lockdown has opened wide doors for work from home culture. After staying at home for more than two months, a large number of people have realized that they need more comfortable homes. That is why the industry experts predict that the golden period for the real estate sector in India is about to arrive. Keki Mistry, Vice Chairman and CEO of HDFC Ltd in a recent interview said that once the lockdown is over and the confidence in the economy is restored, demand for homes is going to shoot up like never before. Currently there are 3 BHK for sale in Borivali west, Mumbai.

The lockdown effect:

(image courtesy: phoenixsun.co.za)

In the last fortnight of March, home loan disbursement slowed down due to nationwide lockdown. Real estate sector is one of the worst affected sectors by the pandemic. However, after relaxation in the lockdown, there has been a substantial improvement in the disbursement level. This clearly shows that people who are in a solid financial position are keen to buy a residential property. With the government focusing on affordable housing, even middle-income people would not like to miss a chance to move into a more spacious and comfier house due to growing work from home culture. For example, a lot of people are inquiring about 2 BHK flat for sale in Borivali west. Increasing number of nuclear families in urban areas is another major contributor to the growing demand.

The confidence booster:

The RBI is trying to revive the economy in this volatile time by introducing a string of regulatory measures. Rather than focusing on the interest rates, the apex bank is focusing on preventing job losses and creating new employment opportunities. Since the real estate sector is a major job creator, experts believe that RBI may allow one-time restructuring of loans for this sector. This will give banks confidence to lend money to home buyers.

Just another crisis for Indian economy:

This is not the first time that the Indian economy is going through a rough patch. In the last decade it survived the global financial crisis in 2008-09, US Fed tapering in 2013 and a huge default by IL&FS in 2018. Every time, the inherent strength of Indian economy and regulatory measures taken by the RBI and government helped our economy bounce back. Experts of the economy predict that the health and financial crisis created by the pandemic too will be recovered. The world is expecting a covid-19 vaccine to be out by the end of this year. This will further boost people’s confidence in the economy. So those who are planning to buy a house will look at the silver lining of the grey cloud and move ahead with their planning as long as the family likes the property and it is affordable. India already has a shortage of housing. Though the buyers are currently adopting a wait and watch stance, the days are not far when this strong inclination towards purchasing a house will turn into a decision.

After covid-19 pandemic, staying at home and maintaining social distancing have become more important than ever. From the current scenario, it is evident that we would be spending more time at home in the future. After the rise of work from home culture, our homes might turn into our workplace. Considering this, if you are looking for a comfy home in Borivali West, you must visit Vishal-2 Apartments. Located in a prime area in Borivali West, Mumbai, Vishal has become the first choice of 1 BHK, 2BHK, 3BHK and 3.5 BHK flat buyers. Avirahi Group, a leading construction group is offering a hefty discount on on-the-spot booking of the flat. Do not miss the chance.

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