Panic seems to be a common emotion in any sector today in the wake of the slow unlocking of services and businesses. The good news is that the market, especially, the real estate sector is most suited for the buyers now. As per the most trusted voice of housing finance in India, Mr. Deepak Parekh, “property prices could correct by up to 20% due to the demand drought caused by the COVID-19 pandemic”.
The lockdown phase across the country, lasting more than a quarter of the year, brought businesses to a standstill resulting in crashing of the property prices. Data from the major cities show that the real estate prices fell about 9% immediately after the lockdown was announced in March 2020.
Though property watchers predict a further slump in the prices towards the final quarter of this year, it is a good time to buy houses right now. Currently, the prospects are better for home buyers looking to buy a house on a ‘ready to move-in’ basis than as a future investment. The reason for this is the overall lull in the economic activities. With low business demands, slower job recruitments and slash in salaries, many buyers are putting off booking of new house projects that have one or two years of waiting time. Though most banks have extended the loan repayment moratorium up to six months to their customers, repaying heavy monthly loan instalments is getting difficult in the present economic situation. Therefore, getting home loans sanctioned for buying properties or homes for self-use seems to be the right choice in the present scenario.
The other aspect to be considered is that there are innumerable cases where houses and properties have been reclaimed by the lenders such as banks and housing finance institutions, due to inability of customers to repay their housing loans. These recovered properties are generally available at prices lower than the current market rates and ready for use. Which means, if the paper work and documents are all in order, buyers can invest in such properties at very reasonable costs.
Considering the volatility of every sector in the market in the wake of the ongoing pandemic, investing in buying a home for immediate use is the safer bet, even if there is a downturn. It is essential that the buyer takes proper advice from trusted sources and observes due diligence before buying the property. Similar to other fields, the lockdown has slowed down the pace of property consultants’ tasks including property paper work, accurate assessment of the legal aspects and the property ownership matters.
At 1sqft.com, we will help you with professional advice and online guidance in buying the home most suited to your tastes and budget. Download our easy-to-use real estate property aggregator app for quickly connecting to our myriad of services in the field within the comforts of your home. Our team is trained to sort out the property documents, get the best quotes and give the most accurate property consultation regarding all the legal aspects in sealing the deals. We ensure that as a buyer, you get the best value for every penny you invest in the property.
Sindhu Vijayakumar is a tech, business, and creative content writer and marketing solutions provider, who has been helping several B2B and B2C companies with their content and marketing (including digital marketing) needs. She has been guiding startups with marketing content initiatives, both internal and external, across multiple platforms and formats to drive sales, engagement, retention, leads and positive customer behaviours.
An MBA in Marketing and Sales, she loves crafting engaging business and digital content for businesses. As a professional content writer who is comfortable writing on technology, she has been providing writing services to many software and technology organizations, including mobile app development companies.
A gold medalist in journalism, before turning to freelance, she was a full-time journalist with The Hindu, The Times of India and Sulekha.com, and for over a one-and-half decade, she had published hundreds of articles on communities, urban development, lifestyle, wellness and parenting trends. As an accomplished radio programmer, she had propelled the south FM stations of Reliance Broadcast Network Ltd, to exceptional heights.
A Research Scholar in Management, her special interest areas are startups, tech, application development and small businesses. She has published several papers on communication in national and international journals and is also a published author of fiction and poetry.