Will Covid 19 push people into buying homes?


The Covid 19 pandemic has in fact taken the world economy on a stroll. Not only the real estate sector, every other sector, you name it has seen a massive downfall in their respective revenue streams since March of 2020.

Due to the covid 19 pandemic, construction of new projects in Bangalore, as well as the entire country, came to a standstill. Many developers expressed their concerns with respect to not being able to deliver projects to buyers on time.

Whereas developers who did not plan and retain their workforce are now struggling to find the labor to restart construction of their respective projects. The covid 19 pandemics has made people realize how important it is to own a house rather than rent a house. The unrest has come after several homeowners and land lords started demanding rent from tenants even during the lockdown.

There are a certain number of factors that will influence people into buying homes during the times of covid 19

Home loan interest rates are at a record low.

According to a survey conducted by Anarock, 55% of home buyers today are of the age group of 25 to 35 years of age looking to buy a house. Previously this number stood at 48%. Most home buying sentiments today are driven by cheaper interest rates for loans which are between 7 to 8% today. Tenants are therefore considering buying homes too.

Lesser demand, lesser price.

Prices of flats are not like it was before covid 19, where builders and developers did not negotiate at all. Buyers of real estate in the times of covid 19 have a huge opportunity to buy homes, by negotiating the price and bagging a good deal on the property.

Properties are now more reasonable with their pricing

Upcoming projects by developers are closely monitoring the situation before launching new projects. Covid 19 has made the real estate market realize that conversion of high ticket flats will not be easy, compared to those in early times. Based on the locality and the cost of construction developers are now pricing their projects in diverse and reasonable ways.

Real estate is a stable asset

Compared to any other type of asset, for example, investment in the stock market is very volatile. In the Covid 19 lockdown, throughout the world, the stock market saw a lot of volatile trading. Many stocks plummeted, whereas many even saw a considerable gain.

Depending on the stock, people lost money and also made money. That is not the case when it comes to real estate. The market may vary with respect to the price of the properties but is seeing a fast bounce back to normal.

There is the advantage of rental revenue when you are investing in real estate. Be it commercial properties in Bangalore, or residential properties. New businesses are also starting in the market post lockdown, with the requirement of commercial spaces. Investors can benefit from this need of people.

Conclusion

GR Group is a well-known name in the real estate sector in Bangalore. With commercial and residential projects spread across the city, head over to the projects section of our website to know more.

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