The performance of the Indian real estate sector has been no less than a rollercoaster ride this year. The sluggish activity witnessed in the initial months of 2020 aggravated with the onset of COVID-19. While it is quite reasonable to speculate an unpromising graph in the last quarter of 2020; the rising sales have taken the industry by surprise!
It’s been just 3 months since Unlock 1. But the market, particularly Maharashtra’s has been booming. According to a recent statistic published by the Maharashtra government, the first two weeks of October recorded a 112% increase in property sales, as compared to September!
Our team at Arihant corroborates this sentiment. We’re witnessing a surge in fresh property sales in almost all our hotspots: Taloja, Karjat, Khopoli, Kharghar, Badlapur, and Panvel.
This trend raises a serious question: Amidst job losses & pay-cuts, why are people opting for these new investments?
In our previous article, “5 Reasons Why You Should Own a House in the COVID-19 World”, we discussed the multifold advantages available to a prospective buyer in these tough times. If this pandemic has taught us anything, it’s the importance of owning a home above anything else. Because no matter what uncertainty unfolds, one can have their house to fall back upon.
Moving onto financial benefits, the recent reduction in stamp duty (September onwards), reduced repo, lower home-loan interests, and credit-linked subsidies qualified under Pradhan Mantri Awas Yojana (PMAY) has reinforced buyer sentiment.
Balasaheb Thorat, Revenue Minister affirms, “The benefit has been passed on to the buyer. We have seen an uptick in sales since August 25. We are hopeful of the trend to continue.”
Another major contributor to this trend is the existence of strong social infrastructures. Our properties gained traction amongst the mid-professionals – both single & with families. With proximity to good educational & health institutions, industrial zones, and a myriad of transportation facilities easing the commute to neighboring zones, people are preferring to seal the deal immediately.
What does the future hold for the industry? Is this advantage short-lived?
The promising turn of events has raised industry expectations. Buyers are coming to terms with the importance of owning homes & are aggressively signing up for the same. Whether it is an affordable listing or a premium property, people are leveraging a market advantage to their benefits.