Though the Indian real estate market is staggering under the consequence of Covid19, business specialists & market experts say that it can be a very particular time for home buyers as they are at a new advantage to allocate good deals on properties. Homebuyers are also destined to profit from all-time-low interest rates of 7.15 to 7.8% on home loans.
Specialists also point out that the Covid 19 lockdown has stimulated technology-led home buying in India, making it likely to investigate properties online as well as moderate and achieve deals. Virtual site visits are also growing reality and a large chunk of the property reservation and buying process can now be done digitally.
Let us run through a few of the sentiments/happenings in the market pan India
- Survey Report by 99 Acres: Though the real estate market can receive a bounce, those who can afford and are looking out for a property will be at an advantage. As per survey report by 99acres, assess buyers’ sentiments in the times of the Covid 19 pandemic, 60% of the Indian home buyers who were in the market looking to buy a house before the pandemic are still planning to buy their homes within a year.
- Webinars: To discuss further on such topics & get an advantage, webinars have been organised to make it more interesting & with this, more customers, developers, media people are getting involved & sharing the suggestions as well as the notions. 99 Acres, Realty&More, Proptiger, MagicBricks, etc. have been regularly organising the webinar sessions.
- Real Estate flourishes Online: Buyers are now seeking the property online and shortlisting the properties depending on their demands and budget before visiting the site. People are now on all digital platforms; for example, Facebook has more than 240 million users in India who obtain it through phones. (Source- Zricks) A digital market is a powerful tool, especially during the current scenario. This is the time when social media analytics tools should be appropriated to understand consumers and create targeted campaigns. The stage is set for real estate players to take advantage of online marketing and the actual aspect of the same is that they can retain their consumers by realigning priorities from revenue-generation to creating value for consumers.
- NRI’s investment a boon: While the world order has been plagued by the pandemic and the global economy has been swayed; it is times like these that determine the smart investors from the others and for the NRIs, opportunities back home are lucrative with the fall of the Indian rupee. Of late, NRI investors have become cautious of the stock markets as the equity markets remain to shift and this is the reason why they are betting big time on real estate.
Anarock Property Consultants Survey:
The survey observed that post the pandemic a majority of real estate buyer felt that real estate is still the best option to invest followed by fixed deposit, gold and the stock market. The real estate industry should embrace new technologies and overcome their construction cost, which will help the sector to create more demand and sell inventory at a low price.
“The security of owning a physical asset during a coronavirus-like crisis now combines with a growing reluctance to high-risk investments. As a result, the market for residential real estate has increased. Millennials are key demand drivers, their preferences now dictated by the prevailing uncertainties,” said Anuj Puri, Chairman –ANAROCK Property Consultants.
Overall, looking at the buyer sentiments in the market, the real estate developers must be swift in adapting to new techniques, digital marketing of the properties, generating friendly payment plans & also coming up with lucrative offers to lure the customers. Well, the renowned property developers in NCR, Saya Homes, has been keeping the mind-sets of their customers & believes in with treating the customer needs on top priority as their watchword ‘Relationships Forever’. “The government should consider waiving off stamp duty on all real estate transactions, at least till the next year. Also, the infusion of liquidity in the real estate sector is essential. Even though many necessary measures were rolled out by the Reserve Bank of India (RBI), some banks are not coming forward in lending to players in the real estate sector. Therefore, the Central Government should consider drafting a credit guarantee scheme for the real estate sector, so that banks may come forward and lend” says Mr Vikas Bhasin, MD, Saya Homes in an interview with 99 Acres. When people are talking about the ready to move in properties, Saya Homes have established a reliable name in Delhi/NCR with successfully delivering the units to the homebuyers on time! Currently, they are nearing possession with Ghaziabad’s most famed & tallest project – Saya Gold Avenue where they have been continuously giving the customers great payment plans & amazing offers with assured gifts.