COVID-19 has changed our way of living, and this epidemic is influencing our life adversely. We have adopted many changes in our #NewNormal lifestyle and altered our work, home, and social life to prevent this virus. As we look at the real estate industry, it is reinventing itself to identify, understand, strategize, and implement innovative methods to meet emerging multifaceted demands.
In the wake of COVID-19, people have realized that it is better to own an apartment to deal with the uncertainties of living in rented accommodation. They also understood the importance of having real estate investment; because a stable return is a more reliable option than to invest in a highly unpredictable stock market with huge risks. According to a survey report by Anarock, 48% of people chose real estate as their preferred investment asset class, in which 59% of people are end-buyers. This survey also indicates that homeownership is now a compelling priority for millennials facing obscurity.
The idea of owning a home is on a distinct rise. There is a global impact of coronavirus; however, real estate portals are ready to face the challenges of Covid-19. The growth is moderate in the short run, but property buying is still lucrative and promising in the long run. Here, we explain two significant reasons that are beneficial for property investment during the COVID-19 epidemic.
Lowest Interest Rate
Several property buyers also admit that buying a property during Covid-19 is a wise decision as this is the best time to invest in Real Estate. The main reason for this decision is the most affordable home loan. Home loan interest rates had reached below 2008-09 levels when RBI announced a cut in the repo rate. Currently, the repo rate is 4.4%, the lowest ever, and the home loan interest rate is average between 7.15% to 7.8%.
Get a Chance to Bargain
Due to Covid-19, many industries are facing a financial crunch. Developers and property agents are ready to sell the property at the lowest price to generate the cash flow. They eagerly want to clear the inventories to increase liquidity. Some developers are also luring customers with fascinating deals like Book Now Pay Later, Refundable Booking Amount, Mission Azaadi, Login NahiWalkinKaro, and many more. Therefore, it is the right time to negotiate with the builder or a channel partner if you have already chosen the property.
Every pandemic brings challenges and opportunities both. COVID-19 has converted millennials into fervent homebuyers who were always giving preferences to rented things. In this unpredictable time of unusual job insecurity, rent is over-burdening; so, acquiring a home has become a priority for a tech-savvy generation.
During this global pandemic, most of the buyers preferred affordable homes and ready-to-move property. Therefore, this is the perfect time to grab the deal and get your dream home at the lowest interest rate home loan and the most reasonable price. But before finalizing the property, the buyer should cross-check the locality, amenities, neighborhood, features, specification, and other charges of the project.
Grab this best-ever opportunity to fulfill your dream of owning a home at the best location and the best price with India’s largest real estate service company Investors Clinic.