The year 2021 was thought to be a year of recovery with the confidence being restored due to the inoculation program of vaccination, rolled out by the Union Government. However, a recent upsurge in the cases of the infection has brought confusion amongst the economy. In this article, we will see if the residential market would be any good this year, during the second wave.
If last year was where everything changed, then this year may turn out to be the year where the change transcends into the “new normal”. The Indian real estate market is all set to enter a new phase of real estate growth with the implementation of a new strategy, imagination, innovation, and digital transformation this year.
This year however presents better hope as far as the residential market is concerned. A lot of factors like reduced interest rates in the home loan, reduction in stamp duty, and other discounts and deals during the due course of time have made residential housing an attractive proposition for the buyers. This push to the end-user demand has in turn given the developers room to launch new projects. The new Upcoming Projects in Mohali and the upcoming projects in Chandigarh feature the modern needs and demands of the new market requirements. Real estate experts report that after such a disappointing year, the Indian market has rallied various cities across the country in Q1 2021 with higher buyer engagements and volumes. The demand for both buying and leasing has consequently increased. The market condition seems to grow further as the GDP slowly recovers showing positive signs. For the residential sector, there has been a change in the buying preferences and trends of the buyers. The rising demand in the need for additional spaces along with amenities has cemented the demands of festive buying after the Q4 of the year 2020.
The government of India has undertaken several measures supporting the realty sector through the SWAMIH fund and RERA extensions. One of the measures enjoyed is the liquidity infusion for stressed projects. The flats in Chandigarh and the other commercial property in Chandigarh by the VRS Group cater to the modern needs of the customers. So if you are looking to invest in real estate projects in Chandigarh or any other place then you can reap the benefits of the reduced interest rates along with a consolidated reduction in the stamp duty. Homebuyers have shown an inclination towards ready-to-move-in houses and apartments plus there is a plethora of unsold inventory in the market.
Market survey shows that more than half of the majority of realty developers proposed that the buying power of the consumers had increased after the pandemic. This can account for the greater affordability due to the initiatives offered by the government, relatively lower rates of interest, deals, and discounts offered by the builders themselves. The survey shows that discount offers reaped more sales than pre covid period.
However up until recently due to the rising cases of the infection brought in by the second wave of the virus, the real estate companies have ceased to offer festive schemes and other promotions because of the current market condition. On the contrary, it was found that the buyer’s interest and demand to own their own home or apartment was even more compared to the past months. Thus developers are positive to earn more sales value than the previous months. However, the immediate condition of the market will influence the market buying behavior of buyers. A conclusive idea can only be evaluated once the pandemic is sustained and the rates of infection are minimized.
