The Indian Economy has taken a significant hit due to the current COVID 19 Pandemic. The real industry sector in the country has also seen an impact. However, most experts are extremely bullish on the Indian Real Estate Sector now. Amid the pandemic, real estate is gradually beginning to emerge as the safest investment option.
Experts believe that this is now a good time to get realistic prices for ready to move properties. Most developers are also offering discounts on their properties to attract buyers. The end-users should take advantage of this scenario and look at buying their dream property.
The pandemic is also leading to a change in mindset. Potential buyers were preferring to rent properties as it was believed that was a better return on investment. However, the security associated with owning your own property is now gaining prominence again. This combined with a volatile security market and falling interest rates is helping revive interest in the sector again. It is believed that investment in the real estate sector offers you the best bet in terms of safety, security, and stability. Experts say that up to 75% of the loans being made available by banks flow into the real estate sector.
The sector is also seeing an increase in the use of technology. Developers and channel partners are encouraging virtual site visits making it possible to inspect properties online. Drone shoots are being done across projects to ensure customers get a good understanding of a project. Meetings and negotiations are also being done via video calls and payments are being made electronically. Developers are now looking at Augmented Realty and Virtual Realty tools to enhance the buying experience of customers.
Expectations are also high as it is expected that post the lockdown period, incentives will be announced for the real estate sector. The Government has been focused on ensuring affordable housing for all by March 2022. GST rates have already been reduced to 1% for affordable houses.
Given the above facts, the second half of 2020 should see the real estate sector in India see a significant uplift. It seems the perfect time to add this sector in your investment portfolio