By Rohit Kothare on May 28, 2020 5:20:33 PM
Real Estate residential home buying and selling must have hampered many deals due to the lockdown caused by this Pandemic, but that doesn’t mean this will last long. Real estate companies have found new ways to ease the buying process. Also, the RBI has announced better schemes.
You can select a bank of your choice based on the interest rates offered. While most buyers and sellers are confused about deciding what to do next, take a look below to develop a perfect conclusion.
Real Estate Scenario During The Pandemic
Real Estate Industry had to adapt like never before since the outbreak of COVID-19. Instead of taking the risk of stepping out and offering site visits, most of the real estate companies and brokers are helping prospective home buyers with virtual tours. And surely they will have to face a tough time in face-to-face property discussions for at least the next few quarters.
In the short term, the prices might fall to a certain extent, but soon with time, the prices will be settled by observing an increase in the rates. Soon after the COVID’19 situation normalizes, there will be a boom in the Real Estate market of India. Regular transactions will start taking place in the real estate market stabilizing a perfect exchange among the real estate buyers and sellers. Unsold inventory is likely to remain stable.
Amidst the Pandemic, there is a severe dip in the consumer sentiments not only because of the delay in construction and decline in demands but also because of the unstable economic conditions.
To help curb this RBI has come up with a substantial decrease in repo rate by forty basis points by bringing it down to 4% to meet the current needs of the economy caused because of the Corona Virus crisis.
Should I Buy A Home Now?
Due to the Pandemic, there would be a substantial decrease in the new launches of residential real estate projects. Only well-funded projects will cause delays to launch new properties for a few months, while others might take a few years to get back to the market. Thus there will remain a demand only for those finished flats which are ready to invest. Pune has about 86,792 unsold inventory according to 31st March data. There is an adverse increase in demand for these unsold flats.
If you have a secured job or a stable business and the COVID’19 Pandemic didn’t affect you much, there shouldn’t be any reason for you to step back and hold your property buying decision. Due to a good supply of ready-to-move flats, buyers now have multiple options to choose their dream home in the same vicinity with properties of the different price ranges.
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Should I Sell My Home Now?
If the prices of your flats are priced according to the current market rates, there is no harm in selling your residential property. You can always keep the flat open for sale in the market instead of closing the selling options. Most of the buyers feel safe to invest in the ready-to-move-in flats instead of investing in the under-construction properties.
Most of the important steps of home registration can be done online. Stamp duty, registration charges and TDS can be paid via government websites. So there is no need to step outside and risk your safety. (Even with this amount of ease, it is advisable to hire a lawyer).
The Bottom Line
Real estate is taking a wide shift from the regular brick and mortar meetings highly reliable on digital technology. To avoid social distancing and all the risk currently, we need to adapt digital completely.