Real estate is indeed a secure bet for many, provided they continue to be invested for a long-term. Also, property prices are at their lowest best across most cities and with government announcing a slew of measures favouring the world, both investors and buyers hope for steady growth within the future. The Covid-19 pandemic – in more ways then one – has altered the way and if we notice the key trends, the residential sector is all set to embark on a different growth trajectory with ‘home ownership’ gaining significant preference among the new-age millennial.
As per the survey, homebuyers’ preferences during the pandemic show, a majority of participants (48%) consider real estate as the best asset class for investment in the current situation, largely due to lower risks attached, while 25% of respondents prefer stocks as high volatility in the stock market over the last couple of months has resulted in dwindling investor confidence. Adding on, 54% of respondents consider ‘now’ to be an ideal time to buy a home as they have the opportunity to not just negotiate a good deal, but also get home loans at all-time low-interest rates (7.15% – 7.8%), while 11% of respondents do not consider it to be an ideal time to buy a property as fear over job loss and the overall slump in economic activity has dwindled their confidence.
Mr Pradeep Aggarwal, Co-Founder & Chairman, Signature Global, and Chairman, ASSOCHAM National Council on Real Estate, Housing and Urban Development, said, “This indicates that the prevailing mood among prospective buyers who still repose their faith in this pandemic time to be a good real estate investment option. Affordable segment continues to remain top choice of maximum homebuyers because they can easily get the properties within their preferred amount. So as we are the pioneers of affordable housing seeking a good sale in this COVID-19 period because many buyers would have actually reduced their overall budget for property purchase and for which they will definitely move towards affordable housing segment.
