How COVID 19 changes reality business in India

COVID 19 is changing economic scenarios across the globe. The Indian real estate does not remain untouched from its impact, but the measures announced by the Modi Government are likely to reboot the industry.

Impact of COVID 19 on the Indian Real Estate:

1. Affordable Homes

The extension of one year to purchase a residential unit under CLSS i.e. the Credit-Link Subsidy Scheme or affordable housing will allow a large number of middle-class buyers to own an affordable home. Hence, the Indian real estate will witness an increase in the demand for affordable housing units.

This decision is taken at the time when the Indian economy stands at merely a 2.5% growth rate in the current year. The rise in the residential property market is the impact of COVID 19 on the Indian real estate.

2. Home buying becoming easy

The property rates are at an all-time low and low home loan interest rates, along with flexi-payment plans, will give buyers a push to invest in the real estate amid COVID 19. The more crisped list of required documents, from banks, will also be a reason for the growth in demand for residential inventory.

3. More Online Real Estate Transactions  

This pandemic not only changed the way of living, but COVID 19 changed the working style of Indian real estate. The buyers will now prefer online site visits, Powerpoint presentations, and virtual tours to select the best property within their budget.

4. Demand for Environment Friendly Homes will increase

People adapted to new style of living and hence now the clients look for more than just a residential structure. The home buyers now look for a living space with clean and green surroundings. The prospects now wish to own a home that promises to offer healthy living atmosphere along with multifold security system.

5. Big Size Apartments will be in demand

After living in lockdown for more than two months, people realized the need for personal space. Hence those owning a 2BHK will look for a 3BHK, and similar goes with others who own a residential property but still don’t have a personal space. A surge in the demand for bigger sized apartments is a direct impact of COVID 19 on the real estate sector in India.

6. NRI Investors look towards Indian Real Estate

The weak Indian rupee against the US Dollar is a reason why the NRI investors will invest in the Indian real estate. This shift in property buyers can make you lose the chance to own a budget-friendly and strategically located property in the hand of an NRI investor.

This is the time to encash the opportunity to own a property as it would help you earn lifetime income.

Along with these, COVID 19 impact on the Indian real estate market has led to innovation to a new type of buying and selling. However, these are believed to an effective way to carry out real estate transactions now and in the future.