The coronavirus pandemic and the lockdown following that has surely affected almost all sectors across, and the real estate market is not too far behind. Of late, several property brokers have claimed to have seen a drop in enquiries and decline in property visits. However, as Warren Buffet said, “We simply attempt to be fearful when others are greedy and to be greedy only when others are fearful.” While there may be a plethora of deals available in the market and the scope for negotiations is also high at the moment, the question here is should you buy now and if you must, then with what precautions?
The real-estate sector is back in motion
The partial relief given to the real estate sector by the government and the order issued to allow construction resumption has surely offered some relief to stalled construction activities. Workers have started moving back to the sites in non-hotspot areas for coronavirus while following strict social distancing and safety measures. This move gains an effective foothold of any strain further on the human-economic crisis caused by COVID-19.
Now that the situation is less on the grimmer side, real estate company in india have found a way out to pitch their products to the customers at home. From enquiry to booking, the entire customer life cycle process has been moved online. The real-estate sector has introduced virtual reality and augmented reality solutions through which as customers, you can simply log in to the official website and get a bird’s-eye view of how the projects look like.
Now is the right time!
Our monetary expenses have suddenly shifted to a particular zone and our rest of the plans for life have been put on a halt for now. With this comes the opportunity when we can fulfil our aspirational needs. Considering that the stock markets are not giving suitable returns as before, it is only empirical to assure that real estate is a long term asset. Developers are staggering new project launches in high gear. The lockdown has thrown up several opportunities in terms of choices available and the scope for negotiations is also high at the moment. Be it the under-construction projects or the ready-to-move-in inventory, both continue to see a peak in interest during the ongoing period.
Things to keep in mind if you want to buy now
Real estate experts say that this is a favourable time to grab a stealing deal, however, prospective buyers need to be reasonable and show their due diligence before reaching on closing terms.
As a prospective buyer, you must evaluate every aspect of where you stand on the financial grounds. Buying a property comes with its obligations – the down payment, the EMIs, operating costs such as maintenance, insurance and property taxes. One needs to figure out all expenses without dipping into their savings. And, most importantly, have you ensured your job security after the lockdown?
As far as possible, buy property from a reputed company only with a strong track record of catering to all kinds of solutions as per the customers’ requirements and delivering successful projects. Keep your documentation strong and go precisely through the official website of the company for details on project approvals and the timelines.
Also, if you’re looking for top locations to invest, Prayagraj (formerly Allahabad), New Chandigarh, New Delhi, Ludhiana could be the ideal cities.
As alarming and troubled as the current scenario is, it is also a highly opportune time if you invest well. If you’re sure that you have enough reserves for emergencies and you have picked a trustworthy real-estate partner, it is suggestive that you must think of considering buying a property.