The pandemic initially caused a crash in the real estate market in India, the industry has made a speedy recovery. Today, the sector is gaining upward momentum and more and more development projects are in the works around the country. Real estate development companies have reinvented themselves in accordance with the new normal post the pandemic and the COVID crisis.
A strong emphasis on innovativeness, credibility, and financial strength across the industry is fuelling the rapid growth of the sector. The government also has taken various steps to provide support to the real estate industry and this is showing results. The industry is emerging stronger and is adapting to the new normal that emerged as a result of the pandemic.
The pandemic drove home the importance of social distancing and an overall sense of social anxiety among the general populace. However, it also brought along with it the desire to own their own homes in the minds of many Indians. This has subsequently led to a rise in the number of new home buyers looking to own their own homes.
Home buyers today have a preference for high-end, luxury properties that are being developed by trusted real estate development companies. Real estate builders also recognise the new normal and are now planning projects that are in keeping with current restrictions. Acknowledgement by the builders of the new normal in terms of social distancing, etc., are an added incentive for investors.
There has been a reduction in home loan interest rates and rates as low at 6.70% are also being offered. Additional stimulus packages announced by the government will also greatly aid in the strong revival of the real estate sector. Lower prices and lower income rates make this the best time to invest in residential real estate in the country.
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