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After every dark night comes the light at dawn; the lockdowns induced by the COVID-19 pandemic impacted the economy in general and real estate in particular. The ‘mission unlock’ has seen a revival; measures by stakeholders have been positive. Real estate is sentiment driven and the festive season fuels the sharp demand and translating into the bumper sales. Recent reports, including the FICCI-ANAROCK report, aptly titled ‘Indian Housing Sector: Disrupted, Transformed & Recovering’, reflect the renewed recovery.
The pandemic life has underlined the enormous significance of owning the property on merits of stability, safety and security. In order to accommodate the new normal norms of work, study and wellness from home, the demand needle has entered an optimistic zone. The old age adage of ‘Roti, Kapda aur Makaan’ stood testimony to the challenging times where in housing has been acknowledged as a crucial necessity. This has prompted the first time home buyers to shift from rental accommodation or already a home owner to upgrade its lifestyle adhering to the new normal mandate. The concept of township living has augmented in the backdrop of convenience, comfort and community living being offered all at one stop destination- the 3 major factors contributing for home sales this festive season. In order to leverage the conducive market conditions, branded developers with proven track record who are ready to move in properties enjoy the cutting edge position. This festive reason is complemented with reduced stamp duty, lowered risk weightage by RBI, historic low interest rates, deal sweeteners by the developers, flexi payment schemes by the lending institutions making it an apt time to buy. Thus, festive season is the ideal time to gain the sales momentum especially after economic activities have regained post pandemic disruption and home buyers should take advantage of the situation which is ‘advantage buyer’ – and buy their home in this festive season.
