Real estate experts say that this might be because there are some good deals available within the market and therefore the scope for negotiations is high. Having said that, prospective buyers got to take care and not rush into finalizing deals albeit the deal is attractive before having done their due diligence and ensuring that the important estate developer has delivered projects within the past. they assert that while COVID-19 may present several opportunities in terms of choices available, it’s going to not be an honest time to require risks at this juncture.
Global property consultant CBRE launched a digital platform in India in the week for a listing of economic properties in these times. While one home-grown property brokerage claimed it had sold properties worth Rs 252 crore since the lockdown through digital transactions, another firm said that it had “sold properties worth Rs 400 crore during the lockdown period within March”.
A report said that consumer searches had witnessed a 5.3 percent growth during the primary quarter of 2020 which there was strong demand for little size and ready-to-move-in units.
Things to Consider to Get the Benefit
1. High inventory within the Market
2. Maximum option for Negotiation
3. Low rate of interest
Prospective homebuyers should introspect and ask themselves why they need to shop for a property now. they might start with simple questions like if they’re getting to stock order to upgrade their present accommodation or trying to find financial security because the stock markets aren’t giving high returns as before and that they have an assurance that land may be a future asset.
The second question to ask is whether or not you’re during a position to service the financial obligations that accompany buying property – the deposit, the EMIs, operating costs like maintenance and insurance, and property taxes – without dipping into your savings. And, most significantly, are you sure of your job after COVID-19? Things could also be relatively better if you’re a double income household.
While new project launches are being staggered by the developers, the available ready-to-move-in inventory continues to ascertain interest during the continued lockdown period.
Another question to ask yourself is to try to to with the expectations on returns on the property that you simply intend purchasing. If one were to seem at NIFTY returns over a 10-year-period, it had delivered about 74 percent that works bent about 5.7 CAGR.
Homebuyers should also calculate the interest and therefore the tax benefits they might get, especially if they’re first-time homebuyers and have plans to take a position in a reasonable housing product.
The current market does offer several opportunistic deals. A buyer may have zeroed on a property being offered at an over 20 percent discount because the vendor could also be under deep stress.
Just because something is being sold for a song doesn’t mean that you simply rush to sign the deal especially within the secondary market. If there are title issues, other claimants, obligations pending on the parties, you’re stuck and this is often not the time. While this is often an honest time to seem for opportunities, it’s not an honest time to require risks.