Housing market over the festive season in 2021-22
Banks and developers are counting on the festive season of 2021 to act as a stimulus for the construction industry. We look at whether the expectations are likely to be fulfilled.
What can the real estate industry and house purchasers anticipate from the highly anticipated holiday season of 2021?
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- What can the real estate industry and house purchasers anticipate from the highly anticipated holiday season of 2021?
On October 7, the opening day of the nine-day Navratri festival, which is believed to be very auspicious for fresh beginnings, India’s residential real estate industry started the holiday season of 2021.
Because it is considered fortunate for house purchase, the festival season has traditionally seen the biggest sales in the real estate market. Purchasing a property around the holidays is said to bring good fortune and affluence. This is why individuals wait till this time of year to invest in real estate.
Should you buy a home in 2021 during the holiday season?
After the COVID-19 epidemic, states modified circle rates and stamp duty rates to reduce the cost on purchasers, while the center has prolonged the timeframes of its government-sponsored programmed to incentivize property purchases. The banking sector, for its part, has made property investment more accessible by lowering mortgage rates to a 10-year low.
Despite the stressed condition of their financial problems in general, builders have planned to give massive discounts to home purchasers in order to entice them and make the most of the festive season in 2021.
These rulings are expected to boost consumer confidence in India’s real estate sector, which is the country’s second-largest employer after agriculture.
During the festive season of 2021, what types of projects would purchasers prefer?
Following a year and a half of forced constraint and unpredictability as a result of the Coronavirus epidemic, house buyers in India may be ready to invest in property, buoyed by a recent economic rebound. Those who were compelled to live in small homes in big cities may now be interested in investing in large villas on the outskirts of cities, while those who were stuck in leased lodgings during the lockdown may be interested in owning a property.
With people being confined to their houses for lengthy periods of time in the new normal, the demand for homes with ultra-modern amenities will certainly skyrocket over the holiday season. His company has designed low-rise condominium units for property purchasers to capitalise on the festive atmosphere and increase sales.
Buyers want their own vacation houses because they want social isolation, health, hygiene, safety, and comfort all under one roof. This is due to the pent-up demand created by the lockdown, the evolution of real estate as a preferred investment class, and the need for larger spaces. The Navi Mumbai Houses Web Portal was created to assist people in finding their dream homes in Navi Mumbai, Mumbai, and Thane, as well as resale luxury homes in Navi Mumbai.
Rates on home loans over the holiday season in 2021
The fact that one may presently acquire a house loan at 6.50 percent annual interest and benefit from income tax refunds on home loans of up to Rs 5 lakhs throughout the course of the loan’s repayment further adds to the market’s dynamism.
With interest rates at an all-time low and major banks striving to provide enticing interest rates, the approaching festive season will be a gala event for home loan customers.
To put it another way, the monthly EMI was Rs 50,000 up till now for a loan amount of Rs 60 lakhs with an interest rate of 8%. Today, the loan eligibility has grown to Rs 66 lakhs with an interest rate of 6.7 percent – the rate at which prominent Indian banks such as SBI, HDFC, and ICICI Bank are giving house loans, expecting that purchasers on the fence would make the choice to buy over the festive season of 2021.
Despite the fact that mid-scale builders in the nation continue to face financial difficulties, they are not afraid to make discount offers in the hopes of increasing sales. Home sales are expected to grow significantly over the three-month period between October and December 2021, according to industry forecasts. This time span includes holidays such as Diwali and festive, and is considered the greatest time to sell anything in India, whether it’s fast-moving consumer items or homes.
This is true, however, for those who are now confident in their financial future. Housing remains a faraway goal for individuals with declining earnings or unclear growth prospects, despite India’s status as the world’s most affordable housing market. Despite the general cheerful holiday feelings, the looming worry of a third wave of the Coronavirus pandemic further to their worries.
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