HOW WILL THE COVID19 CRISIS AFFECT INDIA’S PROPERTY PRICES 2021?
Right now, property prices in india, the real estate market is fraught with guesses, hypotheses, and projections about the industry’s potential. Of note, this is because the Covid19 crisis has cast a pall on property prices.
Consumers remain hesitant to visit project sites because of the virus’s unending propagation, even as the lockout has been lifted. Furthermore, the state of the economy has caused them to be concerned about their work, and as a result, they are unable to make large purchases. As a result, unsold inventory has accumulated, giving rise to speculation about a drop in property prices in Navi Mumbai, India.
However, such assumptions may simply remain assumptions in the end! Here are three reasons:
– Balanced Demand-Supply Ratio
The ratio of demand to availability of properties in the industry has a direct impact on property prices. Although analysts expect that revenues will fall in the next three months, they also believe that prices will remain stable. The primary cause for this may be a shortage of project releases, which would mitigate the decline in production and thereby sustain the demand-supply ratio.
– Tax Waivers On Unsold Inventory
The bulk of building materials in India are imported from China. Because of the current situation, material imports have been absolutely halted over the last few weeks. The government may provide tax breaks on unsold inventory to developers as an indirect relief.
– Low Home Loan Interest Rates
To stimulate the economy, the RBI recently reduced the repo rate to 4.4 percent. As a result, home loan interest rates are at an all-time low, ranging from 7.15 percent to 7.8 percent. This will inspire homebuyers to invest in real estate if the labor market remains steady.
Though these seem to be silver linings to the looming clouds over Navi Mumbai India real estate, only time can tell what happens next.
About the fact that real estate is at a low right now, veteran buyers will still invest in a home. Why is this so? Simply put, they understand an old adage: when it’s a tough time to sell, it’s a wonderful time to buy! They can take advantage of the present market environment by purchasing properties at low prices now, only to sell at high prices later and boost their earnings.
If you are interested in exploring an investment opportunity, Navimumbaihouses has a range of luxurious apartments in Navi Mumbai for sale. You should look at our website and learn more about our ventures and resale properties and Visit – https://navimumbaihouses.com/
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