Real estate in India has witnessed multiple ups and downs over the past few years; however, the pandemic has injected the much-needed change in the real estate industry, which it was craving for. The reason being- COVID-19 prevented people from visiting sites physically, the regular flow of money altered, the paperwork couldn’t be finalized in person and all in all, it came as a blow to the whole sector.
But at the same time, it also provided an amazing opportunity for real estate developers to innovate and break the chain of monotony. Thankfully some experiments have worked, and the sector is back on its feet and soon will be up and running faster than ever before.
As these innovations occupy their respective places, the real estate sector will emerge from the distress of survival to recovery soon, and hopefully will move towards a profitable path in time to follow.
Initially, the buyers/consumers were unsure of finalizing property deals as they waited for the right opportunity. While some were delaying others were just waiting for the moment to pass completely. However, digital solutions and the opening of the market has paved a path, and now the time is ripe enough to reap the benefits.
Why is it the best time to invest in real estate in India? Know all the reasons here:
The Advancement Of Technology In Real Estate
The real estate sector primarily faced multiple challenges in the form of construction delays, stalled projects, liquidity crunch, etc. mainly due to nationwide lockdown but now it is gradually changing its gear and steering towards normalcy by leveraging digital innovations that have never been seen before in this field.
Property-tech solutions like VR view of the property, digital paperwork, blockchain, video calling, and digital transactions, playing a vital role in the areas of facility management, but the paradigm shift is happening in the Marketing and Sales domains.
Today the use of AI/ML, digital marketing, and architecture software has taken over the traditional approaches completely and soon will dissolve the old ways for a better and efficient tomorrow.
For E.g.: A customer clicks on an advertisement shown in his/her social media feed- Lands on the landing page of the project or website of the project – fills the form and gets the brochure in the mail/message – the sales representative arranges a video call – the team sends a video of the 3d rendered project with all the details – customer experiences the project on his/her screen – the financial representative explains the finances – customer transfers the money via online medium – the project team sends the paperwork online – customer signs it – done. (In the next few months the paperwork can be signed in person)
The Festive Season Deals
Everybody knows that the festive season is the right time for investing in a property. Real estate developers and financial institutions offer great deals and discounts, and even the government supports this time with numerous tax waivers.
Initially, realty developers faced inconsistent sales leading to large inventory pile-ups, diminishing cash flows, and cost overruns. Now (after quarantine) these developers are eager to sell the inventory and are rolling out innovative deals and offer to customers. From direct discount to GST waiver, from branded fittings to gold coins, from fewer interest rates to refundable amounts, these attractive price propositions are too big to be ignored.
The government has also triggered positive customer sentiment by reducing stamp duty and tax charges in many states like Madhya Pradesh, Maharashtra, etc. The actual home cost, loan interest rates, and taxes by the government are at the lowest ever levels today.
Earlier generations used their life savings to buy a home but now the third party support enables and helps a customer to own their dream home even before they turn 40. And with developers offering a plethora of attractive propositions nowadays, the dream of owning a home might even be realized before 30.
While COVID-19 has closed the doors of businesses and pushed the businesses to work from home, it also made them realize that they might never require large physical spaces anymore to operate in the post-COVID world.
Due to social distancing, most employees may continue to work remotely, and businesses will continue to operate with a minimum in-person workforce only. Hence, the need for home offices and personal homes will rise dramatically in the coming years as people will work and stay at home most times for safety and sheer comfort. So, any investment in the coming future in residential or commercial real estate will reap good benefits and give good returns on investment.
The combination of all these factors clearly shows that positive consumer sentiment is coming back in the current reality market. With the use of new technologies by real estate developers and aggregators, the sector is only going to become convenient and lucrative for future customers.
So, why wait for the right opportunity when your timing is just perfect for investing in the realty space?
In case, If you are looking for investment-worthy homes in Kharadi, Pune, then do not look further than Zen Estate by Mahalaxmi Group. This is a residential complex of the year 2020 and also a winner of the “Best Project In Kharadi” award. Come to Zen Estate for the premium riverside 2 & 3 BHK flats in Kharadi and get a peaceful life forever.