Buying a new home, as it is believed, is one of the most important financial investments that we make in our entire lifetime. A huge sum of money is involved in this investment which makes it essential to take a decision after a thorough examination. Hence, during a pandemic, leading to the downfall of a country’s economy, investing in a new residential project can be confusing.
This is the exact problem the homebuyers are facing currently owing to the outbreak of COVID-19. To buy or not to buy a new home has become one of the biggest dilemmas in today’s time. Hence, without any further contemplation, let us examine the current situation thoroughly, thereby making it crystal clear to you whether it is wise to buy a new home now, in the shadow of COVID-19.
Hence, let us go through a few factors to determine the current situation, thereby enabling you to make wise use of your hard-earned money. Time to answer all your questions, thereby unblocking your mind.
While some homebuyers will step back from investing in a new home owing to ‘supposedly’ bad condition of Indian realty sector, it is time to look at the brighter side. While to a certain extent it is true that ongoing projects have taken a minor setback in terms of progressing, we have found a silver lining in this cloud.
To relieve the Indian real estate from such minor conditions, the Indian Government has taken a major initiative. They have extended the registration and completion dates of all registered projects expiring on or after March 25, 2020, by six months.
Furthermore, the Reserve Bank of India has taken the step to deduct the repo rate by 40 basis points to 4%, thereby giving rise to the lowest home loan interest and EMI for the first time ever in the history of Indian real estate sector.
Surprisingly, in spite of such setbacks, it seems like the real estate in India is working in the favour of the homebuyers, thereby giving them the golden opportunity to unlock their dream home. ‘Home Sweet Home’-is something we are understanding more now as it is the only place that can provide us with a safe and secure life, away from the uncertainties associated with rented properties and the landlords.
With RBI slashing the repo rate, homebuyers can now avail their dream homes within their budget with ease. Also, homebuyers should seize this opportunity as the current home loan rates will allow the property buyers to save a chunk of money. This amount they can use as an asset for another investment purpose. For example, if you intend to invest in a luxury apartment in Kolkata, it is ideally the best time to invest in one as you’ll be entitled to pay a lower rate of interest. You can use the saving amount to renovate the house or modify your new home, thereby living in your dream home within your budget.
Real estate developers are also taking initiatives to help homebuyers own their dream home by giving offers and discounts on their projects. For example, top real estate developers in Kolkata are providing incredible offers on their projects which include factors like lower GST rate, Price Protection Policy, a lower token amount for booking an apartment, etc.
Hence, buying a new home amidst Covid-19 is both essential and profitable. The perfect blend of attractive offers and steps taken by the RBI and the Government, grab your chance to live in your new home within your budget.