In the wake of a tumultuous pandemic every industry has been hit hard, including the real estate sector. But industry experts are of the opinion that unstable stock markets and underperforming mutual funds have nudged investors to look out for a more secure asset class to invest their funds where they can receive positive returns.
Since disruption has configured the new normal, great strides are being taken by realty sector players to capitalize on this through advanced and innovative methods. Virtual home tours, automation in the housing sector and penetration of artificial intelligence have given substantial ground for smarter advancements. Multiple tempting offers, discounts and affordable home loan rates are also inducing potential homebuyers to step into the property market.
Additionally, offers on the properties from multiple builders have made their possession more lucrative to the end-users. This holds especially true for the market growth in selected places like flats in Noida extension. Despite the apprehensions of consumers due to unsteady market sentiment, a large percentage of them are coming forward to seek the best offers.
Also a dramatic shift in trends, for instance owning a house in the township has become extremely crucial. Consumer preferences have deferred the “traditional” real estate structure and switched to modern complexes that offer various add-on benefits like spacious ambience, work benefits and different mediums of entertainment in and around the vicinity. Subsequently, real estate developers, like builders in Noida, are also meeting this emerging trend by addressing these new-found advanced demands.
Home seekers are not shying away from investing in far-flung properties since the work-from-home model is popularized as a norm now. Projects in Noida extension have seen a shift in purchasing patterns as potential home-owners are pursuing better alternatives irrespective of the distance from their office spaces.
Contribution by the Indian Government to grant Credit Linked Subsidy Scheme (CLSS) in the realty sector has been advantageous for end-users, especially first-time home owners. Up to Rs. 2.7 Lakh interest subsidy is granted to people that fall into the category of Economically Weaker Section (EWS), Lower Income Group (LIG), and Middle-Income Group (MIG). The Government had positively offered to extend the interest subsidy to the eligible people till March 2021, which has proven to be a boon for the sector amidst the Coronavirus crisis.
The spurt in home-ownership as opposed to renting out property is also the current preference in the real-estate consumer segment. Ease of EMIs and relaxed payment structure has contributed to this to a large extent.