Covid Second Wave Could not Dent Residential Real Estate

COVID-19 disrupted and disgruntled the functioning of multiple industries, every business was subjected to the challenge of evolution as per the changing social scenarios. The worst impacted industries were those involved in discretionary sales, as pandemic made each individual introspect and contemplate upon his future assets, savings, risks involved and security of investment. Amid this caution, real estate registered the most positive response among end-users and investors. The sheer value of building an asset was realized by a significant percentage of population. The Unlock last year combined with festive offers pushed the pent-up demand and fence –sitters came forward to invest in realty. 

 

The value of home-ownership has only strengthened more from last year, despite the challenges second wave has initiated; enquiries for realty continue to rise. This is also due to the fact that real estate developers have evolved their marketing strategies, customers are comfortable putting their money in projects associated with seasoned developers.  Concurring the same sentiment even amid the second wave scenario, Mr. Pradeep Aggarwal, Founder and Chairman, Signature Global Group and chairman – ASSOCHAM National Council on Real Estate, Housing and Urban Development says, “The good news is that the second wave has solidified people’s resolve to seek real estate assets. People are particular about the size of units and the health amenities provided in residential projects. People are turning to real estate for long-term financial security, which bodes well for the sales season”.  

 

All of this continued momentum coupled with historic low home loan interest rates are indicative of resurgence in home sales close to pre-Covid levels. Affordable homes are definitely the most preferred choices for people looking to shift from their rented spaces, as it not only fits their budget but also offer decent share of amenities. These amenities are planned so as to upgrade the lifestyle of residents and at the same time position their homes as an investment proposition that will continue to offer long term returns. Thus, affordable homes in metro cities like New Gurugram, Noida and Gr. Noida emerge as the ideal choices to invest during the current times, due to the potential of positive future aspects promised. 

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