Indian Real Estate – Emerging Stronger with the new normal
- Some of the credible players in India’s real Estate has reinvented itself so as to grasp , plan and implement innovative ways to remain ahead during this pandemic challenge. Strong emphasis on building credibility, financial strength, generating demand and fresh perspective has fueled the expansion of the Indian land sector. Along side the government’s support and meticulous planning, the Indian land sector is about to ascertain an uptake within the coming months. Here is why the Indian Housing Sector continues to emerge stronger as we move ahead: 1. Sustained sales growth signal recovery– Post-June 2020, enquires for residential sales have steadily improved and are rebounding to pre-COVID-19 levels. There has been an increased demand from Non-Resident Indians (NRIs) in addition to end users who are the key buyers. The work-from-home culture has made homebuyers who live in rented accommodation realize the importance of getting their own homes. Therefore, the important estate developers are cautiously optimistic about the recovery and hoping the world to be back within the right direction.
- Trusted developers preferred by homebuyers: Prospective homebuyers have bestowed their trust in land brands that showcase transparent and ethical dealings. The arrival of RERA is bringing about business transparency also as significantly reducing the amount of consumer complaints across the state . One must not get lured by lucrative deals alone, offered by the developers during these challenging times, instead, they need to assess the pros and cons and choose a more trusted name within the market. The NRI class has also communicated an excellent sense of interest in Indian land with trusted developers across different markets.
- Low home equity credit interest rates: The reduction in interest rates has paved the way for prospective homebuyers to take a position in properties of their choice. Certain banks are offering minimum interest rates as low as 6.70%.
- The recently announced stimulus package suggests by minister of
finance Nirmala Sitharaman will act as a backbone within the revival of the
important estate sector. The impetus will provide demand booster for
residential land and tax relief to the developers also as homebuyers. Under
Section 43CA, Income tax relief will be provided to 20% of the differential
between circle rate and agreement value increased from 10% for the period
from the date of the announcement to 30th June 2021. This will apply to the
primary sale of residential units of value up to Rs 2 crore
An additional outlay of Rs 18,000 crore under PM Awaas Yojana (Urban) for
FY21 will help within the construction of 12 lakhs houses and completion of
18 lakhs houses.
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