The pandemic has impacted growth across all the sectors, and real estate is no exception. As it is rightly said that there is always a sign of recovery amidst every crisis, and the ongoing Covid-19 scenario looks no different.
According to recent research by ANAROCK, the housing sales in the top seven cities (NCR, MMR, Bangalore, Chennai, Pune, Hyderabad, and Kolkata) increased by 29% and new launches by 51% during Q1 2021 against the corresponding period in 2020.
Real estate’s popularity as an investment asset class has increased significantly post Covid.
Commercial & social infrastructure
People are more inclined towards leisure and entertainment than ever before. They prefer homes that are in close proximity to business, commercial, and social infrastructure. It helps them reduce travel time too after a hectic day at work and spend some quality time enjoying leisure activities that help them rejuvenate.
Choosing a central location, with the availability of public transport is a must that people should look for while buying a home. This helps them reduce the travel time and reach their desired destinations sooner.
Opting for the right developer
It is crucial to understand a developer’s track record and financial credibility precisely before investing in a project. Though RERA has made real estate transactions safer, it is still better to opt for renowned developers in the locality.
We should also ensure that the shortlisted projects are RERA-approved and listed on the relevant RERA website. Opting for a trustworthy name plays an important role, as these companies handover the projects on/before time, along with better amenities.
Read & understand the financial schemes
Being a homebuyer, need to be aware of the subvention schemes/ various discounts or offers provided by the developing entities in association with banks and financial institutions. Ensure to take legal advice while deciding on the property to check if the property is not entangled in any legal disputes and has all the necessary clearances.
In the case of subvention schemes, it is advised that the homebuyer should fully understand the details of an offer and then take any decision. Read through the buyer-seller agreement thoroughly and seek expert legal or financial advice before moving ahead to get better clarity of the entire procedure.
Safety comes first
A new home should ensure maximum safety & security for the family. It is very important to do a complete check on the safety measures of the project before deciding to move ahead. One should do a detailed recce of the technology used, ranging from the provision of CCTV cameras, video door phones, and any other security features that help build a secure environment for the residents.
Government initiatives
First-time homebuyers should look for government schemes & offers when they plan to buy/invest in a property. It is currently the best time to buy/invest in a property as the government, both state and central, have provided various incentives to encourage the homebuyers.