As curbs start being relaxed, the Earnings in the real estate sector are expected to resume. But, it is anticipated that a large section of those buyers would shift their focus towards affordable property in Faridabad. The demand for affordable property in Faridabad was already rising slowly prior to the outbreak, but the shift is going to take place extremely fast.
The Actual estate sector plays a major role in the Indian Economy, accounting for about 7% of the GDP. Apart from this direct participation, more than 250 other industries are directly related to the real estate sector also. Without even counting these associated industries, the real estate industry itself provides employment to over 50 million people in a variety of areas of the industry. Thus, such fluctuations in the real estate sector would then cause changes in the economy as a whole.
Following an analysis of the buyers’ sentiments, it can be concluded that about 67 percent of those homebuyers who were planning to buy houses prior to the pandemic still wish to proceed. This is good news for the developers and the real estate industry as a whole because it might help the industry get back on track. However, 73% of those buyers have revealed that they’d be reducing their funding by about 10-15%. Most of the buyers are going for cheap homes today instead of the premium industry.
Buyers will proceed towards more affordable Properties in a post-COVID market, as everybody will attempt to reduce risk. Many would prefer buying houses at this juncture, as prices are affordable and there are plenty of good payment plans available. Additionally, the additional advantages of having a stable & another source of income through rental income will also drive demand in a significant way.
In sync with the tendency, major developers like BPTP, RPS, Supertech, etc. are making up new payments programs in the peripheral areas of the city, where costs are cheap.
In the past few years, the real estate sector was already going through hard times due to a recession in the business and the economy. This downturn had emerged because of numerous regulatory measures and economic reforms. Though aimed to benefit the market in the long run, these moves caused short term issues, including a recession in the economy. The actual estate developers faced a liquidity crisis that led to all their ongoing projects.
As a result of the economic slowdown which triggered a fall in the purchasing power of their buyers, more and more buyers were starting to go for affordable properties in Faridabad. Now, with all the lockdown, affordable properties are getting to be a more popular option. In Post COVID, a large workforce will work at home. Hence, they’d need larger spaces, wherein they can get the job done peacefully. Hence from the center of towns, buyers will move To peripheral areas, where large houses are offered at economical prices It Can also be observed that more buyers today prefer to purchase ready to move houses Even Though the buys might be delayed by a few months, the earnings are predicted to grow again.
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