Perhaps the most important high point of 2021 for the Indian residential real estate market was that the real estate business did not come to a standstill despite the second wave of the pandemic, and shown resilience to come back from the lows of the uncertainty.
Lured by peace and private jetties, the wealthy are swooping in for villas in Assagao, Siolim, Nachinola and other parts of the state. Over the last two years, Goa’s languid charms have burst upon India’s high net worth individuals (HNIs), who are now swooping in for luxury homes.
Close to four years after the Goa Real Estate (Regulation and Development) Act was formulated and notified, the Goa RERA has finally framed norms to return the registration fee paid by an agent or builder.
HDFC Chairman Deepak Parekh Friday said the housing and real estate sector is “heading into the best of times” with a lot of “optimism in the air”. “In over 50 years of my work life, I have not seen housing affordability better than where it is today in India. I have not seen such easy liquidity conditions and interest rates at such record low levels,” Parekh said
COVID pandemic came in as a boon in disguise for the high-end luxury segment in the real estate sector in Goa, the mid and lower segments of the sector, however, continue to struggle. According to the realtors the effective cost for an ordinary buyer has gone up and their woes have increased dramatically.
One of the major reasons for the increased demand in the luxury and affordable segments can be attributed to the changing need and mindset of the people. The pandemic and the uncertainty that it caused has resulted in an increasing desire among people to own a house of their own.
Around 51 percent of urban Indians think that the festival season, which typically runs from October to November, is a good time to invest in real estate, a survey has found, as developers ready offers to lure consumers. Men are most likely than women to say they will invest in property, the survey found.
With the COVID-19 pandemic appearing to have created several resets in real estate and the wider acceptance of work from anywhere, the demand for second homes has gone up.As many as 70 percent respondents want to invest in a second home priced at Rs 2 crore or less within two years, a survey by Savills India, amongst prospective homebuyers, has said.
With the festive season ahead, banks across India have started giving offers and providing concessions. One such phenomenon that has been going around recently is interest rates of home loans that find themselves at an all-time low across the country. One such recent entrant into the list of financial entities to slash their rates was Kotak Mahindra Bank.
Buying a home in the favoured tourist destination Goa was once an aspiration for India’s elite. Since the onset of the pandemic, it is emerging as a need for a second home away from overcrowded cities. Remote workers who are able to log in from anywhere are increasingly snapping up homes in Goa, sending second home purchases skyrocketing since last year.
