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.
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.
After one of the most tumultuous years in modern history due to the COVID-19 pandemic, homebuyers are on the lookout for larger, greener properties. They are also moving towards suburbs, secondary cities and vacation destinations world over. Vaccines against the virus will bring urban centres back to life and high street life is slowly coming back.
Your first home is where you live full-time—it is not an investment that you would earn from in the short term. With the Indian middle class and upper-middle class making more than ever before, second homes have continued to be a rage even during the pandemic. In many ways, the pandemic has pushed people to invest in a second home away from the city’s concrete jungle.
Today, the second wave of coronavirus has imbued uncertainty in the sector resulting in a temporary pause, but developers are now better prepared and well-versed with the know-hows of a pandemic. India’s resilient and burgeoning real estate segment has always remained an investor’s favourite, and one of the most sought-after realty markets globally.
Buying a resale property appears much simpler than buying an under-construction unit. However, there are some crucial checks and documents requirements before you enter into a legal contract. Every property transaction involves two key components – one is the physical verification of a property and the second is its legal due diligence.
It seems the demand for housing is back to pre-Covid levels. A number of government initiatives, including stamp duty cuts, seem to have helped. Do you think this demand can be sustained? It has been my view for a very long time that this is really one of the best times to buy a house for a variety of reasons.
Owning a luxury holiday home in places like Goa is an increasing trend for buyers who look at it as a luxury living and also as a good investment option with better rental yields. Effects of the COVID-19 pandemic are abundantly visible across the various sectors of the global economy. India too witnessed a subjugation of macro indicators, that were once believed to be the fastest, and no sector was spared from the deluge of pandemic aftermath.
Over the last few months, enquiries for larger homes have increased up to 40% with property seekers predominantly scouting for 3-bedroom apartments with average 1,800 sq ft built-up area as against the previously-preferred 2-bedroom units, showed data from ANAROCK Property Consultants. The emergence and acceptance of the Work from Home model in the backdrop of the ongoing Covid-19 pandemic has led to increased demand for relatively larger homes. The new demand pattern is driven by homebuyers’ need to accommodate space for remote working.