Goa, the holiday paradise on earth has lately emerged as a holiday home and realty investment destination of India. Goa has consistently been a favoured vacationer goal for both domestic just as foreign visitors. Because of the development in the travel industry, the city has likewise risen as an investment destination for individuals for second home.
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.
Senior citizens often find it challenging to buy a home. Multiple factors like a stable job, regular income, high growth potential and a greater number of years left until retirement work in young borrowers’ favour while applying for a home loan, bBut most senior citizens/retirees on a pension income meet the home loan eligibility criteria.
In a move that is likely to breathe life into the real estate sector, chief minister Pramod Sawant on Wednesday announced that the infrastructure tax levied on the construction sector would be reduced by 30% for a period of six months from April 1. Sawant also promised to bring in “major reforms” in the functioning of planning and development authorities.
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.
The revenue department has notified draft rules for the government’s property register which will assign a unique identification number to each property. All government departments will have access to the property registrar so that data about the property can be updated as and when required.
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.
The quick transition of real estate developers to digital platforms saved the day for both developers and homebuyers. The phenomenal digital home sales numbers are a glaring testament to this. The fruition of digital real estate platforms where buyers and sellers can meet, share information & keep them securely at one place and get to shop real estate products seamlessly is the next big chapter in real estate; one that will change the property sector for good and ensure continued success irrespective of the market forces.