Would Buying A New House Amid The COVID-19 Pandemic Prove To Be A Good Decision?
- Check with seller
- Published date: November 16, 2021
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- Mumbai, Maharashtra, India
India’s real estate sector especially on the Mumbai side might have suffered a minor setback during the COVID-19 pandemic but now it has been seen that housing demand in the country is reviving. So, buying residential property for sale on SV road may not be a bad decision.
In India, the real estate industry is considered to be one of the main pillars of the economy and it’s the second-highest employment generator in the country after agriculture. Besides this COVID-19 pandemic has also changed people’s perception of home ownership significantly. They have come to know that living in an owned house is much safer and secure than the uncertainty faced in a rented home. And looking at the current situation government have also introduced a lot of reforms and incentives for home buyers to promote housing. So now if you are in a dilemma of whether to invest or not to invest in residential property for sale on SV road under the present conditions, here we mentioned some of the things for you to consider that might help you make a decision.
Home loan interest rates at record low
Currently, the Reserve Bank of India (RBI) has reduced the repo rate to a lower level to ensure that home loans are less expensive for home buyers. At present, the repo rate stands somewhere between 4 to 7 per cent. which is one of the lowest ever. So from this perspective aspiring home buyers should not try to let go of these record-low rates, if they are looking to buy residential property for sale on SV road and have the necessary margin of money. However, before applying for a home loan you might need to check your credit score. Because the lowest home loan rates are offered only to those applicants with credit scores over 750-800.
Property available at reasonable prices
Another good reason to buy residential property for sale on SV road in the current situation is that the housing units are easily available at reasonable prices.
In fact, it is probably the best of times for investors or end-users to opt for a property because prices are as low as they are going to get and most developers are willing to negotiate further. You also have a wide selection of options to choose from in almost all locations and budget bandwidths and can buy ready-to-move-in properties at prices that were previously seen only in under-construction projects.
Possibility of a price rise in the future
There may be a slowdown in the construction sector in the COVID-19 pandemic, but it can be assumed that no new supply will enter the market for some time. It might take a few months for the market to revive and the supply to pick up the pace. As demand outweighs supply, the ensuing quarters might witness an upward shift in terms of property prices. This means that if you invest in apartments on SV Road now, you might reap the benefits of appreciation in the near future.
As you have read the above article, you have come to know that it’s surely an ideal time for you to buy or invest in property. An investment property can also help you generate steady rental income. In addition, if seen the pandemic has provided you enough time to research the areas where you want to move or what’s the average selling prices for the type of home you are interested in purchasing. So now if you are planning to buy a smart 2 BHK apartment on SV road or looking for a smart 1 BHK apartment on SV road visit www.chandakgroup.com. They will offer you some of the best property deals in your budget.
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