The Covid-19 pandemic has impacted almost every sector and industry across the world, including real estate. However, as there lie some opportunities in every crisis, the Coronavirus pandemic too looks no different, and many believe that it may be a good time to buy one’s dream home because of various reasons. So, is it so?

According to a recent survey conducted by leading builders in chennai in Nobroker.com, 65% of home buyers believe that it is the best time to buy a home as property prices have been constant for a few years, home equity credit interest rates are low and lots of builders are offering great discounts. With most professionals working from home with greater time at their disposal, they have the much-needed time to do the preliminary research.

Here a few points why now is the best time to buy a home 

Falling prices and sizes according to leading builders in chennai

This increase in affordability has been led by a couple of factors. Contracting demand thanks to skyrocketing prices led to a sluggish period of low residential sales until 2019 and developers were forced to scale back prices within the wake of rising unsold inventory.

Developers have corrected prices thanks to sluggish sales over the last two-three years. We shall see more stress for developers for a few more quarters and that we may even see them bringing down prices further. It might be within the sort of festival discounts or the results of negotiations with prospective buyers

Another factor contributing to increasing affordability is that the shrinking size of apartments. The average apartment sizes shrank by 26 per cent during 2014-2018.

This reduction in sizes has made houses cheaper. Besides this, mortgage lending rates have come down and therefore the government has announced incentives for buyers, including tax cuts and subsidies for affordable housing segment. Under the PM Awas Yojna (PMAY), households with an annual income of up to Rs 18 lakh can avail Rs 2.3 lakh upfront subsidy for a home. Buyers are also eligible for income tax exemption on housing loans.

Stagnant sales

Yet, the sales are almost stagnant for the last three years. Consumers have a bent to attend for a further discount in such a scenario. If markets sentiments remain in this manner, then further correction is that the only thanks to usher in people.

Despite the improved affordability and incentives for buyers, house reaches for several aspiring homebuyers, which makes metros an enormous opportunity for rental housing. With the govt performing on bringing in Model Tenancy Act (MTA), the rental housing is about to urge a lift in India.

The MTA provides a much-needed independent mechanism specially engineered to affect issues concerning rental premises. MTA will provide for quick remedies to both owner and tenant. It will enable the court to deal with more legal factors, which require evaluation of various issues arising out of changing environment of complex commercial transactions, government policies and new laws.

India has nearly 11.09 million urban vacant housing units of which 10 states and Union Territories contribute 78 per cent (8.64 million) to total vacancy levels according to the leading builders in Chennai

Emerging suburbs

The work from home culture will change the way we live. Moving to more spacious homes in the suburbs apartments for sale in ayapakkam would make sense because commuting will not be required.

As most urban homes today do not come with space meant for a home office or study, bigger home in the suburbs could be the answer. Most people settled for small houses close to the office. If they work from home, people will move away from city centres to suburbs, which are more spaced out.

 Gp homes new projects are coming up at competitive prices. Even their land for sale in omr have a good return to them.