COVID-19 did hit the economies around the world hard and real estate in India was no different. However, the sector surprised everyone as it steadily recovered as lockdown gradually eased out in the country. In fact, off late luxury and premium segments of the real estate witnessed almost 80 – 85% recovery.
5 important positives that real estate witnessed in times of pandemic are:
NRIs Pitching For Luxury Homes
The pandemic has seen many NRIs returning to India permanently. Quite a few of them started hunting for houses in the luxury segment across the top 7 cities in the country. As per a recent survey, the IT hubs of Bengaluru (24 per cent), as well as Pune (19 per cent), emerged as the cities most preferred.
Reduced Repo Rates
Economic meltdown during pandemic made the going tough for every sector in the country and real estate was no exception. However, the Reserve Bank of India’s (RBI) monetary policy decision to slash the repo rates was a major booster as the interest rates on home loans today is the lowest which offers a wonderful opportunity to invest in property.
The government also undertook some special steps like lowering stamp duty, reducing circle rates etc. that encouraged the buyers to invest with long- term prospects.
Builders, in their bid to clear inventory, had to reduce the prices of their units as well as offer other incentives like easy instalments, etc. that make home-buying convenient even in times of pandemic.
Innovative Marketing Techniques
As people are either restricted or prefer being at their homes during the pandemic companies came out with numerous innovative marketing techniques like e-mailers, online presentations, virtual walkthroughs etc. to reach their customers which enabled them to establish a better rapport that brought in better conversions.
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