Although India’s real estate economy was reviving after the initial COVID-19 pandemic waves, the problems caused by the new Omicron strain may have halted the progress and real estate rates and investment in India.
If the COVID situation deteriorates like during the first or second outbreaks, it will harm the real estate sector, and will it present an opportunity to the buyers looking to invest? If you’re looking for a house for sale in Gurgaon, keep reading to catch up with the recent real estate news in India.
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The Degree Of Impact Till Now
The impact of COVID-19 on the Indian real estate economy has been shocking, the pandemic has already led to loss of almost Rs 1 lakh crore since the pandemic broke out. In addition, real estate developers faced a severe liquidity crunch due to the pandemic.
To boost the real estate industry, many state governments such as Maharashtra and Delhi lowered stamp duty and Goods & Services Tax In India (GST). The banks also followed by offering home loans at an interest rate of just 6.5% per annum (lowest interest rates in a decade). Thus, many
What Makes 2022 A Perfect Time to Buy Property in India?
The demand for real estate marketing in India in the residential sector is bound to fluctuate due to a dramatic increase in the number of new Coronavirus cases.As per recent real estate news in India, the country’s share of global active Coronavirus cases was 13.08% today.
The demand for housing in India may be impacted by a shift in the banking system’s stance. In addition, the second wave of COVID-19 will hit the Indian economy by encouraging people to save rather than spend.
Pandemic’s Effect On Property Rates In Gurgaon
Property rates in Gurgaon increased by 6.7% during the first COVID-19 wave but did not change during the second. So far, the impact of the pandemic’s second wave hasn’t translated into a price change in the housing market. Due to tight profit margins, developers continue to hold off on raising prices, as they did last year.
While liquidity constraints may weaken prices over time, any impact on prices in the short term is likely and hence many experts believe that this is the best time to check a suitable house for sale in Gurgaon.
January and March are ideal for sales and dealing in real estate is a high-risk, high-reward process, and the situation is always changing. If you’re looking for a house for sale in Gurgaon, check out suitable options that you can check on Nobroker.in for free!