Impact of COVID19 – Home Buying Emerges as the Safest Investment Option

As the dreadful year of 2020 came to an end, people are still suffering from the aftermaths of the Covid-19 pandemic. 2021 saw a more brutal variant of the virus which brought an unusual halt in people’s lives. A situation which experts thought of improving turned the opposite way and started destroying things. The Indian economy along with the world economy slumped drastically during the lockdown phase. The major thing which came out to be a necessity was the requirement of having a home. 

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As the value of a house appreciates over time, everyone began to see it as the most secure investment opportunity during tough times. The pandemic has made people realize the importance of having a roof over your head. The impact of this catastrophe hashad a positive influence on the buying sentiment of home buyers. The demand for individual and residential homes is increasing day by day even during these testing times. So, what are the key factors influencing the home buyers during covid-19?

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• Proptech Companies – Earlier, home buyers needed to look for a real estate person to help them search for the right house that’s within their budget and comes with basic amenities. Now, the proptech companies have revolutionized the way people search for their dream homes. Virtual tours and end-to-end assistance let buyers sit at home and finalize everything. InvestoXpert will be the ideal destination for you to search for a home and get a match of the exact amenities you need in and around your home.

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• Affordable Prices–Due to covid-19, builders and sellers have reduced the prices of houses by 2% to 9% in order to encourage home buyers. As the expenses reduced, savings of people have added up to an amount which can be easily invested in real estate. The word is that home buyers are either looking to buy their first home or wanting to upgrade the existing one with a more spacious house. Home in a healthy environment is one of the key aspects when buyers are on the lookout.

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• Foreign Investment – NRI’s (Non-resident Indian’s)are also keeping a tab on the residential real estate industry in India. Since the value of rupee is depreciating, they are showing a stronger intent in owning a nice home in India. The sentiment is common, investing in residential is by far the safest investment option due to the pandemic. NRI’s are believing that having an asset at prime locations of India could be the ideal investment in terms of future ROI.

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• Government Backed Schemes– It’s a big financial decision for buyers belonging to middle class to own a house. Majority of the families take home loans to purchase a house which fits their budget. In this scenario, what the government has done is pushed the financial institutions to lower the interest rates on home loans to encourage investments. The government schemes are being launched to boost investments in the residential real estate sectors.

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Vishal Raheja, Founder and CEO of InvestoXpert Advisors Pvt. Ltd. also believes that home buyers would be the key players in future that could lift up the real estate market in India.

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