Covid-19 has transformed the real estate landscape all over the world, including India where buying a home is considered one of the best investments ever. If you take into account factors such as property estimates, interest rates for home loans – at their lowest in 15 years, low mortgage rates, annulment of stamp duty, good and services tax (GST), and other aspects, now seems the most suitable time to scout for a home. Pandemic has also taken away the days when houses were being sold at exaggerated prices. Meanwhile, India’s central bank, the Reserve Bank of India, is luring property buyers by introducing a slew of measures.
Who should buy it?
According to moneycontrol.com, this is the best time for employed people looking to buy their first houses as also for individuals who already own homes and are looking for roomy flats where they can live and also work from with the introduction of WFH (work from home) in the pandemic era. Owing to these favourable conditions, realty properties in cities such as Bengaluru, Chennai, Hyderabad, Pune, and Delhi/NCR are witnessing a surge in demand.
This requirement for plot areas, ranging from as low as 550 sq. ft. to as high as 10,000 sq. ft alike, has gone up. People aspiring to buy houses are viewing them as low capital investment opportunities and developers are, on the other hand, as a way to produce cash flows in quick time and as a tactic to clear up land assets for generating working capital.
Why Hyderabad?
The popular online financial news website of India says that the prices of ready-to-move homes and those that are under construction do not vary that much at this point in time. Trends, as of now, therefore, suggest that this is the most opportune time to buy a house in any of the Indian cities. Since Hyderabad has one of the most affordable prices for homes among metro cities in India, people looking to invest in homes in this southern metropolis should do so now. This is indeed the best time to buy a house in Telangana’s capital.
That is not the only reason to buy a home in Hyderabad. According to a study by Colliers International, a globally renowned management research company, Hyderabad is set to be the world’s third-largest growing city during the period 2020-2024. This was endorsed by Mercer, a global asset management company; Hyderabad was rated as the most liveable Indian city in its surveys for five successive times until 2019. Here, various parameters including physical infrastructure, governance, and quality of life were taken into consideration.
This is largely due to the fact that some of the largest global IT behemoths, like Microsoft, Google, Facebook, Amazon, IBM, and Oracle, among others, have major operation centers in this city. The city is also the headquarters for some of the world’s top pharmaceutical companies including Dr. Reddy’s, Aurobindo Pharma, Bharat Biotech, Biological Evans, etc.
Other reasons
Tata Capital, in a blog, states that 2021 is the most appropriate time to buy a house in India. According to it, the home loan segment which had taken a beating is seeing a significant revival now.
The Budget-2021 also proved to be a godsend for home buyers as Indian Finance Minister Nirmala Sitharaman extended tax benefits of INR 1.5 lakh for one more year, i.e. up to March 31, 2022, up from March 31, 2021, for buyers of affordable houses under 80EEA of the IT Act.
All of these state one thing – if ever there was a more fitting time to buy a home in India, this is it. If you are looking to buy apartments, villas, or houses in gated communities, contact Nestcon Shelters to buy your dream home in one of the various neighborhoods of Hyderabad and Bangalore.
