Covid19 Effect on The Indian Real Estate Industry

Across the globe, people are affected by this pandemic called COVID-19. It has and will continue to have far-reaching consequences in the life of each one of us. Things will not be the same again. This is true for every business and every sector. So, what happens to the Indian real estate market? No brownie points for guessing that the prices will go down too.

If you had plans to buy a 2 BHK flat in Goregaon West or a 3 BHK flat for sale in Goregaon West this may be the right time, but if you are planning to sell them, then you should wait, unless you are ready to take the risk. While the property market was looking very good a couple of months back, things have changed drastically with the advent of this pandemic.

Here we analyze a few points impacting the real estate market in India, these will help you decide on buying or selling your property.

Rate Cuts and Stimulus Packages

A major move to tackle the stumbling economy from the impact of COVID19 was to announce the reduction in interest rates and stimulus packages. There is also a moratorium period of 3 months for the EMIs. While it may sound positive, on the hind side, one must assess if this is the right time to make the investment and block your earnings and savings. For the middle-class this can be a tough decision, to either make use of the reduced lending rates or to take the risk of putting the savings on the line ahead of an uncertain employment future.

Reduced Job Security and Asset Value

With the current lockdown situation that is likely to continue for some time, most industries are in a complete shutdown. This means a huge loss to the industrial and all other sectors as well. The obvious way to counter this loss is to go in for a job cut. Anticipating this trend many who planned to sell 3 BHK flat for sale in Goregaon West are on a pullback. With reduced demand, the prices of property are on a downslide. This is true for the share market as well. The market has hit rock bottom, this means your asset value is reduced too. In the current rate, you may not get the same value for your 4 BHK in Goregaon as before.

Downtime in Construction Activities

With the complete lockdown of the country and the economy. The real estate sector has come to a complete standstill. The construction has stopped and so have the bookings and sales. The builders are working out the cash flow to keep the things going once things normalize but with the expected slump in the economy and predicted recession, they would be cautious in their future investments. We, as buyers should also do the same.

If you are planning to buy property

As mentioned earlier, the interest rates are down and so are the prices of the properties. So, if you are looking to buy 2 BHK flat in Goregaon West, remember

1.       Remember to go for a reputed builder like Chandak Group, they will ensure the least possible deviation in what is promised and what you get is quality even in these turbulent times.

2.      Know your finances and then invest. Even if you and your job are secure, be prepared for the worst. Imagine a situation where you could lose your job and would still need to pay the EMI. If you are comfortable, then go ahead with your decision to buy 3 BHK flat for sale in Goregaon West or 4 BHK in Goregaon.

3.      Invest in a good locality.

If you are planning to sell your property

This is not the right time for you if you want to sell your 4 BHK in Goregaon.

1.       The market is down, and you may end up getting only a fraction of the actual price.

2.      In the current situation, getting a prospective buyer could be a challenge. Do not fall in the trap of brokers if you can avoid them.

3.      If you are trying to mobilize funds, try to liquidate your monetary assets or even gold.

4.      After this slowdown, markets will improve, if you can, hold on to your assets. You will certainly have better returns in the future for your Apartments in Goregaon West.

Chandak Group

The Chandak Group is a player to recon in the real estate market in Mumbai, with several well-received residential and commercial projects. Even in these turbulent times, they are there to support their investors and prospective home-buyers through remote support and regular updates about the upcoming properties.

With Chandak Group, your dreams, your investment, and your homes are always safe. They are known for providing the best-in-class homes at the most reasonable rates for the people of Mumbai. Share your dreams with Chandak to make it a reality.