[vc_row][vc_column width=”2/3″][vc_column_text]It just feels like the world has come to a halt from the 25th of March 2020. Yup, we are talking about the lock down. Covid-19 has forced people to sit at home/ work from home. A lot of businesses were affected by the pandemic. As the economy itself has a huge impact because of the COVID how do you think the Real Estate industry will be affected.
Want to know? Then stick till the end of the article to find it out.
As you know, the Real Estate sector is the heart of India’s GDP. Yup, it makes a major contribution. The sales in the first quarter of 2020 were great. However, with the pandemic crisis and the lock down situation, the sales have seen a slump.[/vc_column_text][vc_column_text]As you see because of the strict lock down procedures in place people were not allowed to come out of their houses and let alone visit a site. So it can be said that all the major Real Estate companies have also shut their doors. So there was no chance for people to buy or sell any properties anyway.
In such a critical situation, buyers who were willing to purchase before COVID has also taken a step back to analyse the situation and then make a decision. Not just buyers the Real Estate companies have also suffered from this pandemic. As they have to close down their offices due to lock down situation, the construction of their new projects has also come to halt causing most of the developers to push back the launch date of their new projects to the later part of the year.
[/vc_column_text][vc_column_text]
[/vc_column_text][vc_column_text]However, this is in the past now. Since the government has started the unlock procedure things are slowly getting back to normal. People are going back to offices and businesses are reopening. So you can say that the market is slowly picking up momentum, the constructions have resumed. However, for now, the main concern for them is to sell the ready to occupy properties. Once the situation comes in to control more and more buyers may take an interest in buying properties.
Many people were highly concerned that the Real Estate in Hyderabad will face serious issues post COVID especially people who were planning to purchase the property. If you are one of these people, then you can be assured that the Real Estate in Hyderabad may undergo small changes but overall it will not be highly affected. The sales may be a little slow, but over time they will be back to normal.
Wondering what all changes will Hyderabad Real Estate go through post COVID? What are you waiting for then let’s jump into the topic?
More people will plan on buying homes
Real Estate has always been the best investment option. If done right it will bring some good profits there is no doubt about that. Most importantly it gives you financial security. See, people believe that having a property will help you in rebuilding yourself in case of a financial crisis. Which is one hundred percent true. Don’t you agree? If you have purchased the property in the right area it will become helpful when you have a financial crisis.
Moreover, with all this pandemic situation it is becoming even more true as more and more people are resonating with this sentiment. As you can see because of COVID many people were laid off. Losing a job is not a small deal because people pay for all their expenses through their salary. Moreover, not everybody may have passive income streams or huge savings. So if they are staying in a rent house it can be hard to pay for their rent. So in such a situation having a safety net will take off the burden from their shoulders. With this sentiment in mind, many people will be planning to invest in Real Estate. Some of them may take towards owning a home.[/vc_column_text][vc_column_text]
[/vc_column_text][vc_column_text]
Affordable housing
The affordable housing will gain huge attraction post-COVID. If the houses are available at affordable prices more and more buyers will be willing to purchase the property. Be it for owing a home or just simple investment purposes. Whatever the reason is the momentum in the market will increase and sales will go up.
So it is natural that more people will look for affordable homes after the pandemic. The sales of medium size apartments or 2 bhk’s will rise. People are looking for secure investment options, but they are not willing to invest a lot of money as the pandemic situation is still not under control and they are not willing to take any rises right now. However, they are willing to buy an affordable home as they are small, convenient, and most importantly offer good security.
Property Prices will rise
The buyers must brace themselves as the property prices will increase. See, normally only the prices of real estate property in 2020 were on a rise, especially in the Hyderabad area. There is no denying that this city has the best of facilities so it is not a shocker that the prices are on the rise. Although there is a delay in construction, once the situation settles down things will go back to becoming normal.
So there are high chances of an increase in prices. The Government offered economic relief is also looking positive for the Real Estate industry. Measures announced in the relief will reduce the tension in the market, lessen the effect of the pandemic, and improve liquidity. Simply put, things will get back to normal faster than expected. If you are planning to purchase a property don’t wait for the right momentum as there are chances that prices may increase. Make your decision quickly.
Bottom line
COVID-19 has shocked the world and the shock waves have not yet subsided. From major corporations to small companies, everyone was affected. Some lost jobs, some lost their loved ones. Overall this pandemic has created some serious trouble that will take months to years to clean up. With unlocking procedures the people and companies were able to take a breather and slowly things are normalizing. Stay safe.
[/vc_column_text][/vc_column][vc_column width=”1/3″][vc_column_text el_class=”post-contact-form”][fc id=’2′ align=’center’][/fc][/vc_column_text][/vc_column][/vc_row]