The affordability aspect of Real estate Diwali 2022 is facing some threats. With the upsurge in repo rates, Home loan rates have mounted in the past few months. Accordingly, realty prices are facing skyward pressure. A prospective buyer who has been intending to buy a house since beginning of 2022 possibly planning to seal the deal during Diwali.This is because we consider this to be an auspicious time to buy property. But growing interest rates on home loans and news of a few layoffs in different offices over the last few months have made many buyers put off their decision by a few months.
Real estate Diwali 2022: After three waves of COVID-19
Diwali 2022 comes after three waves of COVID-19. The only offers that seem to be doing the rounds are stamp duty waivers and payment plans for homebuyers. Above and beyond, the usual vehicles, gold coins, washing machines, dishwashers, modular kitchens, AC etc developers are loading their free offers to make it a win-win deal. Nevertheless, real estate experts highlight that compared to last year gross discounts have abridged to just about 2-4 per cent as opposed to 10-15 per cent in 2021 in terms of worth.
Bumper Diwali For Real Estate
COVID-19 created a complete cloud of ambiguity which had an immense effect on the sentiments of customers and real estate developers. Real estate sales and new launches, to put in simple words, dipped in 2020. However, the COVID-19 period leads the way to demand generation, with people realising the significance of owning a home.
Demand continues to remain robust. Understanding this, developers are offering price cuts etc to attract customers. Banks are trying to launch attractive low home loan interest rates to support buyers. Besides, freebies and government initiatives like stamp duty cuts backed by strong advertising communication from developers helped in demand speeding up.
Some builders are offering interest rate waivers and stamp duty reduction, subvention schemes, while others are coming up with other lucrative schemes. The unsold inventory was at an all-time high during the COVID-19 years.
Today, volumes have grown. Subsequently, the cost of construction has increased. However, builders are giving price discounts as Diwali offers. While unsold inventory has been abridged, new inventory through new launches has been added.
Understanding Deal Value: Real estate Diwali 2022
If you are a prospective homebuyer, you should appraise festival-season offers and freebies on their fundamental value, rather than their showiness. You need not need a gold coin, and possibly you already own a decent car. Nevertheless, waived stamp duty and registration fees, a free parking space, and maintenance-free periods do add to your savings. If you are an NRI home buyer, assured rental is the most appealing scheme.
New Inventory
There have been a significant number of new launches in different states. Delhi-NCR, Mumbai however, has seen only a few. According to some experts, lifestyle-oriented freebies only work in the mid-income housing section.
Buy Your Dream Home Today
A collection of reasons turns the market dynamics in favour of the buyer during the festive season, The festive time of year is looked upon as fortunate for buying property. Keeping in mind the optimistic sentiments among potential buyers, developers too come out with striking offers and schemes to entice them.
To Sum up
Diwali is a time of a lot of fun and excitement in India. Well, real estate is no exception. As a home buyer, you will come across seemingly pleasing deals from every developer. Scrutinize before you finalize a deal. Don’t get carried away by quite a lot of tempting promotions offered by developers and financing institutions. Research before making any decision. Most importantly, bear in mind the budding profits of the future.
Grab the exciting real estate deal that suits you!
If you found the post helpful, please don’t keep it to yourself. Pass it on to help others too. Like and Share; Follow us on Twitter and Facebook page. You’ll be subsequently; notified each time a new post comes up.
Be the first to comment