We are living in very unpredictable times as Covid-19 single-handedly change the way we work, live, think, invest, and socialize with people around us. After the liberalization era that began in 1991, this is the first time, India’s GDP growth is predicted to be less than 1% in 2020. However, the projections for 2021 are at more than 4% GDP growth indicates the country’s relative resilience and strong fundamentals.
Basis a recent survey by market experts & developers are adapting to the changing trends in home buyer behavior and consumers are seeking timely completion of projects, ready-to-move-in apartments, attractive deals, and discounts as primary factors to purchase their dream home. 85% of home-buyers are looking for timely completion of projects as a key factor to take their decision to go ahead. For over 37 years, Agrawal Builders has been delivering quality homes with an on-time delivery track record.
The survey shows that more than 65% of the home-buyers are not changing their buying plans but with a slight delay in timely delivery and 73% of the home-buyers might choose to reduce the budget they decided for their dream home. As homes are considered essential across all age groups, between the age group 26-45 and above, many of the home-buyers have already shortlisted properties and many home-buyers are willing to purchase the property once the lockdown lifts. While the sentiments current survey show quite good sentiments regarding homebuyer trends & market, the real estate market will see an uplift with government schemes and policy to boost the real estate sector.
The government has recognized the trends and obstacles in the real estate sector and has introduced various schemes like stamp duty benefits & registry offers and many more, that will benefit both builders and home-buyer. Adding to the great initiatives announced by the RBI to increase the liquidity in the market. The extension of the Credit Linked Subsidy Scheme up to March 2021 for the middle-income segment will definitely strengthen the demand for affordable housing projects.
These positive initiatives encourage the real estate sector and its consumers. It ensures the support of the market and paves the way for a brighter and most progressive future for the Real Estate sector. As the situation normalizes, the sector is showing upward trends & regaining momentum and will continue to drive the economic growth of the country. In the last few years, the real estate sector has shown immense recoil with timely support from the government’s and the announcement of several relief packages for the sector, this trend will continue.
Amongst other Tier-II cities, Bhopal has the highest immediate buying intent compared to other Tier-I. A site visit is one of the key challenges during Covid time, But after the lockdown, the site visit of home buyers gradually rises of course with proper care and safety, now the developers are experimenting with different digital platforms to engage with their customers. Similarly, the home buyer is using their time in searching, evaluating, and narrowing down the choices for their dream home with reputed builders.
Since inception, Agrawal Builder has been offering impeccable quality, timely delivery, transparency to create unique experiences for home buyers.
Written By – Mukund Kumar Pandey
About Agrawal Builders: It is a premium real estate developing firm in Bhopal with a wide range of residential properties and beautiful amenities like a modern clubhouse, gymnasium, swimming pools, parks, and garden, etc.