Bhopal, the capital city of Madhya Pradesh, is known for its growth among the Tier-II cities. As per information from the National Housing Bank Index, Bhopal has shown the best growth, driven part by the important real estate development within the town.
As many as 70 new residential projects are being planned in various areas of the city like Hoshangabad Road, Ayodhya Bypass Road, Bawadia Kalan, Shyamala Hills, Arera Colony, Katara Hills, J K Road, Ayodhya Nagar, and many more.
The COVID-19 crisis has dealt a major blow to the real estate sector. The home buying cycle has been massively impacted. This has, however, not impacted the prospective buyers’ sentiment much. According to a recent survey, close to 70% of the Indian homebuyers who were looking for buying a house before the pandemic are still planning to buy their homes within a year. However, 30% of buyers have postponed their plans. The major contributor to delaying the purchase decision is uncertainty in the market (52%), followed by financial reasons (30%)
On one hand, industry experts foresee prospective demand for the residential properties and on the other hand, homebuyers seem hesitant to lock deals over virtual site tours and give a rain check on their purchase decisions. Nevertheless, a recent survey by various experts revealed that investors still believe real estate is the best option to invest, followed by fixed deposits, gold, and the stock market.
Industry experts feel that this is the right time to buy a house because buyers are likely to get better deals and prices may go up in the near future, also It is a great time to buy since we are sitting at home loan interest rates which are at an all-time low. While a price correction is highly unlikely, especially with top builders and developers, it would be a good time to grab a good deal in the loan market. Also, many state governments like Madhya Pradesh, are providing 2% stamp duty benefits till 31st December.
The end of the year is the best time to buy a property, especially for end-users. While the interest rate for the housing loan has gone down, the affordability has increased over the years. Moreover, the prices have not increased much from the last 6-7 years. As anticipated, the prices might go up in the ensuing months due to an increase in the sales velocity.
The sales of home and home buyers get accelerated during incentives and festive discounts. The interest subsidy under the Credit Linked Subsidy Scheme (CLSS) is a great benefit for first-time home buyers. In a few states, the government has reduced the stamp duty rates. Also, there is no GST on ready-to-move homes. And the icing on the cake is the host of festive offers and schemes being offered by different real estate developers in Bhopal at present. However, evaluate the end of year offers and schemes in monetary terms and ask for a cash discount. A ready-to-move house is always better as there are no worries about handover delays then.
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.