COVID-19 Driven Real Estate Boom – 3 Reasons Why
The mantra of staying safe in times of the COVID-19 crisis is staying at home. When the tagline of the world’s largest health care in a hundred year asks for you to stay at home, it is best to comply. However, while people need to stay at home and stay safe, life does not stop moving. While you cannot go out to work, you need to make sure that your money works for you.
It is important to find ways in which you can keep your money building even when the world is reeling under the effects of the coronavirus. In such times, one of the safest ways to keep your capital growing, as suggested by experts is to invest in new flats for sale in Mumbai. There are certain factors based on which it has been observed that the increase in real estate investment has been triggered especially after the COVID-19 crisis.
Availability of Time: The people of cities like Mumbai that were constantly in the process of hustling finally got the time to settle down and scour for properties through online portals and other mediums on the web. This is something that was also strengthened by the best real estate companies that made efforts to keep themselves relevant on the web. The use of technology in combination with the time to think over the benefits of investing in apartments for sale in Mumbai have been some of the best triggers in the rise in real estate investments.
Interest rates interest investors: The financial policies established by the government play a huge role in the increase in real estate investment. In a recent repo rate update, a .25% cut was announced. This means that the repo rate went from 4% to 3.75% which was a welcome move for the banks and non-bank lending entities that provide loans for real estate investment. When people are given the option of cheaper loans they are bound to dream about investing in ready to move flats in Mumbai. In the present times it is rare for anyone to buy a house without taking a loan which is why a cut in the interest rate of home loans is a highly effective measure in driving property sales.
Home Sweet Home: With the effects of the COVID-19 having ripple effects and change in international immigrant policies, the NRIs are now seeking to buy homes back home. More people from outside the country are now seeking to invest in alternatives like new construction in Malad East or Chembur for the possibilities that the localities offer. The NRI real estate investment market is a whole arena of business that has a wide share in boosting the Indian real estate market.
The three main triggers of the real estate market boom have proven that when investors are provided with the right opportunity and the best tools, they will not hold back from investing in new flats for sale in Mumbai. While the pandemic maybe wreaking havoc on a lot of businesses, it has worked for real estate to some extent, in turn giving a fresh lease of life to the economy of the country.