The ongoing pandemic has adversely affected various sectors including real estate, the second-largest sector in terms of GDP contribution to the Indian economy. After the nationwide lockdown which was imposed in late March, projects were stalled, delivery dates were pushed and several buyers dropped the idea to buy a property which took a toll on the real estate industry, but According to realty experts, the upcoming festive season 2020 might open up few possibilities for the real estate developers as well as home buyers.
The construction activities are gaining momentum in many parts after June. The RBI’s announcement on lowering interest rates, the reduction in stamp duty, and registration charges in various States, and also the six months loan moratorium have helped the real estate sector to be slowly back on track.
On the brighter side, the pandemic has reinforced the value of a home for consumers who now feel safe more than ever in their homes. While the homebuyers were initially hesitant to buy homes the consumers are looking forward to investing now due to plenty of deals, due to lower interest rates on home loans and some attractive deals provided by the real estate developers like no EMI, cashback, flexible payments, and other incentives.
With Dussehra & Diwali just around the corner, the real estate developers are looking forward to the upcoming festive season because this is the time of the year when real estate purchases are made across the country. It is considered an auspicious occasion to make investments. Also, special offers & schemes are created during this time in order to woo the customers & help them make a decision.
All in all, the onset of the festive season will brighten things up for the real estate industry and will witness a boost in the sales of the sector resulting in the revival of economic growth. The homebuyers can also expect good offers and exclusive deals like never before.
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