Real estate has been hit by the pandemic just like the other business fields and it is not only the situation in India but the story is the same around the world. The impact of the pandemic on Real estate in Dwarka Mor and Uttam Nagar areas was the worst hit but with the zeal of various medium-level companies, the impact was safely absorbed to keep the actual market in these areas comparatively safer. While the Housing sales in different areas have dropped the sale of apartments in Dwarka, Dwarka More, and Uttam Nagar areas have remained almost stable at pre-pandemic levels. The unique nature of the pandemic and the containment measures employed to reduce its impact have placed commercial real estate at the epicenter of the crisis. Due to the contractual nature of lease income, real estate normally offers some protection from disruptions in the economy, or delayed response. But unlike most economic shocks, the pandemic has undoubtedly obstructed property cash flows with immediate effect across all property types, it has also posed a challenge before future demands for and use of different types of real estate and locational preferences.
Real estate developers have shifted their focus towards unloading the existing unsold inventory and completing projects under construction. Prices remained range-bound across most of the submarkets within Delhi NCR during the quarter. It is almost clear that with massive unemployment, wage cuts, business failures, and job uncertainties home buyers are likely to be cautious about making the biggest investment of their lives, and thus they are inclined toward buying a home or property in Dwarka Mor and Uttam Nagar that is offering much better prospects with respect to present demand and future investments.
Even though the RBI has announced several rate cuts, bringing down the repo rate to 4%, any positive effect of the move on buyer sentiment would be seen only in the medium to long term. This step would come as major support for existing buyers living in Uttam Nagar, Dwarka Mor, who would have to pay EMIs in the short-term or medium-term, because of the lockdown and in the event of job loss. However, this Covid -19 pandemic has also made buyers realize the value of homeownership, which helps in giving a solid sentiment boost to residential real estate.
In recent surveys, 53% of participants said that they have put their plans to buy a property on hold for at least six months and plan to return to the market after that. Nearly 33% of respondents in the survey also said they would have to upgrade their homes, in order to work from home. In a renters’ survey, 47% of respondents said they would like to invest in property if it was rightly priced. The properties in Dwarka More are equipped with two traits of customer demand viz. a home with the facility to work from home & rightly priced properties.
The Central Government in past had announced higher tax breaks and lower interest rates on home loans to make purchases more lucrative, apart from setting up a Rs 25,000-crore stress fund for stuck projects and this has granted a supportive base to the realtors. The demand slowdown due to the impact of the pandemic in the residential segment in other areas has indirectly diverted the home buyer traffic towards Uttam Nagar, Dwarka Mor, and other different sectors of Dwarka that earlier had comparatively lesser housing sales, project launches, and price growth in India’s residential sector, resulting in a sudden support mechanism thereby generating home buyer’s interest in these virtually ignored areas. These areas have been facing pressure caused by big regulatory changes, such as the Real Estate Regulatory Authority (RERA), the Goods and Services Tax (GST), demonetization, and other property laws but the pandemic has acted as a slight drizzle on the hot sand.
In these challenging times, one name that has gained prominence among house hunters is Homes For Sale Delhi despite its humble start is one of the most talked-about names in the 2 BHK, 3 BHK & 4 BHK flat segments built on the builder’s floor. This real estate company is especially liked due to its honesty and frankness in deals and also for its versatility in flats in Uttam Nagar and Dwarka More zone. The most attractive feature given by Sanvi Estate is the interior that gives an elegant look to their brilliant flats.
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