All about the New Normal for Real Estate businesses in Indore after COVID-19.

While the Corona pandemic has shaken a lot of areas of commerce and investment, one field that has definitely taken a turn for better is the Real Estate, which has an exceptional scope of growth in Indore, despite the two-month lockdown. In a special interview with the Managing Director of Sunil Agrawal Associates, Vipul Agrawal, Indore Talk got to know a lot of important pointers regarding the Real Estate market of Indore and how it is affected amidst the whole corona pandemic situation. Amongst other things, the most important fact is that the Real Estate business will not see a rough year like a lot of other enterprises; on the contrary, it will see a boom of buyers and possibly high soaring sales for builders and developers who have the plots and estates ready to sell.

One thing that this pandemic probably taught us was the importance of having our own homes instead of living on rent. This realization, combined with the fact that the home loans have reached an interest rate which is the lowest in seventeen years, i.e. 7.05 to 7.25%, makes it the best time to invest in your home. It was advised that people should consider paying up EMIs instead of rents and grab up the opportunity of getting their own homes, keeping in mind the current conditions of the market.

CHANGES IN REAL ESTATE MARKETS POST PANDEMIC

• As in many other sectors, real estate will also move towards complete digitalization for safer, easier, and quicker transactions without any physical contact. From checking out properties to uploading documents for verification and checking out official papers of the property, a swift transition towards digitalization is in the cards for the real estate market.
• With home loan interests on its minimum, potential buyers for plots and properties might increase considerably. Seeing as how sales have been low for the builders, buyers can strike out mutually beneficial deals and take advantage of the situation.
• Reverse migration and vocal for local are some of the key factors that would affect and cause a booming demand for property, especially in cities like Indore, with its booming markets, IT sector, manufacturing capabilities, medical services, education and varied opportunities to establish a lucrative business in the city.

TIPS FOR BUYERS INTERESTED IN REAL ESTATE

• Amongst things that a buyer should check while investing in a property, they should make sure that it’s a RERA authorized property. This authorization makes it much safer to invest in.
• Buyers should check the previous track record of the builder/ developer of the properties you are interested in. This would help you make a better decision for buying the perfect property.
• Buyers are advised to prefer ready-to-move-in properties; this would ensure a quick registry and quicker possession of property proving to be a reliable choice, especially given the recent times.
• Properties on the outskirts of the city, like By-Pass, Talawali Chanda, Scheme 140, Bicholi Mardana, Rau, etc. are more advisable because of their low current prices and high development prospects for the future.
• If you take up a home loan, prefer nationalized banks for better interest rates, and ensure that you have a good CIBIL score. A good CIBIL score is gained when you pay your existing scores on time.

TIPS FOR BUILDERS/ INVESTORS/ DEVELOPERS

• One of the smartest moves for builders now would be to create housing societies and other properties to be low-density camps to attract more buyers.
• Amenities like gyms, playrooms, amphitheaters, etc should be open-spaced rather than closed.
• Pooja rooms, study rooms are some of the current amenities that attract the buyers and separate them from other housing societies. For investors, it is safe to invest in real estate than the stock market or mutual funds, keeping in mind how volatile these are in the current situation. For investors of Indore, Pithampur is proving to be the most lucrative return-giving, up and coming area for investments in property.

These useful tips would guide you through the post-lockdown time, especially if you are interested in buying real estate. Keep hooked on our website for regular updates of our city Indore and follow our social media handle Indore Talk on Facebook, Instagram, Twitter, and YouTube for creative and amazing content, keeping you up-to-date about the happenings of our city Indore.