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An upcoming trend in real estate due to COVID 19 Pandemic –
Southdelhifloors expects that there will be a higher demand for super-luxury bigger homes that will be able to provide ample spaces for Work at Home, Recreation, Virtual Meeting Rooms, recreational areas, activities for kids and many companies will be promoting Work from Home as a standard practice.
Top three important positive takeaways :
People who are currently living in smaller houses such as 200 or 300 Yards will definitely try and upgrade, if they have cash in hand to a better and upgraded size such as 400 or 500 Sq Yards keeping in mind that these uncertain Lockdown situations can very well take place next year march/April or whenever.
Over the past six months people have realised that in other investments such as Stock Markets, There can be a scenario where there can be a possible correction of 40 to 50%. That means around half of the invested amount gone, imagine a situation where you put Rupees 10 Crores in stock market and left with only 4 to 5 Crores in hand. That kind of correction has never happened in South Delhi property market. Even in worst kind of property times, There was a correction of 4 to 7 percent that means reduction of 50 to 70 lacs rupees. People have already realised that Real Estate is so far the safest investment and South Delhi being the first choice for Buyers.
Keeping in mind the current Covid 19 situation, the travel and hospitality industry is totally shut, People are no longer spending money on vacations, dining out, seeing movies, partying out. There had been an increase of 25% more saving in incomes as people are not at all spending apart from home essentials. That extra money will go back into acquiring real estate or extending or developing the existing houses into a much more better and comfortable living Spaces. We will surely see the old baniya style of spending into the real estate where the idea is to put as much more. money into real estate as one can.
What Will South Delhi’s Property Market Look Like After The Coronavirus Pandemic Ends?
As a prominent real estate entity in South Delhi for the last three decades, SouthDelhiFloors.com is getting daily calls from old as well as new clients wondering what might be the situation after things start getting to normalize.
It’s never easy to buy or sell a home—even in the best real estate market circumstances. During the COVID-19 pandemic, it’s become nearly impossible to follow the old set of systems and ways to show as well as execute a real estate transaction.
There are no two ways about it that COVID-19 will influence the property market of South Delhi in multiple ways.
As of now, the only way to see the property was by going for a physical visit, exploring multiple options, and closing the most preferred one. The current ongoing transactions might likely get a bit delayed due to the crunch of liquidity and in every likelihood, the seller has to understand and extend the payment duration due to the nationwide lockdown.
SouthDelhiFloors.com has helped in buying and selling of 100’s of premium builder flats, apartments, independent houses, duplexes and penthouses all over premium locations of South Delhi. Our expert team would like to discuss the most common questions and notions people are having towards the future of the South Delhi property market due to the pandemic.
Yes, there will be a slight correction of 2 to 3% in property prices as the ongoing Covid19 outbreak and its massive impact on the economy have shifted sentiment in real estate to its all-time lowest level for all the possible reasons.
We said slight correction as South Delhi is one such property market in the country that always has a limited number of builder floor apartments available due to decades of ongoing sales and property collaborations.
We have to understand the main factors that decide the buying of a property :
After demonetization, almost every real estate transaction involves some part of the home loan. There will be hardships in the coming period in every industry and trade sector resulting in less generation of income, a rise in unemployment, and fear of job loss. Banks have to play a very important role in providing loans at favorable interests so that the lender might not get scared of not being able to make repayments.
Commonly seen as a need’ or investment’, the demand for residential property in South Delhi is going to get squeezed with people trying to maintain cash at their end.
An added factor has been the possible wage cuts workers might have to face if the condition deteriorates. As on date, hiring has been stopped in almost every sector.
Given these conditions at the employees’ end, their ability to spend funds on houses will be significantly affected, which is where residential will see a further challenge.
Buyers and investors will also be unwilling to acquire real estate due to the current downhearted market sentiments.
Will real estate transactions happen?
Due to the new norm which is social distancing, till the situation normalizes, there will be lesser property site visits.
Is Online will be the new way of doing real estate transactions in South Delhi?
It is not business as usual right now but it is a new type of business as showing home virtually will be the new way of deciding property transactions. However, showing home virtually is not necessarily a new trick for SouthDelhiFloors.com.
Through our Youtube Channel: SouthDelhiFloors Property Vlogs we are already well established in using virtual showings for property buyers. Now it is required much more than it ever was.
Due to social distancing, sellers can’t invite people into their properties. People are either putting virtual viewing or taking the properties out of the market for some time until the pandemic lasts.
SouthDelhiFloors.com, being a digitally sound real estate entity, We have already adopted to the current scenario and is available not only through Live Chat Support on our website but also on ZOOM Video Conferencing Application to host Free Face to face meeting with clients to understand and suggest to their property requirements while keeping safe everyone following the essential Social Distancing Code.
Labour Issues –
Due to the immediate lockdown, the laborers/construction workers are mostly stuck largely at construction sites in South Delhi. Local Geography plays a much larger role as most migrant workers come from Bihar and Uttar Pradesh. As trains and buses have stopped running and all the state borders are sealed, migrant workers are not able to return. So, bringing and keeping the labor back would not be a significant issue once the lockdown is over.
Project delays are set to increase –
With absolutely no construction work for nearly more than a month now, more delays in property deliveries are expected.
There will be a certain Shortage of construction materials as India heavily imports materials used in construction activities from China such as iron, steel, plastic, fiber, technical construction material.
But there is a silver lining in this also for the MAKE IN INDIA, the COVID 19 outbreak might be a chance for Indian manufacturers to increase the production capacity and give a push to the “Make in India” campaign.
Role of upcoming summer weather in South Delhi Property Market –
As per the regular trend that we have noticed over many years, there is always a rush to close property transactions before the financial year-end.
Also, generally, all the school and colleges conduct their exams in March and April followed by an upward trend in seeing and closing properties with their families.
Generally, May is much hotter in Delhi for property inspections, followed by rainy June and July season during which property viewing slows down. So, it might actually all lead to fewer property site visits in the upcoming times.
Advice for buying a property during the current COVID 19 pandemic –
The COVID-19 pandemic is teaching us how we need to learn and adjust new ways to do real estate business. Transitioning into the online and virtual world is more relevant now than ever. Currently, property consultants need to be more creative than they have ever been to have their property listings much reachable. Many real estate companies are trying a lot to have more of a virtual presence, from doing Video tours, ZOOM Meetings, Live Chat Support to companies like SouthDelhiFloors creating 360-degree property tours of their listings. There’s no doubt that video tours are an effective way to help buyers experience a property, from the safe distance of their homes.
While there is an increase in virtual real estate, the kind of properties and their locations in South Delhi are pretty diverse, and it is sometimes challenging to truly get a true sense of a property without actually being there physically. Most buyers will indeed request on visiting the property before they finally decide to buy it. But, it can be a very relevant starting point to build trust and understanding between the consultant and the property buyer.
Buying a house has always been part of the INDIAN since forever. Buying property for most people is still the most important decision most people will ever make. The best way forward is to have a voice with your property consultant, make him aware of your requirements so that you should not miss any of the upcoming great property deals that can be closed.
Real Estate Pricing is the most significant point that a property seller can focus on right now if they need to sell fast. South Delhi’s property market has always been a much sought after place to buy which makes it unique. There are many buyers right now looking for a good deal so placing a property at the right marketable price point is decisive if someone needs to sell.
If you’re selling, just get your property on the market, Do not wait until better times comes as nobody knows when that will be. To sell fast, a seller needs to create urgency by keeping the price of the property doable and lucrative as per the market. Sellers also need to be careful that now is not the time to be trying to get a higher price for their property. Just don’t scare the buyers off the market. Be adjustable if you want to sell.
Important tips for buying a property in South Delhi during COVID19 pandemic –
SouthDelhiFloors is well acquainted with multiple banks and home lenders that can get you a great home loan deal to buy your dream home.
Visit SouthDelhiFloors Property Vlogs Youtube Channel to see super luxury property videos even before you decide to step out of your home after lockdown ends.
Instead of meeting multiple property consultants, it would be better to employ the services of a trusted real estate name like SouthDelhiFloors to meet and see the property thereby maintaining the essential social distancing code.
At SouthDelhiFloors.com, Over the years, we have already developed a Top Locations tool for the property buyers and sellers. This Top Location tool along with Top Builders Section will assist property buyers to decide colonies as per their requirements matching with top builders and developers to buy a dream property or to sell a property at the best possible prices.
SouthDelhifloors is a super specialty real estate consultancy having an office at Defence Colony that has already advised many high net worth individuals, corporates, industrialists, celebrities on their real estate assets and procurements. With over 1000+ clients, our expert real estate team will respond to some of the basic topics and questions we are receiving regarding buying and selling a house in South Delhi during this pandemic situation.
You can always reach us at 9999004511 or contact@southdelhifloors.com
