How this Pandemic can be a Doorway to your New Home

Looking to move? If you live in Mysore and are searching for your next place, you might want to consider moving to Purva Meraki. Not only will this be the new #1 spot on your list of places to live, but it may very well be your new home before you know it! Here’s why...

Low interest rates

As a result of every adversity, we learn something important, and now we have learned how deep our relationship with our home is. The new normal encourages us to work, learn, and exercise inside, which leads to a lifestyle that is unhealthy and unclear. Consequently, there is a need for bigger or better spaces as well as a calmer locality that is able to guarantee not only safety, but also standards. As expected, the Pandemic hit many sectors appallingly, including the real estate industry. This hard blow has altered the way things have been working. You can take comfort in the fact that this has something advantageous in store for you. It has been said that every cloud has a silver lining, and this one does too. In this Pandemic, buying a new home can be the silver lining to your well-being. Here are five reasons to consider buying a new home

1. The fall of property prices:

There has been a significant fall in property prices since March, mostly in metropolitan cities, with some estimates putting the decline at between 2% and 9%. If you are purchasing your home to move into and not just as an investment, this could be a great time to buy it. As the demand for projects declines, builders are lowering the prices of ready-to-move projects. Vaccination trials for COVID 19 are underway, so the situation will return back to normal according to the speed of the trials and regulatory approvals. In addition, the price will rise rapidly with that, and you'll end up paying more. In addition, many builders are offering discounts on their properties, ranging from 10% to 20%, and these discounts are specifically targeted toward affordable housing

2. The ample space for negotiations:

With a surplus of inventory, the fall in demand and with experts saying that it may take over three years to get rid of inventory in the Delhi NCR area, builders are at the edge of their rope and are desperate to unload this stuff, which means that this provides buyers with plenty of bargaining space. There are a number of developers selling the properties, meaning buyers can be choosy when it comes to negotiations.

3. Home loans rate is the lowest they’ve ever been:

The Reserve Bank of India has come forward with a cut in the repo rates, which gets passed on by financial institutions and banks to customers; this can mean low-cost loans and reduced EMI for the customers. The current repo rate is at 4%. Top banks like Union Bank of India, Bank of India, Central Bank of India, Canara Bank, and ICICI Bank are providing low-interest rate for home loans. Some interest rates are ranging from 6.70 to 7.15 percentages for salaried individuals and 6.85 to 7.15 for self-employed individuals.

4. Considerable support from the Government under new schemes:

In order to promote affordable housing, the Government of India introduced tax deductions and credit subsidies for first-time homebuyers. There are schemes that are appropriate for different income groups, and they cover a variety of urban areas.

5. The reliability of investing in Real estate:

Real estate investing during these times might not yield instant results, but it is the best option because other options are highly unstable. Comparatively speaking, real estate offers excellent stability. If you're an end-user, you'll definitely make the best investment. In addition, as mentioned above, when the world returns to normal, along with it the economy, including the real estate sector, will rise in value. As a regular income investment, real estate proves to be reliable both in terms of capital appreciation and in terms of capital appreciation.

6. Safety and security

In this bonus point, I will answer the question that has been bugging you all along. When it comes to dealing, choosing, purchasing, and dealing with the paperwork, you, of course, have a right to be concerned about your safety and that of your family. Online home buying proptech platforms like are progressing rapidly in the digital world, making it easier and safer to get the whole process done online and hassle-free. Online digital forums enable you to ask for feedback, reviews, and information. If you are interested in augmented reality or virtual reality walk-ins, you should check the RERA portal in your state for clearances for the projects you are interested in. You will get what you are promised if you take these steps.

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