In the last few years, the real estate sector has witnessed many ups and downs. However, the recent stutter due to the Covid-19 pandemic has come at a wrong time. The hurdles are increasing as the painstaking issues are being toppled by liquidity crisis, and there are no solutions for unsold inventory.
At this juncture, the economic reforms and stimulus package should be of great help. The experts believe that the MSME and other micro sectors will reap the rewards from the package in the long run. However, a lack of an immediate curing measure is being felt by the industry for the sick economy. Although, the supply-enhancing measures have been taken care of, the revival of demand through a quick reduction in GST rate is required over the period of time.
In the next few months, low stamp duty and home loan interest rates will help convert potential customers into actual home buyers, while enhanced tax benefits on home loan EMIs would also be of great help. The industry awaits positive developments on these aspects, which will make it easier for a consumer to think about purchasing the property.
This looks like a decent time to make an investment from the buyers’ point of view, looking at the positives which buying one’s own home translates into. However, the developers will have to consider aspects like job security and salary cuts to make things happen. The new paradigm will be a lot different than what the industry has witnessed over the last decade.
While predicting anything at this juncture won’t be a wise thing to do, the footprints are surely leading us towards a new landscape in the real estate sector.