How has COVID-19 Impacted the Real Estate markets of India

The outbreak of COVID-19 has had a tremendous impact on the nation's economy, especially on the real estate market in India. Despite the slowdown in the industry during the months of complete lockdown, the buyers have become active again and the industry is witnessing an increasing demand from both, the locals and the NRIs.

how has covid- 19 impacted real estate markets in India.jpg

 

As surprising as it is, the real estate industry has always been an attractive asset class offering better returns and is especially affordable and lucrative in the current scenario. Still, as the global economy is changing and the dollar is gaining strength against the rupee, dealers are observing a sudden spike in enquiries from NRIs, especially because of the competitive marketplace. Also, the reverse exodus and lockdowns have underlined the importance of having a comfortable home back in India.

We know that India is gearing up for some major upcoming global investments, and personally, the NRIs are laying their eyes on the realty market too.

 

Here's why it is a great time for NRIs to invest in the Indian real estate market

 

With many other investment prospects experiencing a sudden decrease in value, the rates of property are highly unlikely to see any more corrections, as speculated by the industry insiders. Therefore, investing in Indian realty, whether commercial and residential, for NRIs in the current situation is an ideal opportunity, especially if they are thinking of returning to India.

 

1. Discounts for NRIs

 

The real estate markets of India have started to offer several benefits to the NRIs looking to buy property, whether residential or commercial. These benefits include low prices and incentives in the form of discounts on residential properties for those planning to buy the property soon. Moreover, for the under-construction luxury and commercial projects, the developers are offering attractive prices.

 

2. Attractive Interest Rates on Loans 

 

nri housing loan interest rates

One major change witnessed during this pandemic is that NRIs are now diversifying their asset exposure and considering investment into commercial and residential properties, keeping in mind the current affordability and high returns on such long-term investment plans.

Add to this the monetary advantage of low-interest rates offered by banks. The NRI home loan interest rates have now come down to as low as 7.90%. This makes real estate investment in India much easier and more lucrative. So now, if you are looking to buy a house, or build your own over a property, you can easily avail NRI home loans to fulfil various requirements.

Another alternative is to avail an NRI Loan Against Property against a residential or commercial property.

 

Summing up, COVID-19 has created a severe impact on the financial position of every sector; however, the silver lining to this is the drop in real estate prices and attractive rates of interest offered by the banks on NRI Housing Loan and Loans Against Property.

If you are an NRI and are considering buying a property for investment then this could be the best time to avail a loan. With SBM Bank, you can check and compare best available home loan deals available for NRIs and apply online for a hassle-free process.

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