Bengaluru: After a slowdown during the second wave of Covid-19, the property market took, thanks to progress in vaccination drive and the mood of celebrations among home buyers.
The market, especially the sale of new housing units, began to increase in July, after the state government was not locked to start a problematic economy, and see further activities in August.
Data from stamps and registration departments for a two-month period shows positive sentiment on the front of the property.
In July, more than 2.1 lakh registered property documents, generated RS 1,217 Crore income.
The most sales were recorded between August 8 and 20 after Aashada, considered a phase that was unfavorable, ended, and officials expected document registration in August to rise to 3 lakh.
New house sales, which remained stagnated for 18 months, has increased sharply in recent weeks, reducing concerns in the real estate sector facing repeated pandemic disorders and lack of labor and raw materials.
According to the revenue department official, a new house sold in Bengaluru and the entire country has 10-30 percent higher in the July-August period compared to the average sales seen during the pre-covid years.
Suresh’s day, Chairman of Credai-Bengaluru, said that this sector showed signs of resurrection after nearly 18 months of Lull.
He added that low home loan levels, certain tax benefits and subsidized schemes credited from the central government have helped increase sentiment.
State government steps, such as reducing stamp duty from 5 percent to 3 percent for houses at a price between Rs 21 Lakh and Rs 45 Lakh, and hidden requests have also triggered a resurrection, saying some other experts.
“For the past one and a half years, people realize the importance of having property and has a permanent roof above their heads, and this sentiment encourages real estate demand,” said Gaurav Mohta, head of the first financial marketing officer.
Developers made extra efforts to seduce buyers by offering an advisor deals such as SQ-level discount disks and expanded timelines to pay down payment.
According to Darshan Govindaraju, Director of Vaishnavi Group, property prices have been stable after a pandemic and many people see this as the best time to invest because they anticipate the level that will increase in the coming years.
Errol Fernandes, Chair and Managing Director Ferns Estates, said that the stock market had made significant profits in the past year.
“Historically, we have observed that real estate prices always follow with lag, and this view also drives a housing market,” explained Fernandes.
Quoting US billionaire Warren Buffett’s Line “Time is a friend of an extraordinary business …”, Monica Matthias, director of the Hoysala project, said that the property was well chosen could also be a strong financial ally for years.
“So, buying today’s property can be proven to be a purchase of value,” said Matthias.
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