The best time to buy real estate is when the market is pressed. Due to the pandemic, the present-day situation is ideal and offers a rare opportunity for any buyer to pick up his dream home. RBI has bought the repo rate at a five year low of 5.4% triggering a reduction in the interest rates from Banks on home loans, coupled with the softened rates offered by developers, it is an ideal time to invest or buy a property for the end user as well as the investor. Also, an abundance of choices will be available to them by most of the developers with very attractive payment schemes.
Considering the present scenario, after taking all factors into account, one would expect the market conditions to remain same or soften during these testing times. However, we have witnessed a surge in the sales and have seen flats been sold at astronomical never seen before prices. For this, one must dwell into the minds of a buyer, it can be observed that today’s buyer is ignoring the market sentiments or any notions of the ongoing price per sq. ft in that area if he likes a particular project. A report by CRE MATRIX 2020, showed that during the year 2020, the top ten developers in south Mumbai alone sold stock of Rs. 3000 Cr collectively, thus breaking all myths about the crumbling of the Real Estate Sector in a COVID world.
Also, who would have thought that during the pandemic, areas like upper Worli and Prabhadevi would have fetched Rs 70,000 to 100,000 per sq. ft on Carpet area with some projects having sold out most of its premium stock prior to its expected timelines. There is also a fear psychosis in the minds of the buyer of being left out due to unavailability of their short-listed home, so this has led to a price war and has resulted in an increase in prices.