Now is the right time to buy property in 2021

The covid-19 graph has started to see a decline in recent days. Even though many have been struggling with their own health, both physical and mental, people of India have stood strong and optimistic about the conditions to improve soon. The peak in the second wave has flattened and we can surely hope for the sun to shine real soon. 

With lockdowns and drastic changes in the working environment, most people in urban cities have been working from home itself. Seeing this new working trend, the housing demand is reviving and infrastructure development is set to pick up. But at the same time, real estate prices are seeing an upswing due to the anticipated rise in the cost of raw materials, particularly steel and cement. 

The government’s resolute focus on infrastructure and an uptick in the housing demand by buyers has shown an upward swing in the cement industry. Whereas, with the toll on the health of people, an opportunist industry was identified i.e “Steel Industry” to increase the daily production of oxygen on the higher side to meet the demand shortage of the life-saving gas being used in the treatment of COVID-19 patients. Thus, the steel plants are filling oxygen cylinders 24×7 and supplying them to the states/hospitals directly. What’s worrying is its impact on supply of raw material in the real estate sector!

Real estate body CREDAI wrote a letter to the Prime Minister earlier alleging cartelization in the prices of steel, cement, and other raw materials. Quoting the letter, “Real estate developers are experiencing an inevitable increase in construction cost and are faced with a situation that will create a delay in delivery, stalling of projects in some cases, thereby impacting the homebuyers at large.”

The silver lining in all this price hike of raw material and appreciation in the Real Estate Industry is that the investors or buyers looking to buy a house later on i.e. mid or after Q3, 2021, can buy/invest in the properties right now, to avoid the increased pricing of the same properties.

Property values are seeing an appreciation and the trend is likely to continue over a few years, starting this month itself. Also on the buyer’s part, the consumer affordability is at peak high due to steady income, lowest ever interest rates & low registry cost with benefits in many states. Adding on to the favors on the buyer’s side, the real estate industry hasn’t actually seen a price increase in over 4-5 years, making it the best time to buy.

It’s the perfect time to invest in real estate. Every month of delay could lead to depreciation in investment value as the property value will keep on increasing. One of the key factors of any investment is to channelize the funds at the right time and for real estate, THIS IS THE RIGHT TIME TO INVEST!

As expected, a lot of deals and offers have come up in the market. As a consumer though, be very critical of such offers. Discounted prices could directly be linked to compromise on quality of raw materials, or delayed deliveries, or both. Going with trusted and well-reputed developers is always advisable. Even at a non-discounted price, there is a guarantee that such a brand would offer high-quality materials being used in construction, no delay in timelines, and a lifetime maintenance. Big deals and heavy discounts make developers cut corners every place possible & buying such discounted properties can lead to future losses in form of regular maintenance, paused deliveries of booked homes, and whatnot. A decent-priced property but from a genuine developer is what you should always consider top choice and in the long run, property appreciation will lead to profits in investments.

For many consumers, real estate investments are usually once in a lifetime investment. Buying property from genuine developers ensures high returns on your investment. It’s important to not fall into the trap of sham deals and over-discounted properties but instead to invest money in safe hands. Better constructed homes, lifetime maintenance, on-time deliveries, and much more with a reliable brand are deemed to give better property appreciation than just another discounted property in the long run.

Investing in Real Estate can be really fruitful right now as overall inflation in the property rates is bound to happen following the price hike in the raw materials. Be it for saving yourself to spend the extra money after the hike or benefiting from the increased price of real estate, NOW IS THE TIME YOU INVEST IN BUYING YOURSELF A HOME!

Category: Real Estate,

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About The Author

Athira Kumari,

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