Akshaya Tritiya COVID-19 pandemic, it may make better sense to buy real estate, instead of other assets. Here are the reasons why

RERA Licensed Real Estate Agent in Hyderabad

As Akshaya Tritiya is considered an auspicious time to invest in property, every year, prospective home buyers hope to finalise their purchase during this period and also look for lucrative offers to sweeten the deal.

However, due to the COVID-19 pandemic and India under a complete lockdown, real estate investment is taking a backseat for most of the investors, right now. Over the past two to three years, property prices in most places have not increased and in certain cases, it has even gone down. Consequently, home buyers today may be able to get houses for a lesser amount, as compared to those who purchased around four years ago, by around 30%-40%, adjusting for the interest paid on the investment.

A matter of timing – Akshaya Tritiya COVID-19 pandemic

Investing in real estate at this point of time makes sense, as the market is at a low due to the pandemic. Recent policy changes, such as the cuts in repo rate, have made home loans cheaper, as a few banks have passed on the benefits of lower interest rate to borrowers. However, home loan disbursements have not started yet, as the physical verification cannot be carried out by banks and will be done only when the government allows digital signatures, or when the lockdown comes to an end.

Akshaya Tritiya, because of its auspiciousness among potential home buyers, has brought impressive sales for the real estate sector. This year, developers are hoping to make the most of this day to ensure a spike in business, which has more or less remained tepid across the country, as a result of the lockdown due to the COVID-19 pandemic. These deals and offers will provide a compelling reason to close transactions, without visiting the site.