While the unforeseen breakout of the global pandemic has brought in some novel and unanticipated challenges ahead for the real estate sector, it has also further paved the path for modernisation and enhanced utilisation of technology. The real estate sector in the Delhi NCR region has also started to revive, meeting the pandemic challenges in a better way. It is anticipated that the year 2021 will bring some good news for the entire real estate sector.
The real estate sector sighed a relief when the Finance Minister announced an additional exemption of Rs 1.5 lakh for receiving a property and housing loan under section 80-IBA of the Income Tax Act, which would remain effective till 31st March 2022.
With this announcement, the Delhi NCR real estate sector is looking sanguine to face the after covid challenges and further and ready to meet the requirements of their prospects. Mentioned below are certain property trends that will remain effective this year in the real estate sector of the Delhi NCR region.
Increase in demand for real estate
The global pandemic has made people realise the importance of investing in a permanent commercial property. Therefore, people will move towards investing in the real estate sector for receiving a stable source of income.
Apart from this, the reduction in the rates of the property has further increased the rise in demand for spacious commercial and residential property in the Delhi NCR area, as the real estate owners and agents are rendering the most luxurious real estate properties at a very attractive and lucrative price.
As we cope with the pandemic, the central and state government has become extremely effective in keeping up the spirits of the real estate sector. Various policies and regulations have boosted the commercial real estate sector, like granting exemptions in the charges of stamp duty along with extending the timeline by three months for repaying all the property loans, be it commercial or residential, until the economic conditions improve.
Apart from this, the government has also promised to further extend its assistance in levelling up the real estate sector in the Delhi NCR region and hence it is anticipated that the commercial real estate sector will be back on track in the year 2021.
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The digitalisation of the real estate sector
One of the most peremptory sides of the pandemic has been the significant computerisation and digitalisation of the real estate sector. Furthermore, numerous real estate companies have adopted some clever means of communicating with the customers and also taught their staff to adapt to this new normal and embrace digitalisation.
The clients have also embraced digitalisation in the real estate sector by engaging in virtual walkthroughs and over-the-web consultations. This is why the online real estate buying trend has grown rapidly from the previous year. It is also anticipated that this trend will continue this year as well. With the reduction in property rates and efficient mode of communication, a colossal demand for online commercial real estate purchase is to be expected in 2021.
While the global pandemic has affected the real estate sector in numerous ways, experts are anticipating that the year 2021 will bring positive changes in the Delhi NCR commercial real estate sector. Government policies and reduction in property rates are expected to further create a wider scope of investment. Omaxe Group is a great choice for those looking to invest in commercial real estate in the Delhi NCR region. They have provided fine and affordable real estate solutions for the last three decades.