Post-lockdown, are flats in Kerala low-priced?
Disrupting the business networks, international markets and operations globally, the world has never witnessed an emergency state of such a rough scale. Along with the new normal, people are currently rethinking and replanning their financial behavior in different ways.
The real estate industry, dominated by people’s living and expenditure patterns are all set to witness a wave of change as the nation is undergoing it’s unlocking phase. To set the industry’s and the country’s economic curve right, several builders in various parts of the country have come forward with different offers for the consumers. But what’s the current condition of the real-estate industry in Kerala? Let’s examine.
Kerala’s real-estate’s post-lockdown revival
Even though the state government has decided to go in for a phased opening up of the construction sector along with the relaxation in the Covid-19 restrictions, the post-lockdown revival of the real estate scene could be a sluggish process.
For the same reasons, despite the announcements of various offers and discounts in other parts of the country, the builders in Kerala hasn’t come up yet with anything new for its buyers.
Yet, there are some favourable factors for those who are looking forward to investing in apartments in Kerala or flats in Kerala. With the changes brought into its economy, along with the transforming scenario, most of the builders in Kerala are in the process of completing the construction of their ongoing projects.
Are there any discounts?
Kerala’s real estate industry wasn’t in a much favourable state even before the ongoing pandemic. The current sales percent which is between 10-12% were only 30-40% in the pre-COVID scenario and experts in the industry are of the opinion that with the sales margin in the state comparatively low, the discounts and offers are not practical at this moment.
With a lack of employees, most of the already announced projects are in a disruptive state and it’s also anticipated that only a rare number of new projects will be announced in the near future. The crisis still to be recovered from, completion of the pending construction would be the priority of builders and it’s to be awaited and seen if they come along with any exciting offers or discounts.
Real buyers don’t want a discount
Taking into consideration, the increasing number of expatriates returning from various countries and the decreased interest rates, people will be trying to own these apartments at a low cost.
Homebuyers in Kerala are smart and with their insights, are known to look for well-constructed properties at ideal locations. The real estate market is not a space where buyers just show up seeing discounts. No buyer will ever go for an apartment or flat in Kerala which has an amazing discount, but no features that attract him.
Rates might increase
With the ongoing crisis, although loans available with fewer interest rates could give financial benefits for some buyers, Kurian Thomas, our Marketing Head sees a chance of the market rates increasing in the coming days.
Inquiries made in the recent past being mostly by NRIs, he believes that with people returning from foreign countries, the back to home trend could make a surge in rates of apartments. The increased cost of construction materials and the lack of workers are also seen as contributing factors to the price rise.
The economic disruption has also caused people to sell their lands for the available amount and this trend could, in turn, decrease the chance of a price surge in the real estate industry.
Freedom to Pay
Some of the new offers and house loans with low-interest rates are giving people the chance to own their dream homes without many struggles. Veegaland Home’s “Freedom to Pay” is one such.
Coming from the builder who has always strived hard to make your lifetime investment worth its value, with the recently launched once-in-a-lifetime opportunity, you can now own a luxury apartment by paying only 20% as advance and the rest ‘during possession’.
With the buyer paying only 20% in advance, the impact of delayed construction is decreased. The rest of the amount only to be paid only upon completion also makes it the need for builders to complete the ongoing construction at a fast pace. This leads to the swift completion of the construction and timely delivery of apartments to the customers.
Athough there are numerous benefits to these offers (including the zero interest rates), buyers should always opt for them only after evaluating the interest rates to be paid through them.
Veegaland Homes offer which aids big savings on Pre-EMI is now available for two premium apartments in Kochi- KRERA approved Veegaland Kingsfort near Vyttila and Veegaland Zinnia at Padamugal, Kakkanad.
Both of these veegaland's flats in Kochi have sample homes equipped to offer first-hand experience to the interested buyers. These new apartments come in a range of sizes, plans, and amenities to match the choices of various buyers including investors and NRI's.
Veegaland's all ongoing projects are K RERA approved - KingsFort | K-RERA/PRJ/031/2020, Zinnia| K-RERA/PRJ/038/2020, Exotica | K-RERA/PRJ/039/2020, Thejus | K-RERA/PRJ/040/2020, Bliss | K-RERA/PRJ/115/2020