Many people returned to their home town in lockdown, but had to pay house rent in cities. In such a situation, it was like a financial burden for them. Had he had his own house, this expense would have been saved.
Thousands of people bought houses even during the Corona lockdown (Pic Source: Pixabay)
Have a home of your own… Who does not see this dream. People also fulfill this dream. However, it takes a long time for many people to take their home. The desired house, budget, job, education of children…all such things have to be seen. Because once taken home, then one has to spend a long part of life there. Maybe you are thinking of buying your house too!
Due to Corona, people have faced all kinds of financial difficulties, but despite facing these troubles, thousands of people have fulfilled their dream of home. Many people have turned from tenants to landlords. According to the report of Anarchy, which conducts research and analysis regarding real estate, thousands of people have bought houses between July 2020 to March 2021.
68,890 houses were purchased in NCR and MMR
According to the report, 21,750 houses were sold in these 9 months in Delhi-NCR, out of which 90 percent people are end users, that is, they have taken home for themselves. The remaining 10 percent is taken by investors. Talking about Mumbai Metropolitan Region (MMR), 47,140 houses were purchased in 9 months. Of these, 90 percent were end users only. That is, only 10 percent of the houses were bought for investment.
What were the reasons behind buying a house even in difficulties?
Actually, most of the people started working from home in the lockdown imposed due to Corona. Children also closed schools and started online classes. That is, one room is needed by the job workers and one room for the children. Space was also necessary for the rest of the house. Amidst these circumstances, many people started finding their rented houses small and they felt the need for bigger houses.
In this lockdown, many people returned to their home town, but had to pay house rent in cities. In such a situation it was a financial burden for him. If he had his own house, then this expense would have been saved. All these needs and circumstances inspired people to buy their home despite the difficulties.
Decrease in house prices
Small size houses were present in MMR. Along with this, the reduction in stamp duty and reduced home loans on interest rates also motivated people to buy houses. The decrease in the prices of houses in NCR became the major reason for people buying houses. According to reports, offers of up to 20% savings were available in the prices of houses in NCR.
People upgrade old houses as well
The average size of houses in NCR is 1250 sq ft, while the average size of houses in MMR is 950 sq ft. Because of this, this size was enough for people in NCR. Whereas people bought big houses in Mumbai. According to the Enarock report, only 15 percent of the people in NCR moved from small houses to big houses, while in MMR 65 percent people decided to upgrade the houses. Apart from buying a new house, people also converted their existing small house into a big house. In this case, MMR people were ahead of NCR.
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