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Prices of Affordable Housing Properties in Thane Expected To Shoot Up-Post Lockdown Impacts

Thane is a rapidly flourishing city in the financial capital of India that has drawn a lot of prospective investors and homebuyers to itself from the diverse corners of the country. This made sure that the place’s progress keeps on moving forward, and at a better velocity. Every metro city undergoes a metamorphosis as it sees unrestricted relocation of people from all over the country. But Thane is a peculiar example of this as a maximum of its tactical growth is happening on account of its real estate – housing & commercial both. It has been very well complemented by the accelerated architectural advancements in the area, particularly in terms of connectivity & commute.

The Mumbai region authorities have claimed that Thane is one of the major areas contributing to the rising population as recorded by the 2001-2011 census reports. A huge chunk of this population prefers to move to an urban area that offers affordable housing properties in Thane with a good living standard, minimal congestion, and above all – is cost-effective. These were the top reasons to encourage people to migrate to a city like Thane and its outskirts.

Just like any other business sector that is a part of the Indian economy, the real estate sector is also lurching under the adverse effects of the covid-19 pandemic. But like after every night there’s a sunrise, there may be a ton of great opportunities thrown out there for homebuyers after the pandemic.

Real estate builders have some unsold stock of affordable housing properties in Thane that they may be forced to sell with great offers & discounts. Developers would offer tempting hand-outs to their consumers like postponed payment schedules or even free health insurance from the pandemic for those who fear a job loss. Given all those points, affordable residential projects may observe a considerable value correction along with a downfall in the volume.

The Indian real estate market may seem like it stands with all its strength & booming, but it is more than what meets the eye. It has been more dysfunctional than the stock markets or even the bonds. A smoothly operating market offers transparency and a seamless influx of data about all the transactions. All the factors that influence the demand & supply of affordable housing properties in Thane along with the pricing which facilitates the offering of a fair deal to everyone.

Any of the financial markets are far away from fitting the above factors perfectly. Apart from that, some people have zero familiarity with the real estate sector but have to deal with it at some point. A layman retail investor may expect to get some experience in real estate but unlike stocks or any other market, buying affordable housing properties in Thane is not even closely similar. This makes investing in real estate such an ordeal for a majority of people as compared to buying one apartment in their lifetime.

The idea of how the real estate market works is outdated for most of us. Most of the potential homebuyers have a traditional working model of real estate in their minds, being transferred from one generation to the next one. But this has drastically changed, especially after the entire coronavirus pandemic and its after-effects. The demand for affordable housing properties in Thane has been going up along with the confidence in the Indian economical market. The future of residential projects is on a positive route as is the demand for housing projects. The mortgage rates for home loans have been brought down to as low as ten percent.

House is more of a necessity for middle-range income earners rather than being a luxury. Most homebuyers are opting for mortgage home loans to fulfill their dream to own a house and hang in there. Also, because working remotely is the new trend for a large group of people, the demand for affordable housing properties in Thane which offers larger usable spaces will only go up in the future. Another trend of living in nuclear families may add up to the demand.

The infrastructural expectations for residential projects in India will just grow stronger on account of aspects like better affordability, government’s support to that affordability, enhanced sprawl, approving demographics, and other rising motivations. Moreover, real estate prices have been consistent for over the last five years but with the ongoing time correction that has already started, real estate builders may not have been left with any head margin to reduce prices.

Homebuyers don’t have that kind of resistance towards the pricing of affordable housing properties in Thane like earlier as they are more focused on the timely delivery & quality of the homes. Moving forward, some real estate builders have also planned compactly designed living spaces for those who are on a lower budget. They also have advanced gadgets and GST or stamp duty waivers thrown in for the buyers to balance the cost reduction & value appreciation.

The real estate market has been overactive in the past due to short-term underwriters & wholesale investors which made the market led by sellers. The market was going through a crisis leading to price reduction due to leaving the decent headroom. But today’s market is the buyer’s market for affordable housing properties in Thane and it may have been facing a slowdown for multiple reasons but it is coming to terms with evolutions like GST, RERA, and NBFC funds.

Above everything, the modern homebuyers give more preference to a high-level lifestyle as it is the most important & supreme factor that matters to them. Well-planned affordable housing properties in Thane along with mounting architectural designs, lush green pleasant open spaces attract demand from prospective investors & buyers. With the aesthetic factors of a housing project drawing more people’s interest in buying, prices may go up but won’t make more of a difference.

Keeping in mind the profound work from housing culture, most of the home-seekers are now choosing to buy or invest in more economical & roomy flats in Thane locality. Although there is a considerable supply of home units in Thane, the need to introduce a fresh batch that meets these contemporary requirements gets prevalent.

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