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Real Estate: Festive Cheer Defies COVID-19 - Jatin Mohan Seth and Kuldip R. Rampal
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CHANDIGARH, India, Oct. 28, 2020 /PRNewswire/ --  "The adage that there is always a silver  lining even in adversity is coming true for the Indian housing market.  The COVID pandemic has made people realize that home is the  safest place to be, which is giving a substantial boost to Residential  sales in the Metros and generally across the country," Jatin Mohan  Seth, Director of Chandigarh-based Family Nest Real Estates Private Limited,  said on Tuesday.

"The value of houses sold in the Top-Seven Cities in Q3 2020  collectively rose to Rs 29,731 crores against Rs 12,694 crores in the  preceding quarter - a significant jump of 134 percent," he said.  "Housing has long been considered a safe and even profitable  investment, but the COVID pandemic has added a new element that is  pushing housing sales: Personal and Family health security," added  Jatin Mohan.  Mohan explained that Homebuyers are also making the most  of  record low Home Loan Rates, Discounts and Incentives offered by Developers. "Lower taxes, including no Goods and Services Tax (GST)  payable on resale flats, are also pushing the demand for Ready-to-Move-in Houses," he said.  

Even beyond the major cities, green shoots are visible in the Sector as Home Sales Registrations have increased, providing more  evidence of improving Homebuyers' sentiments and overall gradual  revival of the sector.  "The upcoming Festive season will give further impetus to sales," he added.

Providing an International perspective,  Texas-based Professor Emeritus Kuldip R. Rampal  said that Indian Realty Developers broadly  have long suffered from perception and credibility problems.  "Instances of duping customers financially, lack of transparency in  project features, uncertain delivery schedules, questionable  commitments to post-delivery warranty obligations and liabilities, and  the quality of customer service have all adversely affected, if not  eroded, customer sentiment towards property Developers."

"Fortunately, the enactment of  RERA by the NDA government  has  ensured that there is the much needed transparency in the Real Estate Sector. Undue project delays and other problems associated with the Sector should be largely addressed by this Act," he said. "This is one  major reason that Customers' confidence to invest in Housing, even  during the pandemic, has jumped substantially," he said.  "When you take into account all the positive factors associated  with the Housing Industry now, it is the perfect time to invest in India.  

"Little wonder that  NRI buyers  are thronging the Indian Realty Market  as it  is obvious from various published reports,"  Rampal said.  The  Financial Express newspaper reported Sept. 17, 2020, that the current  NRI investments in India will hit an all-time high of $13.1 billion in FY  21.  Jatin Mohan Seth  added that, "I feel Indian government has been  supportive and has come up with a slew of measures to support the Real Estate Sector. The clarion call towards  'Local for Vocal' by Hon'ble  Prime Minister Shri Narendra Modi  has boosted the consumer  sentiment towards Indian companies with sound credentials.  Also, the  entry of large corporates and consolidation have led to the expansion  of the Indian Property market with the value of Real Estate under  construction jumping over two-fold to  $243 billion in the last one  decade, according to a report by  FICCI."

Providing additional perspective,  Jatin Mohan Seth  said  that, "It is all  turning out for the good. I have noticed that even young professionals  are considering buying Houses for both personal use as well as for  investment.  Well-travelled, business-savvy millennials are now eyeing Premium Housing that offers the best customer experiences such as  futuristic approach in terms of automation, green practices, the  efficiency of space so that it can be customized, and so on. Moreover,  the  Walk-to-Work  concept has gained momentum with the increase in  well-planned,  mixed-use developments."  

Both  Jatin Mohan Seth  and  Kuldip R. Rampal  are optimistic that the Real Estate Sector is providing the much-required positive push to the COVID-19 hit  Indian Economy.

About Family Nest Real Estates Private Limited, Chandigarh

Family Nest Real Estates (P) Ltd. is one of the  leading Real Estate Consultancy Services Company, based in  Chandigarh, with presence in the Real Estate sector since 2007.  The Promoter  Jatin Mohan Seth  is an  Engineer  by education and has worked in various well respected Companies before starting with this venture. Besides the Promoter,  there is a team of highly motivated Professionals & Business Associates, who work together to make this venture a success.

Our assurance of consistent ethical dealing with clients reflects in our motto -  "  We UNCOMPLICATE Property Buying "

Please visit :  www.familynest.in

You Tube :  
https://www.youtube.com/channel/UCRqemGmzbMIy7a-RDVpqwOQ

Media Contact :
Jatin Mohan Seth
jatin@familynest.in  
+91-9915899602
Director, Family Nest Real Estates Pvt Ltd

Photo: https://mma.prnewswire.com/media/1321957/Jatin_Director_Family_Nest.jpg

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