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The Coronavirus came into our lives as a nightmare and shows no sign of leaving anytime soon. Lockdown and recession, which are inevitable side effects of the virus, have overturned the lives of a school-going child to an adult businessman and almost every other human. Businesses have been forced to shut down but amid all this chaos there is one sector, the real estate market, that is still booming.  With a high rise in demand for properties for sale in Raipur, the developers have gained confidence. Raipur, the capital of Chhattisgarh, has an incredible social and civic infrastructure and houses millions of people that come to the state for better education and employment opportunities. It has a developing industrial sector along with many important national educational institutes that attract people from across the country. Thus, the population of Chhattisgarh is constantly increasing which leads to momentum in the demand for properties in Raipur and the coronavirus failed miserably to reduce this demand. In fact, the properties for sale in Raipur witnessed a higher demand during this period and the Raipur real estate market witnessed tremendous growth. Let us find out more on is it a good time to invest in property and what are the current real estate trends.

Real estate market in Raipur is on an upswing and the major reason for this is people moving back to their hometowns due to a lack of employment opportunities in megacities and online education systems. People have closed down their businesses and have opted to move back to their hometowns amid the pandemic. Students who migrated to different cities for education purposes also returned to their homes due to online academics. As a result, residential properties in Raipur have been in high demand. According to Anand Singhania, a leading developer from Raipur and Chairman of real estate association Credai’s MSME wing, a large number of people are moving back to Raipur, which is the capital city of Chhattisgarh. He said, “People, especially the in-service sector, are looking at shifting back as they feel they can find work in the city, even though the salary is lesser than in big cities. Raipur now has a well-established and growing base for service, education, and small industries. Naya Raipur, a smart city, is also here.” Reverse migration is also likely to continue for some time so demand for properties in Raipur will continue to increase.

Another major factor that contributes to the high demand of properties for sale in Raipur during the lockdown period, would be the new ‘work from the home trend. Many organizations started the work from home approach right from the beginning of the lockdown and after testing the benefits of this method, some organizations are planning to shift to a work from the home approach on a permanent basis. This allows employees to move back to their hometowns while also keeping their job. Many office workers have now invested in various technologies and installed a setup in their houses that assist them in their work while working from home. Due to this a large number of people are also choosing to invest in residential properties rather than office spaces. Thus, demand for residential properties for sale in Raipur sees a major rise again. 

During the lockdown, The Reserve Bank of India decided to drop the repo rate from 5.15% to 4.40%. Which leads to banks getting funds from RBI at a lower rate. This results in home buyers getting home loans for as low as 6.65% annual interest. Which is in contrast with the average home loan interest rate of 8% seen in January 2020.

During 2019, home loans were in the range of 8-9%, so basically, a loan worth Rs 50 lakh for 20 years at 8.5% p.a. would lead to an EMI of Rs 43,391. But now the same loan can be availed at 7%, which would mean EMIs would go down to Rs 38,765 saving Rs 4626 per EMI, resulting in total savings of over Rs 11 lakh in total interest payable. Thus, this has a ripple effect of people investing more in properties for sale in Raipur. Thus, investment opportunities in real estate have seen monstrous growth.

Another reason for the high demand for properties in Raipur amid the current situation is the fact that real estate is a safer option for investors than any other investment options at the time. With gold experiencing an all-time major rise and the stock market seeing a drastic drop, it’s difficult to predict if mutual funds and other investments will be profitable in the post-lockdown world.

On the other hand, real estate in Raipur has an attractive return on investment which promises a profitable deal in the future. While working from home and a ban on travel and most entertainment activities, people are saving a major part of their incomes and thus, get the opportunity to invest more in properties. Even NRIs have chosen to invest in the Raipur real estate market and properties for a safe return on investment during the lockdown period.

In addition to this, the Chhattisgarh state government has launched a ‘Single Window System CG Aawas’ in order to ease the norms of developing colonies. According to this single window system, the entire approval process will be completed within 100 days. In case the applicant fails to submit the integrated records of the land plot owned, an additional time limit of 40 days will be provided.

Nobody expected the lockdown to be a blessing for the real estate market of Raipur. Many people who initially planned on buying a property in Raipur, before the lockdown, failed to do so due to uncertainties in business and finances. As a result, many real estate developers faced the issue of unsold properties for some time. This became an excellent opportunity for investment opportunities in real estate as the developers were ready to offer high discounts in order to reduce their losses.

During this time many foreign investments in the Indian real estate market were also witnessed. Also, the cases of insolvencies surpassed new projects which increased the number of incomplete projects, thereby leading to a major hit in the already present funding crisis. Realtors also introduced many offers from cash discounts to low down-payment, which was very unlikely during normal times.

The pandemic has thus accelerated the demand for residential properties for sale in Raipur. Condos and integrated townships have witnessed a major surge making it the best time to invest in real estate. With the new working trends and government policies like Atmanirbhar Bharat and Make in India, a large number of employment opportunities will be available in Raipur, which has attracted people to migrate to their hometown. Along with that, a low rate of interest, stamp duty exemption, and higher disposable income also contribute to good opportunities in real estate along with making it the best time to invest in real estate.

With this high demand for properties in Raipur, Avinash Groups are coming up with new exclusive projects that meet the daily and luxurious requirements of people. Many projects which are under construction and also, already constructed projects by Avinash Group lead to an elevated lifestyle with a number of amenities for a luxurious living experience.

Avinash Group is known for providing incomparable architectural designs combined with superior engineering in order to build magnificent projects and many properties for sale in Raipur. These projects include affordable homes, luxury apartments, and villas as well as integrated townships and commercial projects such as malls, clubs, and logistic parks.