Insights into Real Esate by Rakesh Garg Rba

Insights into real-estate at Siliguri

Rakesh Garg Rba

“Real estate is an imperishable asset, ever increasing in value. It is the most solid security that human ingenuity has devised. It is the basis of all security and about the only indestructible security.”

While the Covid 19 has virtually brought to a standstill most economic activity in the in the country, including real estate & its allied industries, the Real Estate Sector in Siliguri & North Bengal is likely to be least affected.

Even before the lockdown, when the real estate segments across India was down, North Bengal’s market size kept on expanding & flourishing. This place is a platform for investors from all across the nation majorly due to its advantages of geopolitical location. The market size is ever since broadening as the Siliguri real estate sector has witnessed high growth in recent times with the rise in demand for office as well a residential spaces.

CREDAI – North Bengal , which is the Builders Group has a positive message and the road ahead seems more promising for the buyers & home-seekers. The Association of Real Estate Advisors at Siliguri (AREAS) too is working in collaboration, hand in hand. The developers have lesser setbacks at Siliguri as here they have no such pile up of stocks like in major cities. Demand here has always been higher than availability of stocks. Being a labor-intensive industry, there will be project delays, but once lockdown is withdrawn workforce is expected soon restore normalcy as the artisans, craftsmen & wage workers here are generally from local neighborhoods.

Analytics & trends say that it will take some time to regain confidence but things are going to be better post advisory withdrawl of the lockdown. Property prices will be as usual with no such hike. Owning a home would be infact more convenient & easier due to the post Covid initiatives and reforms of the government & availability of home loans. The centre in the recent past had announced higher tax breaks and lower interest rates on home loans to make purchases more lucrative. The Government has taken several initiatives to encourage the development in this sector.

The anxiety surrounding the virus has increased focus on air quality, improving hygiene and sanitisation and awareness. Morever, this pandemic has strengthened people’s belief that in the times of crisis, it’s your family, your loved ones and your home that always stands by you. “Owning a home is a keystone of wealth, both financial affluence and emotional security”.