Indian real estate being one of the most globally recognized sectors has taken a slight setback during coronavirus pandemic like the other sectors of the economy. However, the opportunity lies in every crisis and real estate is no exception!
Surprisingly people are more reluctant towards investing capital in real estate than stocks and bonds put together. The changing homebuyers’ preferences during this lockdown have resulted in the emergence of significant trends in the real estate sector. After facing challenges during multiple lockdown extensions, it is now time for the real estate sector to adopt a new framework post unlock 2.0
Homeownership is the new priority
It seems like during these tough times people have realized that home is the only safe environment that ensures the safety and security of the family. The residential sector is gaining significant preference, especially among the new-age millennials. With work from home culture booming in India people will be now looking at owning a home rather than renting.
Growing demand for integrated townships
Homebuyers are now looking towards integrated townships as they ensure safety and security to live a sustainable life. Due to the easy accessibility to schools, hospitals, and offices these integrated townships will become the first choice of the home buyers. With the work from home culture increasing in India, it is anticipated that this trend might continue even after the lockdown completely opens. Post-COVID, people will be more inclined towards setting up their home offices. This would require extra space at home. In the coming years, we might witness an increased demand for homes that offer extra space for setting up home offices.
Affordable housing segment is set for record growth
With the current COVID situation, there has been a change in consumer behaviour as they are looking to invest in properties in the mid and affordable segments. Moreover, people with a regular income are now planning to purchase their own homes who might have been facing issues in coping with rents during this lockdown. Moreover, the affordable housing segment has grown at a rapid pace with the government’s initiative of Pradhan Mantri Awaz Yojana scheme. Additionally, due to reverse migration during the lockdown, there has been an increasing demand for affordable homes in Tier-2 and Tier 3 cities.
The digital revolution in home buying
Considering the physical site visits for buying homes to be impossible during COVID, video walkthroughs, digital inspection, and online launches are the only means to interact with the potential homebuyers. Developers have now started offering attractive payment plans and discounts through property portals where buyers now have information at their fingertips and can book the inventory of their choice online from the comfort of their home.
The future of the real estate entirely depends upon the government policy and economic stabilization however, the developers are optimistic that in the coming quarters real estate will be positive for both end-users and investors.