After THE LOCKDOWN, 6 UPCOMING TRENDS IN RESIDENTIAL REAL ESTATE
The coronavirus pandemic has sent shockwaves across our global economy, disrupting all big business verticals, Real Estate Trends, including the real estate market.
However, with any historic incident comes the need to adapt, improvise, and conquer. There is also a push for creativity in real estate, which, combined with evolving homebuyer tastes, would give rise to main real estate developments during the lockdown.
Let us examine the top six significant market patterns that have emerged in the Indian real estate scene during the Covid-19 era:
Table of Contents
- Let us examine the top six significant market patterns that have emerged in the Indian real estate scene during the Covid-19 era:
- – Shift To Physical Assets For Financial Security
- – Millennia’s Preference for Home-Ownership
- – Steady Demand For Affordable Homes
- – Preference For Ready-To-Move-In Properties By Investors
- – Shift Towards Trusted Real Estate Developers
- – Traction In Online Home Bookings
– Shift To Physical Assets For Financial Security
During the lockout era, many people who were not planning to invest in real estate changed their minds. Even in times of financial uncertainty, real estate as a physical asset provides stable stability. The valuation of real estate as an immutable asset, along with low home loan interest rates, has influenced home-buying decisions positively.
– Millennia’s Preference for Home-Ownership
There has been a large increase in the number of people between the ages of 25 and 35 who feel that real estate is the safest asset class for investing. Physical assets, such as real estate, provide the greatest sense of security, especially during repeated drops in financial and stock markets triggered by economic crises such as the Covid-19 pandemic. The economic meltdown of 2020 has caused a shift in preferences, with an increasing number of new-age millenials opting to buy a house rather than pay rent.
– Steady Demand For Affordable Homes
The need for affordable housing was projected to fall as a result of the economic crisis’s effect on lower-income groups. However, there has been a consistent interest among property buyers in housing under Rs. 45 lakh. It is possible that homebuyers with larger budgets are now opting to buy cheap, usable houses rather than spending huge sums of money in luxury properties during this economic slump.
– Preference For Ready-To-Move-In Properties By Investors
Because of the lockdown, much building work has been suspended, and project completion has been postponed for the near future. In this volatile environment, developers are naturally more interested in ready-to-move-in homes rather than under-construction properties, resulting in a noticeable market for finished and ready residential developments.
– Shift Towards Trusted Real Estate Developers
The majority of homebuyers are searching for risk-free acquisitions, which could include opting for higher-priced homes as long as they come from a reputable developer. Consumers are wary of purchasing from smaller developers that deliver low-cost properties but face a higher risk.
– Traction In Online Home Bookings
Developers who have used digital tools to perform interactive site walkthroughs and execute smart, smooth online bookings would have an advantage during this lockdown and in the future. The future growth trend of residential real estate in India will be described by innovation in digital strategies. Maximum online bookings have been found in tier-1 metropolitan cities such as Mumbai, Bengaluru, and Hyderabad only before and after the pandemic.
A cloud has a silver lining, and the current scenario has created many opportunities for homebuyers. If you want to invest in luxury residential projects in Kharghar Navi Mumbai, now is the time to do so because property prices are projected to plunge and interest rates are at an all-time low.