Real estate industry can take up to one year to recover, the study says

Buyers in post-COVID-19 world should go 2 bhk flat for sale in kharghar in for smart homes and planned townships

According to a new report, 2 bhk flat sale in kharghar the battered and wounded real estate industry would take about a year to get back on its feet.

real estate market in navi mumbai after lock down

When the pandemic settles, the demand for residential real estate could show signs of pick-up in six to 12 months, and buyers would prefer smart homes and developed townships in the post-COVID-19 environment, according to Savills India’s research report.

Despite the gloom, 2 bhk flats in kharghar approximately one-fifth of buyers (21 percent) may return to the market in six to twelve months, according to the sentiment witnessed in May. “While a small segment, at the end of the tunnel, this may still be a cause for light,” the report said.

A large 70 per cent, however, do not intend to buy a home within 12 months. Moreover, most investors tend to wait and watch, with plans to close to 94 percent.

Analyzing the residential market over the past decade in order to better understand the trends of recession, recovery and expansion, the study said the lockdown struck just as the residential market rose in 2019 for the second year consecutive. “COVID-19 brought it to a standstill by 2020 [residential real estate],” it said.

Homes with field of employment

According to the results, 2 bhk on sale in kharghar 80 percent end-users and 90 percent investors will prefer smart homes that come with carved-out work areas as the standard would be work from home. There will be interest for incorporated townships too.

At least 30 per cent of end-users and buyers demonstrated willingness to pay home premiums that would include a definition of wellness.

This is representative of the post-COVID-19 world environment phenomenon. “For almost 24 per cent of end-users, 2 bhk flat in kharghar for sale homes with office-like workplaces cut out will be appealing,” it said.

Second homes also have appeal, and nearly 30 per cent of these buyers said they would be interested in Goa locations. Approximately the same number showed interest in hill properties.

On recovery, 2 bhk sale in kharghar the study said end-users in the top six cities in the country are likely to return to the market quickly after the COVID-19 pandemic compared to those in cities of Tier-II and Tier-III.

real estate market in navi mumbai after lock down

The way forward

The future will rely on continued policy support and economic stabilization, and it may take the markets to remain steady until the second half of 2021, 2 bhk flat in kharghar navi mumbai it said. Shveta Jain, managing director, residential services, Savills India, said demand for housing remained subdued during the lockout, but as restrictions were slowly lifted, buy 2 bhk flat in kharghar queries on new purchases began to come back.

“What we have found is that real consumers drop their bid rates, with sellers expecting to close their deal on new benchmarks. On the supply side, both developers and sellers are in a wait-and-watch mode, evaluating the situation to make informed decisions on the way ahead, “Ms. Jain said.

She said the prolonged shutdown triggered financial disturbances across industries, 2 bhk flat in kharghar for buy not just real estate. “Transaction volumes will be affected in the near future as far as the residential segment is concerned. Nonetheless, this could be seen as an incentive for some parts of buyers to develop their real estate portfolios, “Ms. Jain said.

On the price trend in metros, which was seriously affected by COVID-19 outbreak, she said, “Because of current circumstances and poor consumer sentiment, housing prices are likely to soften or stagnate depending on venue, project quality and developer financial condition.”

Prices in some markets where there is over-supply may drop in single digits. “We don’t see any price adjustment at places where there are quality projects built by developers that are not stressed out,” she said.

 

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