The realty sector had observed a drastic downfall with the ongoing COVID-19 in early 2020. The downfall in the early years has brought many of the developers and customers on the ground and made zero investment for the session. However, the governments, along with realty sector giants and customers, have started restoring normalcy. They have come up with major reforms which have provided major upliftment in the real estate market. The famous Persian proverb, ‘This Too Shall Pass’ confirms that the bad days are gone, and a new era in the realty sector will emerge.
The major impact that COVID-19 had showered on the customers and real estate agents has forced them to take logical decision-making in the form of the importance of Health, Safety, Wealth and Security. But now the days are gone, and new hope has started emerging in the realty sector market. Under this article, we will see the major trends in the realty sector in India in 2021.
The Demand for Home Ownership:
There has been a sudden increase in demand for homeownership, and that too by the millennial groups. The reason behind this demand completely revolves around the deadly COVID-19. The coronavirus has made people make rational decisions and think for the future beforehand. This sense of security has led many individuals to invest in properties and take care of their families in the near future. However, this increase in demand has led banking institutions to lower their interest rates. Customers have found no better opportunity than this to invest in properties and get entitled to ownership.
Foreign Investment:
The latest reports released on the world economy by the International Monetary Fund and the United Nations showed depreciation of the Indian Rupee against the Dollar had earned foreign investors in India. This strong foothold has led the dollar to achieve its highest mark and has invited foreign investments in properties in India. On the other hand, the Real Estate (Regulation & Development) Act (RERA) has brought major reforms that foreign investors can reap the rewards from premium real estate opportunities.
The Demand for Work from Home Concept:
During the COVID-19 lockdown scenes in India, many companies started the Work from Home (WFH) concept, which gained much importance during the period. Now work from home has been turned into a culture, where companies have started giving options to Work from Home and Work from Office candidates. With this culture, many customers are looking for rooms that offer the space to increase their productivity. Thus, developers are now offering several options in design to adopt the ‘New Normal’ productively. People are now moving ahead with the new concept and looking for investments in properties that offer a peaceful environment and all the amenities to increase productivity.
The Rise in Digital Platform:
With multiple restrictions imposed by the state government and central government, customers could not physically visit the site and know about the property. But thanks to digitalization, now everything is in the hands of the customers. This year has seen a drastic increase in virtual tours and online bookings. Developers have taken this opportunity carefully and have also offered the same most innovatively. Developers have come up with various options such as augmented reality, virtual reality, where one can have a 360-degree view of the property without any hindrance of time and location.
Options of Investment:
The world has witnessed a major downfall in the economy where everything that happened was a surprise. Now people have kept their antennas up and are moving forward with a positive mind. Real estate has been seen from an investment point of view where customers buy and sell the property and make maximum returns. Now people are investing their corpus in properties and making a profit out of it by selling at times of any uncertainty.
Conclusion
The upcoming years will be a boon in the realty sector, where developers and customers see it as an opportunity to invest. Surely, the real estate sector will bounce back and technology-driven innovation will play a very important role in gaining pace. Also, the work from home concept will make the best practice out and empower youngsters to invest wisely in properties.
