The Covid-19 impact has formed a huge abyss in the economy of India and the whole world at large. The nation has faced lots of downs in almost every sector in the year 2020, and the real estate sector could remain no exception. This pandemic disturbed the Indian real estate market, especially the commercial sector as companies had to force-adopt to another alternative termed as WFH or work from home.
Contrary to the popular belief that remote working would not work in India, it successfully did so for a majority of organizations. Conversely, when logically looked at, work from home isn’t a sustainable long-term solution for all corporates.
With the rollout of Covid-19 vaccines by quite a few brands and the ongoing sprint to achieve herd immunity, things are expected to go back to normal gradually. Consequently, this is giving way to a higher net office space absorption in the final quarter – Q4 of 2020 which signifies a 52% rise over the preceding quarter. This demand is majorly driven by FMCG, e-Commerce, healthcare industries and data centers.
Also numerous IT giants have decided to stick to the concept of ‘Work from Home’ for an uncertain stretch of time after the country got hit by the pandemic in the year 2020. This new norm has turned the tide for country’s housing market.
Reports suggest that in the Indian real estate market, there has been a 10% rise in the average size of in-demand apartments, which had been shrinking since a decade. Since almost a decade back, apartment sizes across India’s metro cities has been continuously shrinking, forcing real estate developers to make homes more compact, low-maintenance and reasonably priced. With this happening, the average cost of apartment units got cut down by a good percentage. In the post-Covid-19 world, homebuyers’ preferences have clearly changed. Now their interest has shifted towards larger, multifunctional homes, equipped with a study room for their kids attending classes online.
Moreover, for the affluent class, with the higher buying power, recreational and fitness spaces are a must as well because visiting Cinemas, Theatres and Gyms still hasn’t become a normal as it was before the pandemic hit the globe. The new mantra widely getting adopted by buyers as per the current trends is “the bigger, the better’, leading to a huge shift in the Indian real estate market.
After a gloomy 2020, with the Indian real estate market coming to a grinding-halt, the realtors are now exploring several options in an endeavor to gain back their momentum. Regular discounts are being offered by various developers to attract buyers. Significantly fall in home loan rates is another important reason for a sudden spike in home sales across India.
There are plenty of signs highlighting the fact that India’s real estate, especially the housing sector is making a resilient recovery post the obstacles caused as a result of Covid-19. According to recent reports, the real estate sector has witnessed a 51% surge in housing sales. Also, according to another survey, a huge number of people in metros, living in rented houses are now gearing up to own their own house and boost their financial security owning a property, a fixed asset.
Like several other markets, Indian real estate market is purely a value for money market, where the demand is majorly driven by cost along with several other influencing factors. So this rise in demand may fall again once the interest rates peak or the discounts fall. Thus in order to make the best out of the current scenario, the market is displaying an all-time high agility level.
Developers and broking firms are avidly catching & matching the current needs and demands of the buyers. Several online portals and apps are flooding in at a rapid pace aiming to allow users to enjoy a convenient and safer home buying experience, Realty Care is one such brand that offers a complete portfolio of real estate services, including sales, leasing out of commercial and residential properties, investment, sales & marketing, property consultancy and mortgage services.
They have a diversified business model which includes real estate buying, selling, renting and property management services related to commercial properties and co-working spaces as well. The web portal is built on the modern web technologies to ensure a smooth and user friendly experience, continuously progressing with its robust backend analytics represented in the simplest and most user-friendly way to its customers.
They use advanced learning algorithms to find the best properties for local buyers as well as NRIs who are looking for property Investments of any sort in India based on the their requirements, search patterns and behavior. Currently operating out of Delhi, they have a presence and onboard inventory in four major cities – Mumbai, Pune, Delhi, Bengaluru as well as in UAE. One of the top USPs of the firm is that they have the modern customer’s needs at the center of their offerings.
To know more, please visit https://www.therealtycare.com/