The Indian real estate sector has shown strong resilience in the face of the pandemic that hit the economy last year. Despite the setbacks, the industry very quickly realigned to the new normal with digital interventions and quickly returned to recovery mode. The second wave of the pandemic has changed the atmosphere for home buyers and investors in the country, and there is now an increased demand for clean housing taking into account health, hygiene and safety factors. The macroeconomic recovery has also shown a significant acceleration inducing a positive trend in recent months in the real estate sector. The appetite for residential real estate in the middle income segment is increasing as people look to buy homes earlier than expected given the current scenario with the pandemic. The developers analyzed the healthy lifestyle trend and shifted their interests to developing projects that meet the changing needs of new-age buyers in a post-Covid world. In the context of this change of mood, it is important to grasp the new trends in the real estate industry.

Real estate is now a buyer’s market

As the pandemic continues to subside, notable changes in consumer behavior and market sentiment are shaping new trends in the segment. The real estate industry has now evolved into a buyer’s market, and today, with an evolved sense of purchasing preferences, consumers are focusing on tailor-made offers to make the best investment decisions. Buyers also have the ability to view and research projects digitally prior to purchase. Customer orientation defines the Indian real estate industry and it is important to recognize their changing view of buying real estate.

Preference for larger, healthier homes

The pandemic has given homeowners time to think about the value of the space they call their home. After spending a lot of time indoors over the past year and a half, homebuyers are now realizing the value of having multifunctional homes. The demand for slightly larger homes with additional spaces like a workstation, reading nook or activity space has certainly increased. With the increase in time spent at home, home buyers are identifying projects with well-designed apartments that give them extra leeway.

Access to a large infrastructure

Locations that include a strong mix of physical and social infrastructure, and priced relatively better than expensive locations, have recently seen higher demand. Homebuyers prefer properties with good connectivity in terms of access to transportation hubs like bus and metro stations and taxi services to major towns and the central business district, as well as access to hospitals, educational institutions, supermarkets, parks, places of entertainment and recreation. centers. Today, most home buyers are looking to improve their lifestyle and are willing to stretch their budgets a bit further to ensure that they find homes that also offer comfort, space and convenience.

Ready-to-move-in homes are growing in popularity

Move-in spaces will remain the top priority for today’s discerning clients who don’t want to wait endlessly for their properties and expect quick possessions. There is more demand for move-in projects or those closer to completion than for properties under construction. Given the pandemic and the need to be safe, buyers are eager to buy a home quickly. There is also growing interest in villas, as they serve both as a stand-alone home as well as being part of a community with many amenities.

Lower interest rates stimulate demand

As the vaccination campaign continues to strengthen and the central bank maintains its supportive stance by setting interest rates at historically low levels, residential demand is expected to pick up sharply in the coming quarters as buyers opt for loans at lower interest rates. The RBI’s firm confidence in maintaining the status quo has boosted demand in the market. The segment has remained the safest investment option and favorable government policies with higher guaranteed returns and more secure attract investors to keep market sentiment supported. The feeling of home ownership is also driven by decision factors such as the flexible payment plans offered by developers.

Brand developers gain strength

The industry is most likely to see more people prefer properties developed by leading brands than unorganized and smaller players. Buyers review the history of brands, their performance, the standards they maintain, the quality they offer and the delivery schedule. Preference is given to financially stable developers with a good track record, execution capabilities, and high quality projects that gain substantial market share.

The pandemic has transformed the market and 2021 is a turning point for the Indian real estate sector. The segment now understands the “new normal” and is better prepared than last year. Imagination, innovation and digital transformation will drive the industry, and with new trends emerging, the real estate industry will soon enter a new phase of growth. The real estate industry continues to prove, time and time again, that investing in this asset will produce robust returns. As the pandemic subsides, the segment will be the key pillar to boost India’s economic growth.

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