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In the wake of the pandemic, several trends have emerged in the Indian real estate. The most notable among them is the sharp rise in the demand for residential properties. The pandemic has brought people to consider owning a house as one of the basic necessities once again. Currently, homes are ranked among the most popular asset classes in India.
A number of factors are responsible for this sudden rise in the demand for housing. For the last few years, more and more people were opting for rental homes. This rental culture had been gaining prominence especially among the millennials. While some rented homes in cities where they migrated for jobs some found it easier to rent a home rather than buy one.
However, the pandemic has made people realise how a home of their own is important for the sake of security, privacy, control and health. In many places, it is now hard to find rental accommodation as homeowners fear getting infected with COVID in case the tenants do. Moreover, living in one’s own residence provides a sense of emotional security.
The work-from-home trend is another reason behind the rise in demand for residential properties. As an increasing number of companies have started to adopt it, those residing in rental homes face various difficulties. Thus, they are now opting to buy housing units as well for higher privacy and adequate space. The demand for real estate properties in India has also increased among the NRIs as an increasing number of Indians residing abroad now plan to come back home.
Many homeowners are now looking for larger homes with extra space that can be used for work purposes. Thus, the demand for new residential properties has also risen among those already residing in their own homes. This trend is visible in the affluent as well as the middle-class groups. However, it might take them some time to implement these upgrades. Many individuals have suffered financially due to loss and employment during the pandemic, while business owners have been incurring business losses too. While these homebuyers might delay their plans for a while, it is expected that they would go for a new home at some point, as the work from home trend is expected to stay.
Other trends such as the change in the type of properties in demand have emerged as well. Homebuyers are now looking for premium residential complexes which include various amenities, thus saving them from the risk of venturing outside. Sanitization features are also another major factor at the moment. The demand for ready to move homes has risen even higher than before. These trends are seen as a good sign which would help the Indian real estate industry recover.
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