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The COVID-19 pandemic has put the real estate sector in extremely hard times, just like most of the other industries. However, in order to survive, the industry must adapt to the new normal and undergo necessary changes. A few trends are already starting to show up in the real estate market.
The number of NRI investors in India real estate projects is increasing steadily. A large number of Indians residing in the UAE, US and UK buy homes in India. One of the reasons behind this is the relatively lower value of the Indian rupee compared to the USD, which makes properties here cheaper for them. Due to the changing stock market trends during the pandemic, the Indian Rupee has further lost value, making it even easier for NRIs to buy homes in this city.
The NRIs buy homes in India either for investment purposes or to have a reliable source of income from rent. During the lockdown, many are facing financial challenges and want to have a reliable and stable source of income. Naturally, the demand among the home investors is quite high. Many of the NRIs are moving back to India due to the pandemic and are buying new homes to reside in.
Another notable trend is the increase in the demand for affordable homes. The lower-mid segment of the real estate has predominantly seen the highest sales. However, with the pandemic aggravating the financial distress, more and more buyers are going for affordable homes. A number of key realty companies have already come up within housing projects offering homes within the affordable price range.
Smart homes and integrated townships are gaining popularity at a rapid pace, due to the several advantages they offer in making life easier. At a time when people are encouraged highly to stay home for safety, townships are naturally a preferred choice for many. This is because townships come integrated with shopping, entertainment and lifestyle amenities due to which the residents do not need to venture outside. To keep up with the fast-evolving world, a large section of homebuyers is going for smart homes with home automation technologies.
Many of the homebuyers in the market right now are millennials purchasing a home for the first time. This is because the pandemic has brought up the need for one’s own home. Many of those who used to live in rental accommodation are planning to buy homes for the sake of their own safety and health. Overall, it can be said that most of the changes that the real estate sector is going through are progressive ones which would improve the condition in the industry.
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