Though businesses around the world have been severely affected by the lockdown, different sectors have shown amazing spirit to combat COVID-19 pandemic and bring the situation to as close to normalcy as possible. Indian real estate residential sector is not far behind and has come up with many positive trends to deal with the crisis.
Take for instance the fact that the sector has witnessed a keenness to start on a different growth trajectory with home ownership gaining considerable acceptance. The demand for affordable homes has also not slackened despite the COVID-19 crisis. Moreover, people now favour safe investments. Online home sales have also gained popularity which augurs well for leading developers with impeccable record.
Go through the blog and find out the rising consumer trends in the Indian real estate residential sector in the times of COVID-19
Millennials Prefer Home Ownership Now
Unlike earlier when millennials mostly favoured rented accommodation as they did not want to spend a large chunk of their finances on any one cause, COVID-19 has seemed to transform the thinking. They now prefer to have a home of theirs. The sense of security that physical asset brings, particularly in such grave crisis as COVID -19 or economic meltdown,can be termed as the major reason behind this change.
Bengaluru, Hyderabad and MMR (Mumbai Metropolitan Region) Witness Maximum Bookings
A large majority of buyers who have booked their homes before or during COVID-19 were from these 3 cities. Developers who focussed on digital sales were in an advantageous position as they were able to close the deals even in the times of COVID-19.
COVID-19 Has Not Slackened the Demand For Affordable Homes
On the contrary, people with higher budget for their homes have reduced it as theydo not want to spend large amount of money in such uncertain times. Instead they prefer to buy an affordable house to take care of their present needs only.
People Look For Risk Free Investments Now
A majority of population now is in favour of risk-free investments. This has led to the heightened demand for developers with least execution risk even if the property is relatively expensive.
More People Prefer Ready to Move Homes
Constructing properties from the scratch is a time taking process. Due to lack of availability of resources and construction services because of the COVID-19 situation, buyers and investors are preferring ready to move in properties. However, with time the situation has changed for better as slowly but surely the construction work is coming back on track and is showing the resolve that sooner than later the situation will be back to normal.
As the above account very clearly brings to fore the rising trends in the real estate residential sector in the country and how things are slowly but surelycoming back to normalcy, the situation after all is not as grim as it appears or is made out to be. All that is required is a calm and methodical approach and very soon the COVID-19 crisis would be a thing of the past and it would be business as usual.
