This pandemic has put the real estate sector in unusual hard times, just like most of the other industries. However, in order to survive, the real estate industry must readjust to the new normal and go through necessary changes. A few trends are already starting to show up in the real estate market.
The numbers in NRI investors in the Indian real estate projects is increasing steadily. A large number of Indians living in the Arab countries, the US and the UK are now buying homes or flats in India. One of the reasons behind this is the comparatively lower value of the Indian rupee as compared to US dollars, which makes properties here less costly 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 and flats in the metro cities.
The NRIs buy homes or flats in India either for investment purposes or to have a dependable 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 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 eminent trend is the increase in the demand for affordable homes and flats. The lower-mid segment of the real estate has predominantly seen the highest sales. However, with the pandemic aggravating financial distress, more and more buyers are going for affordable homes and flats. A number of companies have already come up within housing projects offering homes within the affordable price range.
Smart homes and integrated societies are gaining popularity at a rapid pace, due to the several advantages that 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 facilities due to which the residents do not need to go outside of society. To keep up with the fast-evolving world, a large section of homebuyers are going for smart homes with home technologies and latest features.
Many of the home buyers in the market right now are millennials purchasing a home or flat 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 revolutionary ones which would improve the condition in the industry.
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