It is no news that several business sectors were severely affected by the Covid-19 pandemic, and it took some time for them to bounce back into their game. Similarly, the real estate sector was impacted as well, and unexpected changes were seen in real estate trends in India. Owing to the lockdowns that kept getting extended and social distancing norms, buying and selling of real estate properties had come to a standstill. With time, the government eased certain laws so that people can get back to work and businesses can start functioning again. Keeping the new normal in mind, here are a few real estate trends that we can expect to see in 2021 –
With the new normal, looking at prospective properties via digital means is on its way to becoming a more viable option. Of course, this is not an entirely new concept as most buyers anyway look online for primary research and then visit the properties in person. During the pandemic, however, everything was being done with the help of the internet.
The good thing is demand for housing has seen a steady rise during the pandemic and that demand continues. In fact, the industry is at a point wherein it is unable to cater to the rising demand. As a result, there is a surge in pricing for the available properties.
The pandemic has given rise to a new definition of ‘home,’ and that is consequently resulting in increased demand for real estate properties. Consumer behaviour has changed immensely owing to their shift in needs and requirements. People are also increasingly looking for properties that are away from crowded locations.
With our offices shifting into our homes, people have started looking for houses with quirky setups. They want it designed a certain way so that it can serve multiple purposes. Besides, people have also understood the importance of having a separate workspace.
With Covid-19 taking up newer faces around every corner, people want to go and stay in isolated areas far away from cities. This is the reason why people have increasingly started looking for houses in suburban areas.
This goes hand in hand with the point mentioned above. Since people are keener on moving into the suburbs, house owners in the city are finding it hard to find tenants. As a result, rental prices are dropping so as to get people to rent out properties.
The real estate sector in India is expected to witness the above-mentioned trends in the very near future. We can also expect newer trends to pop up in between depending on how the consumer requirement changes as well. If you are looking into Gurgaon real estate properties, then do have a look at the projects under Experion Developers. To know more about them, click here!