Affordable housing to gain priority in 2021
The year 2020 has been stressful for real estate because of the global pandemic and the resultant lockdown. However, with investors and homebuyers returning to the market and a few new trends emerging in 2021, this year looks promising for the real estate sector.
According to a lot of experts, the main theme for 2020 was being collaborative, understanding, and accommodative, not just in real estate but also for all sectors and industries. Residential property and real estate are in demand this time.
As per ANAROCK, housing demand will continue to grow as home ownership has gained priority for the millennials.
The Chairman of ANAROCK Property Consultants, Anuj Puri, says that the festive quarter is seeing robust sales in housing across the top cities. This is due to the offers and discounts being doled out by builders. These offers and discounts give buyers an overall financial benefit. Furthermore, lower home loan interest rates are also a reason to attract buyers.
The urge to invest in affordable housing has been accelerated by the pandemic and various schemes and offers. We are currently witnessing an organic demand. This demand will remain even if the discounts are rolled back. The developers will definitely continue to fuel demand with discounts and schemes even after the festive season. The home loan interest rates will also not harden anytime soon.
New Trends
The consumer preferences have changed post the pandemic. This helps the new trends in emerging.
1. With many companies adopting the work-from-home option, a lot of home-buyers will go for bigger and better homes but at affordable prices which means they want to switch to affordable housing. This will almost put an end to the previous standard of Indian housing – short drive/ walk to work. Homebuyers will prefer homes that are bigger even though they are far from their work.
2. Additionally, many homebuyers are preferring to shift to townships where their family’s needs and wants are taken care of. These self-sustainable housing colonies offer a safe and secure environment while providing all kinds of amenities.
3. Top cities like Mumbai, Bangalore, Chennai, Hyderabad, Pune, and Delhi are seeing a rising demand for plots due to the new realities presented by the pandemic. Many home buyers are interested in a residential property that serves as a long-term investment.
The developer’s take
Developers think that with the Unlock phase, the real estate industry will expect growth in their sales in 2021.
Furthermore, ‘Housing for all by 2022’ and ‘PMAY’ have kick-started the affordable housing units. According to research, investment in the institutional, infrastructure, and industrial sectors will create better job opportunities and push the demand for residential property. It is expected that a lot of people will prefer having their own homes instead of rented ones post-Covid-19.
The reduction in stamp duty charges by few states and benefits in home loans is also one of the noticeable factor for the homebuyers to invest in Property. As per the trends, 2021 will be a better year for real estate and this sector will surely gain momentum at a better rate.
Disclaimer: The views expressed above are for informational purposes only based on industry reports and related news stories. PropertyPistol does not guarantee the accuracy, completeness, or reliability of the information and shall not be held responsible for any action taken based on the published information.
