In The realty sector 2021 Is A buyers market Latest News

As per a report by the Reserve Bank of India, there has been a steady drop in the unsold inventory alongside a consistent rise in sales. Despite disruptions and a tumultuous market during the pandemic, the Indian real estate sector made a remarkable recovery, registering impressive sales in Q3 and Q4 2020 that sustained till March 2021.

Currently, the realty sector is witnessing a new and evolved buyer, who is focusing on customised offerings to make the best investment decisions. Therefore, ingenuity, innovation and digital transformation will drive the segment.

The pandemic has altered the market and 2021 is touted to be a watershed period for the Indian real estate sector. Against the backdrop of the new normal, broadly, the following trends can be expected to attract active property buyers.

EVOLVING LIFESTYLES DRIVING SALES

Essentially, the work from-home mode will continue to affect the overall (working) arrangements of professionals. Hence, demand for workspaces in homes along with gymnasiums and entertainment zones will dominate the market as individuals exceedingly become home bound due to the restrictions caused by the pandemic. In the metros, the ultra-luxe segment comprising gated townships and luxury towers with quality in frastructure will be the preferred choice.

Demand for ready-to move-in properties is high, as customers are averse to waiting indefinitely to gain possession. Thus, reputed developers with robust financial backing and proven track records will secure a higher market share.

The pre-Covid preference for rented apartments, which made people want to stay close to their workplace, has changed. Millennials prefer less crowded areas and look for properties in locations that are affordable, well-connected, unpolluted, spacious and less populated. Consequently, the more affordable cities in India will see buyers who prefer plotted developments or builder floor apartments.

GROWING INDUSTRY CONFIDENCE

The demand for commercial real estate by foreign investors who will look for quality as sets in India will continue to surge, thus revealing their confidence in the sector. The ware housing and logistics space is an asset class that will see significant demand from e-commerce, FMCG, pharma, etc.
As the sector slowly moves to wards recovery, it has to realign to face new realities and meet greater expectations. At the forefront will be affordable housing. It indicates that mid-income and budget categories are expected to perform relatively better.

BUDGET WITH A CHANCE OF LUXURY 

Interestingly, mid-segment housing may be the only segment in residential realty wherein affordable housing options are juxtaposed with the facilities of luxury flats. Buyers, who've been scouting for affordable housing options, now plan to wait in order to extend their budget to buy a mid-segment housing flat that has the potential for ROI.

Amplified investment in in frastructure development by governments and businesses, in developing tier 2 and tier 3 cities as centres of economic activity, along with increased consumer spending, will script India's growth story and provide employment opportunities in the future.

Source:Mumbai Mirror