What really changed in Indian Real Estate Market during COVID Crisis?

covid impact on Indian real estate

While everyone was thinking about if it is a good time to invest in property, the Indian real estate market underwent a heavy facelift in this pandemic.

Some of the changes are in homebuyers’ favor and some are just the things you should know.

The virus outbreak influenced the Indian economy and has put the jobs of a lot of people in danger. 

Owing to such financial worries, and the requirement for some assurance, a move can be seen among the young homebuyers on buying a house during a pandemic rather than renting one.

To begin with, we need to know that at this point, the COVID-19 pandemic has changed the manner in which we live and work. Every single area of the economy, including the previously sound real estate sector, has been hit by the COVID-19 crisis.

The real estate sector post pandemic won’t be the same in a new world. The demand elements will advance and change, as new trends are rising.

With this article, we will discuss some of the changes in the real estate market and new trends that real estate developers are following.

Home Ownership

Is it a good time to invest in property? 

The effect of pandemic on real estate is directly seen with changing buyer behavior, as the idea of owning a home is never going away even if the economy is experiencing a slowdown. The lockdown has additionally strengthened this idea as one can have a sense of security with their own home.

As the relief in movement is allowed and jobs are back on track, people living in rented homes are now looking to purchase new homes soon. The home will indeed take unmistakable quality in one’s life and gives more than just security.

Digitization

The world has now ventured into a zone of digitization and the same goes for the real estate business. Big or small players in this sector have rushed to receive digital advancements. 

The COVID-crisis has indeed given a chance to adopt new technologies and trends to lead day-to-day activities. The real estate market felt the impact of digitization; in many operations be it real estate transactions, capital deployment, property management, site visits, or even consumption patterns. 

Digitization will rule the greater part of the buying process. Real estate businesses are inclining towards advancements like Artificial Intelligence (AI) and Virtual Reality (VR) in this area to further provide ultimate client experience.

People can now get the experience of visiting a property or even striking a deal virtually.

Distance doesn’t matter

Should I invest in real estate in 2020?

Yes definitely you should but here’s a catch.

Remote working or working from home as a pattern is going to stay for a while. Even after the pandemic loses its grasp, most organizations will keep searching for some ways to remote working for its employees. 

Consequently, commuting to work is not an issue for those working from home and this will lessen the need to buy a home near the workplace. Therefore, people are now considering buying a new home in peripheral areas. 

The ‘walk-to-work’ idea may lose a portion of its sheen and imminent homebuyers will see the sense in moving to areas within a moderate locality, a bit far from their offices.

WFH Friendly Homes and some new revamp

With work from home turning out to be such a significant part of our lives, real estate developers are currently benefiting from this pattern. 

New home designs are conceptualized in specially planned WFH-friendly homes.

A concept of offering a smaller room in an apartment as a dedicated work-room is what most developers are adopting and this is attracting more customers.

So, these are some of the things the real estate market has experienced during the COVID crisis by far.

In a post-COVID world, innovation in technology and advanced marketing techniques will certainly make the real estate market go beyond customers’ expectations.

To fill in with the new normal, one would require sufficient investments to strengthen the future. Owning a home is a perfect option to provide security to your family even if the pandemic is still on. A better future is what you expect for yourself and your family, and a home is an ideal investment to make.

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