Like every other sector, real estate has been severely impacted by the pandemic. With sales coming to a deterioration in March, and construction activities that are to resume in full swing, developers have been very anxious too.
A few trends can be seen emerging these days. From looking for home office spaces and affordable units to adapting to virtual tours, a post-COVID-19 scenario is emerging, which is likely to bring changes in the field of real estate.
The pandemic-impact on people:
The pandemic has forced people to stay indoors. Especially, apartment dwellers have felt the pinch. With poor access to green spaces and high density within units, people, especially millennials, are looking at investing in a home of their own. According to surveys conducted during this lockdown, Of the total buyers looking at purchasing a home, 55% are aged between 25 and 35 years and 68% are end-users, only 42% were in this age bracket. The general home-buying sentiment is also guided by cheaper home loan interest rates, which are today in the 7.15% to 7.8%, range.
The security associated with owning a physical asset during such a crisis has resulted in increased demand for sure. Millennial preferences are dictated by the, stock market volatility, prevailing uncertainties, and financial sector uncertainties.
According to the observation made during this lockdown, people are likely to opt for gated communities with sufficient amenities, since a situation like pandemic has taught them to have facilities within the reach. It seems, If the government increases the deduction limit of interest on home loans and relaxes the current restriction on setting off the loss from house property against other heads of income, it will encourage more buyers.
Tenants are considering home purchases, because several landlords are asking tenants to vacate, prompting people to consider buying their own home. Pune and Bengaluru appear to be the frontrunners here. The real estate business is going online. Online home sales are beginning to flourish, with Bengaluru recording a few such sales in the past few weeks.
Developers have also been forced to drive sales through virtual property tours, easier payment models, and special offers to satisfy the buyers. According to a private real estate company, over 120 homes were sold with a no pre-EMI offer recently. Several buyers opted for virtual site visit tours before booking.
Few real estate companies stated that they signed up new buyers during April’s complete lockdown through video conferencing and online selling. The tendency to buy will be strengthened by low housing loan rates, PMAY scheme extension, and other income tax deduction opportunities. At the same time, the need to be in a better and hygienic environment is also forcing people to buy new homes.
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