Affordable Housing back in demand; experienced realtors become buyers’ first choice

After facing tough COVID-19 challenges, like many other industries, the real estate sector too is now betting on a better 2021. The market is promising, and with the apex bank being optimistic about the economic growth, the real estate sector would see a marked change in 2021. Demand in 2021 is likely to recover to 2019 levels and may even surpass it if there are no unforeseen negative events. The measures taken by the RBI would help the sector reap rich dividends as the sector is riding high on the increased demand in the post-COVID-19 situation.

The market for affordable housing is robust, and in the coming months, there will be more movement. People have realized the importance of owning a home, and this feeling is going to persist. Despite the lower-than-normal sales traffic in the real estate sector, the affordable segment has emerged as the hot cake for the potential homebuyers. Post-Unlock, the segment witnessed improvement in the number of visits to the site, and the properties sold immediately first because of the pent-up demand and realization of people to own their home

Mr Pradeep Aggarwal, Founder & Chairman, Signature Global Group, Chairman, ASSOCHAM, National Council on Real Estate, Housing and Urban Development, says, “The post-pandemic market has seen significant demand coming the affordable segment way as it is as per in the majority of the population’s buying capacity. Our projects got good traction once the lockdown was partially lifted, and since then, we have received tremendous response during the draws that we carried for the projects in Gurugram. As far as other segments are concerned, people with a proven track record are not facing problem as they have already rationalized prices looking at the market condition. Some developers attract buyers by giving out discounts in various forms, but the buyer is very discerning and will only go for projects that fit their needs. I would say that overall real estate demand has increased, and good projects are getting the buyers’ attention.”

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