How can affordable housing plan their recovery post-crisis/lockdown?

The Indian real estate sector too is reeling under the deadly impact of the coronavirus pandemic like every other segment in the economy. But like it is with every crisis, this pandemic too may throw up opportunities for buyers as several cash-starved developers with unsold inventory may be forced to sell at discounted prices.

Though the demand for affordable housing had increased in recent times, but the lockdown came as a major setback for this sector. Real estate is an immensely important asset class, and with the market and stock value’s uncertainty; it has become all the more valuable.

Affordable housing will get more challenging post the COVID-19 crisis. To overcome this, developers need to keep several factors – like planning and designing, research and development, input materials, labour and time – in consideration while optimising cost. Moreover to some extent digitization definitely has eased the things and therefore minimized the impact. So to overcome these challenges, developers have started with digital marketing and virtual tour’s, and able to reach our target audience. And now, tailoring them according to the customer’s changing needs.

Mr. Pradeep Aggarwal, Founder & Chairman – Signature Global Group & Chairman – ASSOCHAM National Council on Real Estate, Housing and Urban Development says, “In this pandemic, homebuyers are getting more conscious and particular in investing into the real estate as Covid-19 pandemic situation has established the fact that owning an apartment is way better than dealing with the uncertainties of living in rented accommodation because- “Apna Ghar, Apna hi hota hai. So this way many developers are preparing themselves as per the changing customers’ preferences and profiles by tweaking in their business models and are more focused for a better connect with the consumer.

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