Though the demand for affordable housing had increased in recent times, the lockdown came as a major setback for the sector which was already reeling under the crisis. 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, also, 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.
The aftermath of the 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.
Mr. Pradeep Aggarwal, Founder & Chairman – Signature Global Group & Chairman – ASSOCHAM National Council on Real Estate, Housing and Urban Development says, “The global economy has been affected by the Corona virus pandemic; and the realty sector too has been going through challenges. Nevertheless, affordable housing is the only sector which is still growing as it is an end-user driven market, the prevailing low property prices and low home loan interest rates could prompt home-buyers to make their purchase decisions. Even in this pandemic, the government has supported the buyers with the extension of the Credit-Linked Subsidy Scheme (CLSS) which is an added incentive for the Middle-Income Group (MIG) buyers and has opened the multiple avenues for the affordable housing to progress further. Adding on, the affordable housing segment helps in bridging the gap between urban poor and mid-housing segment.