Real estate across the spectrum and across all asset classes is going to have a slightly tougher time in the next 12 to 18 months period. Residential real estate was anyway in a slightly tougher spot even before it got into Covid. But somehow with work from home developers are trying to focus more on their core business rather than just expanding and hence home buyers are also looking at owning homes rather than renting as that is the safety net the customers need.
Moving towards the one major part of residential real estate- affordable housing, people working in this segment are working according to affordable housing policy and the demand for these houses is huge all across the country. In fact, the supply has not met the demand as yet. Be it pandemic or a normal condition, affordable Housing is the necessity. This scenario post-Covid-19 calls for more demand in affordable housing segment as people have to have a home; they will go for the affordable segment.
Mr. Pradeep Aggarwal, Founder & Chairman, Signature Global and Chairman, ASSOCHAM – National Council on Real estate, Housing & Urban Development said, “Residential has always been the most buoyant market with purchase of homes by both end users and investors. Focus should also be on lifting the affordable housing segment as the dream of ‘Housing for All’ is yet to be fulfilled. As far as the economic scenario after Covid-19 is concerned, the cost factor has to be taken care of by the government immediately. A conducive environment has to be created where every developer should come out with contribution towards the goal.