The coronavirus pandemic has brought a change in the people’s lifestyle and so in the real estate sector. The concept of remote working accelerated the pace of digital transformation. This affected the confidence of the home buyers and the rental market. As per the reports and experts have also cautioned that it is likely going to take another 12- 18 months for a rebound in the real estate sector.
The possible role out of vaccines has raised hopes for economic revival. However, it is yet to be expected that will it be a turnaround for the battered real estate sector. There were many changes that are raised in the real estate market post-covid-19 pandemic. Like the real estate sector couldn’t escape the social distancing mandate. The project discovery for home buyers started happening online. Developers began offering virtual tours and interactions. People’s preferences for buying a house have also changed.
As per the survey on homebuyers, preference stated that 91% of respondents wanted to buy their own home, besides 67% believed that home buying was a necessity and not a luxury. Buyers also focused more on having job security while purchasing the house. Nearly 50% of homebuyers indicated the preference for a 2BHK residential project. Homebuyers have also shown keen interest in ready to move-in homes.
Moreover the growth of the Indian Home loan market at a compound annual growth rate CAGR of nearly 22% amid the scenario. Factors such as ease of doing business, low-interest rates, long loan terms with lower EMIs, and mandatory home insurance can help boost residential sales.
Mr. Pradeep Aggarwal, Co-founder & Chairman, Signature Global and Chairman, National Council on Affordable Housing, ASSOCHAM said, “Vaccine’s impact on the real estate sector may not be an immediate effect on the property prices, because the level of unsold inventory remains too high as offloading these inventories and bringing them to a sustainable level may take two more years. To gain momentum in demand, the government and developers will have to continue to offer incentives and offers for the customers. “
