Spacious Affordable Homes become new talk of the town as COVID cases register downfall

Real estate sector has been doing moderately fine, the market is an end user driven market which anyways is built on a robust demand for housing. The overall environment has been quite supportive with home loan rates being the lowest, though pandemic or any lockdown does affect conversion but the queries have been growing in a sustained manner. We all have adopted ourselves to do business online which has been quite helpful. With markets getting unlocked, walk-Ins have considerably increased in the last 1 week. The sector is noticing an increase in inquiries as the number of COVID instances decreases. There is a significant need for spacious homes in projects that can provide for the residents’ overall well-being, just as there was after the first wave. Following two devastating attacks, people are looking for solutions that would allow them to spend their time in a home that speaks volumes about their social class; thus, the demand for well-crafted homes is increasing.

Moreover, the previous year, when construction activities were completely halted during the lockdown, this year’s lockdown had no such restrictions; however, the sector experienced challenges owing to migration, which was also less than last year’s first wave but huge enough to stymie the progress. The labour situation almost undid the advances made in the fourth quarter of 2020, and it might take almost a year to pick up the pace in construction.

Right now, the focus is on delivering the projects at hand; the plans are afoot for new products, but we have to wait for further improvement in the market sentiment. Overall, the real estate sector will witness a significant amount of supply. The demand-supply dynamics have to be closely watched before launching any new project. The number of launches most likely will increase by the end of the year, as happened after the first wave, says, Mr. Pradeep Aggarwal, Founder and Chairman, Signature Global Group and Chairman – ASSOCHAM National Council on Real Estate, Housing and Urban Development.

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