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6 Upcoming Trends In Residential Real Estate During The Lockdown

By Runwal Group Posted On Jul 06, 2020
Category Residential properties

6 Upcoming Trends In Residential Real Estate During The Lockdown

The pandemic caused by the corona virus has sent shock waves across our global economy and disrupted all major industry verticals, including the real estate sector.

However, with every history-defining event, comes the need to improvise, adapt and overcome. There is already a push towards innovation in real estate, and this, along with the changing preferences of homebuyers, will give rise to key real estate trends during the lockdown.

Let's take a look at the top 6 significant consumer trends that have emerged in the Indian real estate scene during the era of Covid-19:

1: Shift To Physical Assets For Financial Security

Shift To Physical Assets For Financial Security

Many individuals who weren't seeking to invest in property have reconsidered their decision during the lockdown phase. Real estate as a physical asset affords solid security even during events of financial uncertainties. The value of real estate as an imperishable asset along with low home loan interest rates have positively impacted home-buying decisions.

2: Preference For 'Home-Ownership' Among Millenials

Preference For Home-Ownership Among Millenials

There's been a significant rise in the number of individuals in the age group of 25-35 years who believe that real estate is the best asset class for investments. Physical assets like real estate provide the highest sense of security, especially during frequent falls in financial and stock markets caused by economic crises such as the Covid-19 pandemic. The global meltdown of 2020 has brought about a change in priorities and more and more new-age millenials are preferring to own a home rather than pay rent.

3: Steady Demand For Affordable Homes

Steady Demand For Affordable Homes

With the lower-income groups hard hit by the economic crisis, the demand for the affordable housing segment was expected to go down. However, there has been a steady interest among property-seekers for housing priced under Rs. 45 lakh. It could be hypothesized that homebuyers with higher budgets are now preferring to purchase affordable, functional houses, instead of investing a large sum of money in premium properties during this economic downturn.

4: Preference For Ready-To-Move-In Properties By Investors

Preference For Ready-To-Move-In Properties By Investors

Due to the lockdown, most construction activity has been completely halted and project delivery have been delayed until the foreseeable future. In this uncertain scenario, investors are naturally keener to look at ready-to-move-in homes over under-construction properties, resulting in a noticeable demand for completed and ready residential projects.

5: Shift Towards Trusted Real Estate Developers

Shift Towards Trusted Real Estate Developers

A majority of home-buyers are looking at risk-free investments, which may even entail settling for higher-priced properties as long as they are from a trusted and renowned developer. Consumers do not want to purchase from smaller developers who offer low-price properties but pose a higher risk.

6: Traction In Online Home Bookings

Traction In Online Home Bookings

Developers who have leveraged digital platforms for conducting virtual site walkthroughs and executing smart, seamless online bookings will gain the upper-hand during this lockdown period and further ahead. Innovation in digital strategies will define the growth trajectory ahead for residential real estate in India. Maximum online bookings just before and during the pandemic have been observed in tier-1 metropolitan cities like Mumbai, Bengaluru and Hyderabad.

There's a silver lining to every cloud, and the current situation has presented many opportunities favourable to home-seekers. If you're looking to invest in luxury residential projects in Mumbai, now's the best time as property prices are expected to fall and interest rates are at an all-time low.

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Disclaimer

The plans, specifications, images and other details herein are only indicative and subject to approval of the concerned authorities. The Group / Owner reserves the right to change any or all of these in the interest of the development, without prior notice or obligation. Artist’s impressions are used to illustrate amenities, specifications, images and other details and these may be applicable to select apartments only. Tolerance of +/- 3% is possible in the unit areas on account of design and construction variances. All brands stated are subject to final decision of the project architect. This printed material does not constitute an offer and/or contract of any type between the Group / Owner and the recipient. No booking or allotment shall be deemed to have been made on the basis of this printed material. Any Purchaser / Lessee of this development shall be governed by the terms and conditions of the agreement for sale / lease entered into between the parties, and no details mentioned in this printed material shall in any way govern such transactions unless as may be otherwise expressly provided in the agreement for sale/lease by the Group / Owner. The Group / Owner does not warrant or assume any liability or responsibility for the accuracy or completeness of any information contained herein.