Affordability gap remains better compared to what it was a few years ago and directs steady revival in the sector
The raging second wave of the pandemic has shown an unprecedented impact on the real estate market. The industry has witnessed growing demand in the housing sector in recent years; sales velocity gathered over the last few months owing to record-low interest rates offered from developers, stamp duty reduction, and renewed interest among homebuyers for relatively bigger and comfortable homes. Research suggests that the affordability gap remains relatively good compared to what it was five years ago and directs a slow but steady revival in the sector.
Demand for High-Price Properties
Recent times have made people more sensitive towards physical discomfort and related health issues, and therefore, they are motivated to spend a little extra to attain the comfort they desire. Furthermore, the ongoing demands for luxury homes with high-end amenities dictate that the desire for homes that elevate the living experience has ascended to another level. And with the remote working concept gripping its roots, there has been a robust demand for high-priced properties that can serve as catch-all compounds, live-work spaces, and offer a resort-like living experience, catching the attention of real estate developers. Today, people are yearning for customised homes based on their emotions, needs, and wants for an exclusive lifestyle.
Ready-to-move-in Condominiums in Trend
During these volatile times, people seek out stable assets, which do not require intense involvement in the building development process. In this regard, the ready-to-move-in condominiums evolved in recent years in the real estate market appear to captivate the attention of contemporary home buyers. These dwellings support the buyers' vision of a modern and environment-friendly lifestyle and offer a wholesome living experience coupled with best-in-class services and notable architecture. Besides, these homes do not pose any risk of delay- one can start living in a ready-to-move-in house as soon as one buys it. It is also financially convenient as it offers flexible EMI options, and since GST is only applicable on under-construction properties, one can save the GST cost.
Better Equipped Live & Work Spaces
The pandemic-infused work-from-home phenomenon has increased the demand for a well-connected living ecosystem curated with numerous choices to live, work, and play. The home-office culture might also cause a dwindle in demand for office spaces and lead to a need for maximum and habitable residential spaces. This signals an enormous real estate transformation and a redefined design approach to buildings emphasising quality in terms of convenience and intermediate areas. Offices now need to be reviewed with a focus on the safety and health of the workers by experimenting with new modes of organization and versatility in the workplace.The comfort around the buildings and home dwellings in terms of criteria like urban areas, community spaces, shops, and proximity also significantly impact the real estate sector.
Sustainable Homes gaining attraction
A sustainable home directs a responsible lifestyle and is derived from the growing impact on the inhabitant's mental and physical well-being. There is an elevated consciousness among homebuyers about everything that is tethered to a sustainable curated dwelling. They take a keen interest in analyzing the added amenities before purchasing a home- from measures taken to regulate the air quality to adding green landscape to making smart water and energy conduction.
Digitalisation of the Real Estate Business
With the prolonged stay-at-home phenomenon, digital communication has emerged as an impactful trend even in the real estate sector. All through last year and in the present day, property buyers and dealers have adapted to online modes of communication and research. In addition, the digitisation of the property searches or inquiries and negotiation processes continue to help keep the real estate market afloat until lockdown restrictions are eased further.
In addition to the lessons learned from this epidemic, the building industry now seeks conscious solutions to equip the community with more holistic living spaces that enhance an individual's well-being and flexible workplaces that conjure a safe & experiential journey. Framing this context, the emerging real estate trends appear to take the landed property business towards a path of steady recovery.
The author is Founder, Design Forum International
DISCLAIMER: Views expressed are the author's own, and Outlook Money does not necessarily subscribe to them. Outlook Money shall not be responsible for any damage caused to any person/organisation directly or indirectly.