2021-02-23

The year 2020 was a challenging one and it has prepared the home buyers and the real estate developers in India for even worse challenges. It has, in fact, made us all believe that there’s more than what meets the eye. This blog will elaborate on the latest trends that are emerging in 2021 and what impact it has on the real estate market.

Emergence of virtual tours

Not many people are still accustomed to visiting the site to check out the sample flats and look at the projects. Nevertheless, the real estate market is pickup up speed. Here are some fascinating facts

• Enquiries for property sites have reached up to nearly 50% of pre- COVID-19 levels
• Site visits are gaining steady momentum, with a higher rate of conversion from 9-10% on an average earlier to nearly 12% now
• The budget the range for properties with carpet area ranging between 560 sq. ft. and 900 sq. ft. 2-BHKs is about `40 lakh to `80 lakh that drive maximum demand
• The price range for ultra-luxury homes are between `2.5 crore and `4.5 crore
• There’s considerably good demand for under-construction projects by branded developers since Pune has limited ready-to-move-in unsold stock
• Sales volumes are greater than 40% of pre-COVID-19 levels

Yet another reason why real estate market is moving towards virtualization is because of the tremendous impact of digitization of every industry and making them technology-driven. Therefore, virtual tours can be the next big trend in the real estate market. Introduction of a virtual agent makes the interaction between the customer and the real estate developer even more interesting.

Workplace is getting transformed

When it comes to surviving the pandemic and the lockdown period, the real estate market has steered through with perseverance. The Work-From- Home (WFH) model has helped many real estate developers in India to get back to the drawing board and reinvent workspaces at home and make the actual workplace livelier. This is especially true for IT/ITeS organizations where this kind of model is growing to become an integral part of their long- term strategy.

Festivals drive the market

The pandemic wouldn’t have been such an easy journey if it weren’t for the festivals, especially for the real estate market. The sale of homes improved from October onwards because of the demand and auspiciousness of the festival. Also, it was because of a huge move made by the government of Maharashtra that reduced the stamp duty, and also the interest rates on home loans were around 7%. These government benefits coupled with attractive special offers from the real estate developers influenced the buyers to fuel the dormant market, although at a slower pace.

The trends in 2021 are yet to go through some more transformation process as the year has just begun. We hope that there are many positives to take home for both home buyers and investors alike.