Despite setbacks and market instabilities during the pandemic, the Indian real estate sector has made a remarkable recovery. In the third and fourth quarters of 2020, exceptional sales were recorded, which persisted until March 2021. Even the trends pertaining to residential properties in Hyderabad saw a great transformation.
As the epidemic persists, notable shifts in consumer behavior and market attitudes are forming new industry trends. The real estate market has developed into a buyer’s market, and consumers today are directing their searchlight on customized offers in order to make the greatest investment decisions possible. Let’s take a look at some of the real estate trends that are ruling the year 2021.
#1. Rising Costs of Home
In big cities, the cost of a luxury home has nearly doubled. According to study, average property prices in the top luxury destinations across major metros have increased significantly in the recent decade and more between 2010 and 2021. The rate of increase varies between 25% and 162 percent. Even while India’s middle and lower classes struggled with the possibility of an unclear future in their careers and financial capacity throughout the last decade, and now with the pandemic, the ascent of India’s super-rich has continued to be uninterrupted.
#2. Low Housing Inventory
Developers had two options in the aftermath of the pandemic: sell their high-priced inventories at reduced prevailing prices or default on loan repayments due to a shortage of market liquidity. This predicament forms the crux of the hardship that inventory overhangs pose for the real estate industry in India.
#3. Low Mortgage Rates
While last year’s virus outbreak affected trade for a while, the industry swiftly recovered. Due to post-pandemic-specific developments such as the rise in working remotely, developer discounts, society management apps, and touchless technologies, it saw an unparalleled increase in the residential market. Investor interest and activity in this market has also been boosted by regulatory initiatives such as stamp duty rectification and circumstantial factors such as record low home loan rates.
#4. Virtual Reality
There are numerous property listing applications that appeal to consumers who want to buy or rent a flat but don’t have a lot of time to personally view the properties. Virtual reality and augmented reality are jazzing things up even more by providing customers with an immersive experience of the goods, which the biggest e-commerce platforms have already begun to use, and the real estate sector is now following suit.
#5. Smartphone Apps
Now-a-days, a lot of the Indian real estate players are making use of user-friendly mobile apps where potential homebuyers can take a look at the project features and USPs. Some developers have also created apps for Channel Partners who can get all the updates regarding the sales, project collaterals, etc.
The pandemic has transformed the market and 2021 will be a turning point for residential projects in Hyderabad and the country. The sector has a greater understanding of the “new normal” than last year and is more prepared. The real estate sector will be driven by imagination, innovation, and digital change, and with new trends forming, it will soon enter a new stage of growth.
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