Although the Covid-19 outbreak has played havoc with the economy, it has highlighted the need for a secured shelter above our head in these tough times. It has thus opened a new era of buying and selling real estate that was under-utilized till now. In fact, the post pandemic world is expected to see an increase in the demand of real estate in sync with the priorities of the people having undergone a sea change now.
Some of the ‘new normal’ in the realty sector that are expected to emerge after the end of the pandemic are as follows:
Online websites will rule the roost
In these times of automation, online realty websites are taking a bigger slice of the pie. The current trend indicates more and more prospective buyers are favouring these online portals to search for their dream homes rather than offline property searches that were in vogue in the past. There has also been a spike in the demand for virtual tours or visits by potential home buyers to either shortlist or even buy a new home.
Government policies: spurring demand in the market
The cheaper home loan interest rates announced by the Reserve Bank of India (RBI) has obviously led to a demand in the home-buying sentiment. Besides, the revision of the reserve repo rate is expected to enhance home sales. Allowing NBFC’s which have provided loan to real estate companies, to get similar benefit as the scheduled commercial banks, has also proved to be an encouragement during these trying times. Commercial real asset class loans will also observe a momentum of deferment of payment up to one year thereby allowing developers more time to construct and deliver projects on time.
NRI investments on a high
The falling rate of the rupee has increased the home-buying demand for NRI’s. In fact, the size of this NRI-investor market is huge, especially in the affordable and mid-segment housing category. The current market scenario provides the most opportune moment for this segment to invest in their dream houses.
Spike in the mid and affordable segment
The affordable housing segment is riding on the backing of the Central Government through its flagship initiative of Pradhan Mantri Awas Jojana (PMAJ). The government has further breathed life into this segment by extending the Credit Linked Subsidy Scheme (CLSS) for the middle-income group till March 2021.
The reverse migration is another trend that will boost home sales in the affordable group. It is sure to spur demand in Tier-2 and Tier-3 cities which will facilitate developers to spread their wings to these markets as well.
Trust reputed developers
With the expected surge in the demand for homes after these pandemic-stricken times, it is very prudent to trust only reputed developers in the search for your dream abode. Arrjavv has already created a niche for itself in Kolkata and its outskirts for creating top-notch homes and commercial spaces. As a trustworthy brand, Arrjavv stands out in a crowded market with an unmatched ability to select locations and develop them in a way that optimizes their geographical attributes. With skills acquired since the inception of the organized Indian real estate, the Group takes pride in maintaining its rigorous standards, consistent innovation, unique architecture and engineering marvels. It is all set to deliver the best homes to you in the upcoming financial quarters!