All major industries in our country are affected while we grapple with the devastating second wave of the pandemic. The real estate sector is no exception. However, this time this key segment seems to be somewhat better equipped to face this crisis as compared to Lockdown 1.0. At a recent virtual Press Meet, national CREDAI president Mr. Harsh Vardhan Patodia summed up the prevailing situation and said: “If logistics and supply chain support are available and migrant labour is still available on sites, I don’t think there will too much of a problem. However, in case of a complete lockdown or loss, the (buyer) sentiment may get impacted and the COVID-19 may turn out to be a short-term dampener.”
In fact, most industry experts reckon this second wave is expected to further strengthen the demand for housing as all other factors remain the same barring the temporary restriction on movement.
Maintaining a positive approach
The realty sector was already showing promising signs of revival after the nationwide lockdown in 2020, riding on positive influences like strategic re-planning, recalibration of product portfolios and influx of digitization into the system. The impetus provided by the government such as lower home loan interest rates and stamp duty reduction were also instrumental for the market uprising.
Experts in the industry predict a similar trend in the next two-three months, once the numbers of Covid-19 cases begin to dwindle. In the meantime, developers will continue to invest in upscaling their digital capabilities and come up with novelties like digital launches, AR and VR-based solutions, online viewing of properties in a bid to maintain their marketing, branding and customer acquisition.
Predicted new trends
Once the market opens up again, some new trends are expected to emerge and provide a new lease of life into this sector.
- Most customers will minimize risks by continuing to focus on Ready-to-Move (RTM) properties or projects that are nearing completion.
- Low-rise housing and plotted development are likely to witness far more takers.
- Affordable homes will be the order of the day.
- Developers will come up with attractive offers for the benefit of customers.
- If the market recoups well on time, experts anticipate leasing of 38 mm sq. ft. of flexible workspace in the next one year.
Leading players in the industry like Arrjavv Builders are cognizant of the present market scenario and are coming up with bespoke projects to cater to the current demand. The Group has been contributing heavily towards this sector and wowing their discerning clients with its exemplary projects, right from the inception of organized real estate.
Only top developers such as Arrjavv, that have the bandwidth to adapt as well as the agility to respond to the current market conditions, will flourish and attract more buyers. It is very important for any builder to bear in mind that the market is now driven by the customers only and so the products must be appropriately planned, high on quality, maintain all safety protocols and delivered well on time.