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How Covid-19 is Reshaping India’s Housing Market

The pandemic has made homebuyers realise the value of having a home and today, with an evolved sense of buying preferences, more and more investors are coming ahead to take advantage of India’s emerging and resilient housing sector.  After witnessing an early setback last year, the housing market has been fast treading on its recovery track which gained momentum in the beginning of 2021 with rollout of Covid vaccines. The results were such that according to a JLL report, the residential market in Delhi-NCR itself gained further momentum in Q1 2021 (Jan-March) with an increase in new launches as well as sales. New launches increased by 27 percent over last quarter of 2020 and sales registered an uptick of 23 percent compared to the last quarter. The second wave has imbued uncertainty, but the sector is well-prepared, and this will be a short-term blip and the market will bounce back fast.

The extended work-from-home culture has given a rise to demand in big rooms, multifunctional areas, open spaces, gymnasiums, gardens, etc and in addition, ready-to-move-in properties will continue to be preferred over under-construction projects, as buyers look to avoid construction delays and seek homes to immediately set up their own spaces.  Potential buyers are looking to upsize as they are getting to spend more time at home and looking to invest in services that bring them the quality of life without compromising on the luxury quotient and modern amenities, safety systems to strategic high-end locations will continue to be in demand. Affordable housing will continue its dominance over the segment and houses with  ticket size below Rs 40-50 lakh are expected to rise. The government’s ‘Housing For All’ initiative is giving a boost to this segment.

Buyers are dominating the housing market and developers are also willing to cater to their demands by using emerging trends.   Stakeholders are now devising new strategies to offer cost benefits to buyers.  Sustainability is driving the future of housing as buyers have developed a conscious attitude towards environmental factors and health and wellness factors, energy efficiency, water conservation and other eco-friendly methods will also trend in the housing segment.  The present conditions are likely to keep growth in check, but there will be no free fall in property rates. Home loan interest rates would, thus, continue to remain generous and low rates will benefit buyers leading to fast-paced transactions. 2020 emerged as a flourishing year for homebuyers due to lucrative offers and conducive growth ecosystem and these positive trends are likely to continue in the near future.

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