Indian Real Estate getting stronger this year
While the country is finally picking up pace with the expansion of vaccines, the economy too is on its path of recovery. Not all is mended, but the financial conditions of the country are finally coming to a space of some stability. Amidst this newfound balance, the real estate sector too is reviving.
Route to recovery
The first wave of recovery was witnessed soon after the suspension of the lockdown but the real change came in as the second wave, during October. In the festive spirit and newfound hope of betterment, the real estate sector gradually recovered. Ever since then, buyers have invested time and money to carefully understand the importance of homeownership and the sense of security it brings. The sense of safety that real estate has to its credit has lured buyers and investors, and in retrospect, made the sector a pallbearer of the economy.
Homebuyers’ driving force
When faced with the sudden displacement of a sense of security, people sought stability via ownership of properties i.e. primarily residential property. It is a security blanket for unforeseeable surprises. This refined buyer sentiment accelerated the sales of the sector considerably. Along with an inner motivation, the added attraction of rewarding payment plans and lowered home loan interest rates provided the necessary push.
Diversification of the segment
While the demand is on the rise, it is not restricted to luxury properties but also has seen in the peek of affordable housing. Like aforementioned, every buyer is in the space to own a property, irrespective of their socio-economic background. Therefore, developers are introducing a plethora of projects that cater to a vast segment of consumers. It is also a known reality that the current economic atmosphere has altered buyer preference. Ranging from solely investment purposes to sought higher safety and value for money, everyone wants to find a deal that serves them a good hand for the long run.
Transitioning in the digital space
One of the other factors that are enabling people to make these long term decisions is the swift but effective move to digital exploration. When physical site visits, sample house tours and sales enquiries were difficult, many real estate developers adopted digital mediums to proactively interact and engage with promising leads. This swift move helped prospective buyers engage with the developers, go through digital walkthroughs, get a comprehensive knowledge of the property specifications and make an informed decision without the hassle of unnecessary paperwork.
Lucrative offers that cannot be refused
A perfect mix of convenience and deals have given a boost to the industry. Both the developers and the banks, realised that to get the buyers sitting on the fence to conversion, they needed a strong pull. Therefore, the former introduced projects that either serve unique needs or provided properties at lucrative prices. This move has encouraged the buyer to take that leap of faith. Moreover, NRIs are truly banking upon the rupee-dollar dynamic and investing their money in properties back here in the home ground. A way of laying a solid foundation and profiting at it.
This multi-dimensional benefit route and rising interest in real estate have promoted the growth of the sector and in turn, improved the Indian real estate sector exponentially. The time is now, make the most of it and invest for a good present and a better, more secure future.
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