Post Covid-19: Outlook For the Real Estate Sector in 2021
With almost three quarters after the coronavirus outbreak, the nation has started to come out of the economic slowdown. Gradually increasing real estate sales numbers and homebuyer’s enquiries point towards a brighter future.
Post pandemic, the revival of the Indian real estate sector, being the second largest employer of the nation, will be significantly impacting the nation’s overall economy. The Government decisions and policy changes have remained inclined towards promoting the construction sector both from the demand side and the supply side.
In the backdrop of supportive policy measures, let us analyse the trends in the Indian real estate sector in the year 2021.
Affordable housing gurgaon, being a major part of the real estate sector, has been receiving a tremendous response. However, there still remain gaps to be filled in terms of timely implementation of the projects.
In the post-pandemic scenario, the affordable housing sector has shown a positive response from the demand side, and in the coming months, increased interest from end-users is further expected. Fence-sitters who had put a hold on their property investment plans due to the Corona virus induced lock down in March are returning to the market. They have realised the importance of owning a home, and this sentiment is going to remain prevalent for quite some time. The tremendous response to real estate projects across India and festive offers are an indication that the affordable housing segment is slated for growth in the upcoming year.
Recent policy measures announced for the real estate sector have helped the developers to get closer to an early revival. However, the Government need to understand that real estate is an investment intensive, emotional and extensively contemplated decision for Indian households. The Repo rate cuts, lower home loan interest rates and newly announced affordable rental housing policy open new avenues for the segment, but the need of the hour is to fill the void created due to stagnation in the market. If implemented with proper timeline and planning, policy measures such as single-window clearance would be a great help to the entire sector.
Affordable rental housing policy
The newly announced affordable rental housing policy opens new avenues for the private players to enter into collaborations with one or more industrial units or corporate to cater to the housing requirements of their workers, on both short-term and long-term basis.
The policy indicates the huge potential of the affordable housing sector and provides new partnership opportunities. Migrant workers engaged at the construction sites will finally have temporary yet better-living conditions than before.
In the post-pandemic scenario, use of workforce minimising technologies such as ‘Aluminium Foam Technology’ will increase. It brings down the need for the labour force, and its usage will gradually increase across the real estate sector. Apart from this, virtual tours and CRM teams will be handling customer relationships in the digital era. A constant upgradation will keep the real estate players relevant and flourishing. The rise in adoption of digital routes has further opened avenues for multiple opportunities and helped in expanding their reach among the genuine buyers and fence-sitters with targeted marketing campaigns.
Safety to be the new normal
As per the new Corona virus prevention guidelines, adherence to all the safety measures will remain a norm in the near future. Keeping in mind the well being and awareness of the laborers, and workers, strategies such as rotation of the workers, reskilling and upskilling programs, will be on the rise. The pandemic times have indeed provided an opportunity to learn new things and alternative technologies, and it will remain a trend in the times to come.
Source : 99 acres