The global pandemic has shattered the world order and has affected every industry. But surprisingly the Real Estate market bounced back quickly, much faster than any other sectors and is poised to be one of the key drivers for supporting the overall growth in the economy.
The change is already being seen both on the consumer and developers front even when a recession lingers and unemployment rates remain quite high. The push to stay at home and low interest rates on home loans made buying more cost-efficient than renting in a number of metropolitan cities. Real Estate trends in 2021 are surely going to perform differently going ahead from what we have seen in the past. The fact that India’s Real Estate market witnessed high growth with the rise in demand of residential and commercial properties, we will see more such trends in 2021. Whether you’re selling, buying or staying, here are the 2021 real estate trends you need to know!
Home Buying for Self-Utilization
The desire to own a home post pandemic has increased since the need to stay close to office has been reduced for many. People are now more inclined towards moving away from the polluted city centric areas to more affordable and peaceful suburban locations. Preference towards plotted developments or builder floors will also be in rise in smaller cities. However, metropolitan cities will see a tilt towards gated community developments.
Confidence to Drive Sales amongst Developers
Giant developers with excellent financial backing and brand equity will definitely gain a higher market share. The trend will only get more definite and use of technology will lead to better customer centricity and confidence.
Foreign Investors will be interested on Commercial Real Estate
The fact that even during the lockdown period there has been high demand from foreign investors for quality assets in India, which definitely showcases the confidence in the respective sector. REITs will have more REITs hitting the capital markets in 2021. Foreign investment will be a buoyant on the rent yielding asset segment. In the recent budget, India has allowed easier participation by foreign portfolios in the Indian REITs by giving relaxation on the statutory debt funding requirements. Hence, many international firms will be venturing into the commercial real estate investment. Considering the new normal and stimulus packages introduced by the authorities, the real estate sector will definitely boom and will have a positive outlook in 2021.
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