The Demand for Real Estate Has Seen a Sharp Rise since the Beginning of the Pandemic
The pandemic has altered how we live, think, work or even socialize. It has changed our priorities, too. After the COVID-19 pandemic, we are beginning to realize the mental, physical and financial benefits of owning a home. As a result, the demand for real estate in India has seen a spike and is likely to surge even more in the next 6-12 months. Let us take a quick look at the factors that’ll be driving this demand. The Work-From-Home Trend Will Lead To the Need for Better Homes In the post-pandemic world, the work from home trend will continue to flourish. And, along with that, the need for ready-to-move-in homes will see a rise. In fact, according to reports, over 80% of the buyers will now be on the look for ready-to-move-in homes. The reason being: the uncertain timelines of under-construction projects. The fact that construction work is postponed due to a lack of labourers; is bound to meddle with the timelines of upcoming and on-going under-construction housing projects. The delays in the deadlines will bore heavily on the home-buyer from both emotional and financial standpoints. However, with ready-to-move-in homes, the buyer will have no such concerns. In this case, one can buy a home today, and move in the very next day. So, it is hardly a surprise that the demand for RTMI homes will rise in the days to come. Financially too, RTMI homes are more sensible than buying under-construction homes. To understand better, read our blog post on the advantages of ready-to-move-in homes. The Low Rate of Interests Will Spike Up the Demand, Especially For RTMI Homes The spike in demand for ready-to-move-in homes is not new. It has been a prominent trend in real estate for some time now. Consider this: the housing sales went down by 11% in 9 major cities across the country during the last fiscal year, but the demand for RTMI homes rose at the expense of under-construction properties. According to the data available, in 2019-2020, the sale of RTMI homes increased by 20 % as against 15% in the previous fiscal year. The rise in demand for RTMI homes will be further enhanced by the falling rates of interest. The current rate of interest on home loans is 7-7.5 %, which is nearly at a 15-year low. When combined with other factors like the uncertainty around builder financial strength due to the pandemic, the lack of labourers at construction sites and the delays in timelines for under-construction projects; one can conclude that the low rates of interest will lead to a spur in the demand for real estate in India, especially for RTMI homes. Reverse Migration Has Led To a Spike in Housing Demand The demand for real estate in India is bracing itself up for a new post-COVID-19 world. A particular trend that is driving this demand is reverse migration. It has been a global phenomenon, whereby, a large number of people have returned to their own countries of origin during these troubled times. This trend is very evident among migrant labourers, and can further percolate to skilled professionals as well. In Tier 1 cities, the homeward bound NRIs will drive the housing demand. This class of buyers will be on the look for ready-to-move-in homes in top 7 cities, including Mumbai, Delhi, Bangalore, Pune and Kolkata among others. Millennial Behavior to Change; May Drive Demand for Residential Real Estate According to 360 Realtors report, 75% of the millennials in the country would want to buy a home in the next 3-years. The reason for the rising real-estate demand among the millennials results from numerous factors: including a shift in attitude. Up until now, the younger generation preferred rentals to purchases because it offered better mobility in career choices. In a pandemic-stricken world, mobility of this generation of buyers is already compromised. Now, they are more likely to opt for stability. This shift in attitude will lead to a shift in their housing needs. More and more millennials will gear-up for homeownership, and this will lead to a subsequent rise in the demand for real estate in the coming months. The Conclusion To sum it up, the COVID-19 pandemic has changed the way we live, and some of these changes will continue to be, long after this pandemic is gone. Some of these changes are bound to impact the real estate demand in India, and the sector is already trying to re-invent itself to understand buyer sentiment and to meet emerging requirements. For most of us, living in the crowded downtown may not be feasible any more. The demand will tilt towards satellite townships that are better-planned; that offers easy connectivity to business and entertainment hubs of the city, and therefore offer a better quality of life. And, factors like safe space and lesser density of humans will come to play an important role. That’s where we come in. At Narang Realty, we believe in safe and open spaces and fewer number of families per acre. Our Andheri West project, Windsor Grande Residences is spread out over an expansive 7-acre land parcel with approximately only 120 families. In Courtyard, our Thane project, nearly 75% of the land area is open to the air, with the towers only occupy a 1-acre footprint in a 7-acre development. To explore further, visit our website at www.narangrealty.com and take a virtual tour today. To find out about safety and social distancing protocols on our projects, visit our sales lounges or reach out to us at 022-67890202.
The Work from Home Culture during the Lockdown Will Impact Housing Choices
The walk-to-work proposition may lose some of its charm in the post-pandemic world. Can you guess as to what will replace it? That’s right! The work-from-home concept will become the next fulcrum for home purchasing decisions. According to the real estate experts at Narang Realty, this trend enforced on us by the COVID-19 pandemic will guide the real estate demand in India. Let’s find out how! The Demand for Better-Designed Homes Will Go Up Working from home is neither easy nor effortless. Without a proper set-up, it may pose several challenges, all of which will threaten to bring down your productivity. It is especially true for working women and those who work with kids in the background. In short, you need your own space to boost your efficiency at work while working from home. The solution: Look for a better designed home that come with carpet area optimization. Homes that are built inside – out. If this is what you are looking for, then you have landed up at the right place. At Narang Realty, we believe in designing homes inside – out. Carpet area optimization, natural sun light and cross ventilation form the basis of every apartment designed. Most apartments across all our projects have 3 sides open. Apart from this, lesser number of families per acre is also essential for a healthy lifestyle. Take our Andheri project, for example. Here, there are only 200 4 & 5 BHK apartments, spread out over an expansive 7-acre land parcel. Also, in our Courtyard Project in Thane, nearly 75% of the land area is open to the air, with the towers only occupying a 1-acre footprint in a 7-acre development. To explore our projects, visit our website at www.narangrealty.com to explore our housing projects. Home Owners Will Look For Smart Homes Endowed With Better IT In the present context, one could say, that a smart home is one that comes with in-built infrastructure that effectively supports the home owner’s work-from-home endeavours. But the definition of a smart home has now evolved beyond just IT infrastructure to include the fundamental layout of the apartment that has a smart allocation of space. In our 3BHK apartments, the master bedrooms have an area of around 200 sq. ft. after excluding the walk-in wardrobe area and the bathroom! With this kind of space, you can accommodate your work-from-home set-up within the bedroom, where you can have your privacy and peace of mind, and you can work with minimal distractions. The other bedrooms are also spacious enough for you to set-up your work-from-home zone. There are data connection points throughout these homes, and therefore setting up a personal Wi-Fi connection would be quick and easy. To enhance your convenience, fibre optic internet is already available within the complex. This will ensure that you get access to high-speed data at home. Housing Societies With Abundant Sunlight & Ventilation Will Be Preferred With the work-from-home trend, the need for personal space will go up. Homes with balconies will be preferred. Because, when you work from home, you need ample space to stretch your legs, and a positive ambience to reduce stress. At Narang Realty, our homes are designed in a way to provide for maximum ventilation and natural sunlight. The architecture takes into account the trajectory of the sun across seasons to ensure that there is always adequate natural light. All the apartments come with balconies, and extra corner windows to provide better ventilation. Now, you can get up in between work to stretch out, and enjoy the scenery. The Conclusion The work-from-home situation is the new normal, and it will continue long after the pandemic resolves. It will become a way of life in the months to come. So, if you are planning to buy a home soon, make sure you have considered the new ways of life. At Narang Realty, we have come up with ways to provide you with a virtual tour of our projects. Visit the website now for 360-degree tours, project amenity photos, floor plans and all other details that will help you make to book an apartment without even leaving home. To know more about our projects or to find out more about safety and social distancing protocols on our projects, visit our sales lounges today or reach out to us at 022-67890202.