The pandemic hit the real estate sector very badly. Now after the second wave of the pandemic, the behaviour of consumers is changing. The real estate sector can be optimistic.
The real estate business has boomed especially in metropolitan and tier three cities. Commercial real estate is seeking new heights.
The residential sector faced a major blow in the first wave of COVID-19.
The Model Tenancy Act 2021 had an impact in formulating the rental space and gaining importance for community living places.
During the first wave, many people were supposed to work from home. This increased the importance of a private place like home.
Even after the lockdowns, companies have not come back fully to offline mode. A hybrid model of working is preferred everywhere.
The demand for residence as well as working offices has increased.
Now many organizations are engaging in commercial real estate on a full-time basis.
The demand for warehouses, especially micro warehouses are increasing.
Digitalization asks for data centres. Therefore, the demand for data centres is also increasing.
The COVID situation may lead to an economic supercycle.
The festive season in India was a major boost. Buyers made the best use of various offers. Low-interest rates and discounts attracted customers.
“We have distributed 56 cars, 8 bikes, and six properties and cheque to most of our employees as the sale increased in comparison with last year. The employees face a tough time during covid and this was the best opportunity to thank them,” said real estate consultancy Investors Clinic’s corporate director, Sachin Arora, whose team FT sales armour received incentives.
All big builders are entering new projects and might launch them in the coming quarters.
With more and more people getting vaccinated, the need for offices is increasing. The new startups that emerged in digital platforms during the covid pandemic will again increase the chance of the real estate business.
The office is needed for collaboration and teamwork. But now the choice of coming to office only to attend meetings is there.
With the increase in demand for physical workplaces, the buying of these properties as an investment can also happen.
The utilization of common workplaces will never drop. It might become more liberal and continue to be a hybrid.
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