Real Estate Sector Set For a Bright Future
The real estate sector has made an impressive revival despite disruptions and market upheavals during the pandemic and has registered a positive outlook that will continue into the New Year. Anjana Sastri, Director – Marketing, Sterling Developers shares her views. The realty sector has transformed into a buyer’s market, and today, with an evolved sense of preference, buyers are focusing on customized offerings to make ideal investment decisions. As per a recent report, over 80 per cent customers are in the mood to buy homes at the earliest. While work from office has re-emerged, ‘work from home’ may not entirely go away as it is now an integral part of long-term work strategy. Moreover, a blend of positive factors like low home loan interest rates, customer-centric regulation, affordable property prices, developer offerings on new products and payment flexibility has prompted even fence-sitters to take the purchase decision, sooner than later. Thus, buoyed by strong economic fundamentals and a conducive business climate, 2022 is expected to unlock a plethora of opportunities for Indian real estate. We can see significant changes in consumer behaviour and market sentiments in real estate as the pandemic continues to ebb. Buyers are first researching projects digitally and are gaining more knowledge about them before physically visiting the projects and making decisions. Homeownership has become a priority, with businesses focusing on remote work – and homebuyers’ need for bigger spaces. Hence, customer-centricity is defining the Indian real estate sector and it is important to recognize this shift in their outlook towards property purchase. The positive performance of the residential sector followed by good execution in recent times are important signs that momentum in home buying will continue to persist in the near future. With pent-up demand, an upswing in the job market, the mass rollout of vaccines and lowering of infections, the real estate industry is bouncing back. These factors will play a key role in boosting demand and pave the roadmap for a vibrant housing ecosystem. The festive season too has added to the already positive outlook that home buyers have been exuding in recent times. Infact, the industry has shown positive recovery with great momentum, taking the sales to pre-COVID levels within months after cities has returned to normalcy. A recent report has announced that new residential unit launches increased by 90 per cent in Q3 2021, a significant recovery compared to launches last year. In this renewed demand, ready-to-move-in spaces is the top priority among discerning customers who do not want to wait endlessly for their properties given the background of the pandemic. These homes are a safe investment option in today’s world where preferences are changing rapidly. While buying a home, customers are also now increasingly looking for reputed developers with an excellent track record, execution capabilities and quality projects. Developers are also increasingly relying on emerging digital technologies to deliver smarter experiences. In conclusion, it can be said that the real estate segment has remained the safest investment option and will continue to attract investors keeping market sentiment buoyant. The increase in demand is organic as it is driven by the realisation among buyers that owning a home in the midst of the pandemic is invaluable. The trend of demand remaining buoyant can be attributed to several other factors - overall improvement in job market, resumed economic activity, pent-up demand and an increasing desire to own physical assets during times of unprecedented uncertainty. The realty sector in India is one of the pillars of the economy and is the second-most elevated business generator in the country after agriculture as the sector is interlinked to 250+ allied industries. The sector represents almost 6-7 percent of the economy and is set to increase to around 13 percent by 2025.All in all, the future will be a harbinger of positive growth, innovation and investment for the residential real estate sector.
Tags : Interviews residential Investment homebuyers allied industries Indian real estate Festive Season Sterling Developers Digital Technologies Affordable Property Prices