The coronavirus pandemic has severely set back every sector in its own unique way, and India’s real estate was undoubtedly one of them. With several halted projects and decreased demands for new spaces due to liquidity constraints among homebuyers, the sector had almost hit rock bottom. It was only after a three-month-long lockdown when the demands gradually picked up, and there was a surge in queries for ready-to-move-in homes and permanent shelters.
Now that 2020 is coming to an end, here are some of the expert predictions that could make investing in real estate in 2021 worthwhile.
The lockdown has demonstrated that most organizations can work remotely, and in doing so, it reduces their costs for employee maintenance, office lease and other expenses. This pattern may reduce the interest in the commercial rental property. Simultaneously, home spaces are turning into new workplaces as work from home stretches for longer than expected. This has given rise to the demand for nuclear-family homes and bigger apartments, influencing residential property rates in Pune.
The pandemic prompted a major change in the real estate trends of technology which has made things simpler for both homebuyers and real estate developers in Pune. Going into 2021, real estate online marketing will be the standard for realtors. Indeed, even realtors who have recently been hesitant to grasp innovation will have no option but to use online modes of connecting with their customers to support their lead generation. Many real estate developers in Pune have already begun using AI and Virtual Reality by offering virtual visits to make the buying cycle simpler and more secure for customers.
Modularization, off-site construction, and on-site assembling will be the highlights of real estate trends in 2021. The move towards a more controlled construction climate will be considerably more important as the COVID-19 pandemic further unfurls. The subsequent stage in the progress of proficiently adapting off-site construction includes automated production frameworks—basically making development more like automobile manufacturing.
Considering the different real estate patterns recorded above, specialists are idealistic about the fate of the sector in the coming year. 2021 has extraordinary potential for both residential and commercial real estate. Over the years, co-working office spaces have picked up noteworthy demand in many urban communities with IT/ITeS players adding to most of the interest. Also, the younger working professionals are more inclined towards co-living spaces that are more powerful when contrasted with the standard rental space.
The idea of co-living is picking up broad acknowledgement in India, and such housing market trends are going about as an impetus for urban communities like Bengaluru, NCR and Pune real estate market similarly as co-working spaces for the businesses. In 2021, the Indian real estate will show more monetary control, responsibility and transparency because of the primary financial strategy changes presented during 2020. Specialists consider with the help of public policies, striking remedial measures for the housing and metropolitan cities, market demand can gain the lost momentum.
Amanora Park Town in Pune is home to established real estate developers with 24 years of experience in the real estate market. Experts like the Amanora group suggest that the pandemic may have halted some of the major construction projects in 2020, the same has opened new opportunities for the sector as demands shift, in residential as well as commercial settings.