The COVID-19 pandemic had a conflicting impact on India's real estate market. While it first had a severe negative effect that led to nationwide lockdowns, and low morale, things soon started to change for the better, at least for the established, powerful players that were in the business of producing high-quality goods and delivering them on schedule.
The COVID-19 Pandemic pressed people to change how they looked at residential real estate (RRE). Now, every potential customer is seeking large, high-quality homes with on-time delivery. Customers' preferences have changed, and astute realtors have adjusted to be accommodating. There is a fundamental change taking place throughout the whole real estate sector.
The importance of the RRE market as the foundation of our economy cannot be overstated. To own a home is one of the most basic requirements for people and is based on the renowned Maslow’s hierarchy of requirements pyramid.
Given the changing paradigms of the real-estate industry, Let’s look at some homebuying trends/real-estate trends that you as a homebuyer should know!
Urbanization is one of the most important forces driving the worldwide residential real estate industry, particularly in growing nations like India. Cities like Mumbai, Bangalore, Chennai, & Pune are seeing tremendous growth in residential real estate. As a result, there is a much greater need for new housing to accommodate individuals moving to cities. Additionally, governments all around the world are implementing policies to encourage the growth of the housing sector.
The need for housing will increase as urbanization continues, especially in the inexpensive class. The well-to-do, on the other hand, will relocate closer to the CBD region in search of greater room, luxury, and proximity to the city center. All of this will support the growth of India's RRE market as a whole.
The real-estate demand is also being fueled by NRIs and HNIs. Even millennials are beginning to express an interest in buying real estate. This group of customers will be the market's future drivers. Depending on their requirement for proximity to social infrastructures, they are mostly searching for vast, open areas, either near a city's CBD or in the outskirts. The residential market will be redefined as a result of these spaces.
Working from home, online courses, and hybrid work cultures are all growing in popularity. Homebuyers have been encouraged by this to search for reputable real estate players who can meet their needs and offer them somewhere to live, work, and play. These needs have been observed in both Tier-1 and Tier-2 cities.
Innovation in the real estate business has been pushed by technological developments like 3D modelling and virtual reality. As a result, NRI investors and individuals who cannot regularly travel for site inspections have warmly embraced the new trend of digital house searching.
Real-time video screening for homebuyers and virtual reality presentations of 3D models of planned or current projects have made things high-tech and practical for both buyers and developers.
The best possibilities may now be digitally shortlisted by purchasers, who can then physically visit the sites to seal the transaction. As a consequence, the drawbacks of conventional house seeking have been lessened by the internet trend.
Pune’s real estate market is constantly going change with every passing day and so are the property rates in Pune. Being aware of trends and crucial know-hows of the market & ongoing housing market trends is of utmost importance. If you are in Pune and looking for a residential project in Pune, then you must check out Amanora Park Town!
Amanora Park Town is strategically located in Hadapsar and gives you close proximity to IT hubs, top educational institutions, healthcare facilities, leisure avenues & a lot more. If you are looking for 1, 1.5, & 2 BHK apartments in Pune then do check out the wide range of properties in Amanora Park Town.