When the pandemic and the lockdowns that followed brought so many industries to a standstill, the real estate industry too suffered some losses. But with reinvention, technology, innovation, government support, and the changes in consumer behavior, real estate was able to emerge strongly in the wake of everything that had happened due to the pandemic.
Here are some of the major reasons why the real estate sector is all set for growth as we continue to move forward:
- Modernization and Digitization
In their attempt to keep up with the new normal, many developers have turned to online methods. From selecting homes as per preferences to checking mortgage rates, and even payments, these new practices have made the home-buying process hassle-free, convenient, time-saving, and most importantly safe for the homebuyer.
The latest innovations such as virtual tours through VR and AR technologies have also contributed to making the process more efficient and comfortable for buyers.
- Government Boost
The Government has stepped up to the occasion with respect to making it better for the homebuyer. Reduced tax incentives and low-interest rates on home loans are just some of the ways in which the government is lending its support to the real estate industry and making things more affordable for the buyer.
- Changing Needs of the Consumer
With online classes and work-from-home situations, people to have changed their preferences. Homes with built-in offices, more space, balconies/terraces with sustainable and green elements have gained a lot of popularity. To meet this new normal, developers are providing homes that cater to these needs, and more.
- Demand in Tier 2, Tier 3 Cities and Outskirts
Developers are now able to tap into a wider base of consumers in Tier 2 and Tier 3 cities- those with a desire for a better lifestyle.
Some people have even resorted to reverse migration and are eager to buy homes and second homes in locations like city outskirts that are a little removed from the noise and crowds of Tier 1 cities in places that are closer to nature, yet well-connected to the main city.
- Luxury Real Estate
Luxury and ultra-luxury projects have seen quite a demand amongst those whose financial situations have not been affected much. Luxury properties with an upgraded lifestyle, providing top-notch amenities have managed to do considerably well.
These factors and trends prove that the real estate industry in India has not only weathered the storm of the pandemic but is more than equipped to face challenges and overcome them successfully.
You can browse through our entire range of Mittal properties that are affordable, luxurious, semi-luxurious, modern, and located in enviable neighborhoods within Pune City.