How Did Real Estate Conquer The Second Wave

How Did Real Estate Conquer The Second Wave Latest News

In the last quarter of 2020, the country seemed to be reaching some kind of normalcy. Vaccines were on their way, stock market was reaching its all time high, and while masks and sanitisers continued to be an extension of our physical being, life seemed to be getting back to pre-pandemic times. And then came the second wave and the subsequent restrictions and lockdowns. 

The real estate market, which had just about started recovering from the pandemic's initial impact was expected to undergo a few more difficult quarters due to the second wave. However, the sector was prepared this time around and had upgraded itself to manage the situation better.

Digital integration 
"Video calling, e-meetings, and virtual walkthroughs have revolutionised the sector, and we are able to attend to home-buyers virtually," says Pritam Chivukula, secretary, CREDAI MCHI

'While corporates have postponed their office leasing decisions, the residential sector continues to see enquiries from prospective customers, with digital marketing platforms being the norm for residential sales, says Sankey Prasad, FRICS, chairman and managing director (India), Colliers.

Data also shows that those who visit sites are genuine home-buyers and the deals are closed much faster. What was earlier a 60-90 day process from lead generation and site visit to negotiations and booking, has practically shrunk by leaps and bounds, adds Chivukula.

Realty dipped, not dropped According to a report by Anarock Property Consultants, in Q2 2021, due to a strict lockdown in MMR, there was a 54 percent drop in new launches when compared to the previous quarter. The share of launches in peripheral central suburbs reduced by 18 percent, but there was a rise of 29 percent in the western suburbs as compared to Q1 2021. In terms of sales, MMR accounted for 30 percent of the total sales in the top 7 cities with nearly 7,400 units sold in Q2 2021. While the number looks good, it is still a 64 percent decline as compared to the previous quarter.

Demand for bigger homes
As the pandemic highlighted the importance of a bigger home, which allows space for each family member, the trend has translated well into home-buyer's preference. Prasad elaborates, The market is seeing a preference for larger apartments, homes in the peripheral areas of cities, and vacation or second homes, which have good connectivity to Tier 1 cities. Over the next few months, demand for plotted developments, luxury homes, and second homes is likely to grow as people continue to look for options outside congested areas. Home-buyers, especially in the luxury segment, are getting good deals in the market. Affordable and mid-segment may take a few months to recover, depending on the employment growth in India."

Source:Times Of India


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