Real Estate is Seeing Better Market Sentiments in Unlock Phase

The devastating impact of the COVID-19 pandemic is evident across all industrial sectors and real estate is not an exception. As India enters Unlock 4.0, the restarting of economic activity and push by the government through multiple initiatives have set the tone for boosting demand and sales in the real estate sector. For example, the demand for villas in Goa is seeing rise post lockdown relaxation.

The real estate sector was already going through a difficult time. It was anticipated that it would take time to return to normalcy, but with the change in interest rates and a few helpful government policies, the market has already started recovering and the demand graph is going upwards. The construction works have also resumed delivering the projects as per the stipulated time. It is assumed that the growing demand in the residential sector will give a spur to sales especially of ready-to-move-in and near-completion projects in the post-COVID-19 situation. 

The inquiries and sales in the real estate sector are increasing post-lockdown with some change in demand and liking of homebuyers. The developers’ readiness to adapt to this new demand is the key to the fast recovery of the sector. The RBI’s liquidity support has been effective but it is appropriate that measures to increase demand must be taken. Since it is an end-user driven market, the demand has picked up faster in tier 2 & tier 3 cities due to various reasons like the government’s industry and infrastructure push, corporate looking for cheap real estate, and skilled workforce that is staying back or returning, and higher capital appreciation.  For instance, residential sites in Mysore are receiving multiple queries everyday from homebuyers.

The real estate market has steadily increased during the unlock period. Deals that were put on hold due to the lockdown have been resumed now. In the last couple of months, despite the difficulties created by the COVID-19 outbreak, the commercial realty sector has a positive future. 

The COVID-19 crisis is also assumed to redefine certain drifts in real estate such as the demand for luxury villas in goa is growing. The lockdown saw players leveraging technologies such as Artificial Intelligence, Virtual Reality to enhance the consumer experience.

Going forward, we will see the extensive use of technology to offer customized experiences. The overall concern towards hygiene, health, and wellness measures will surely benefit real estate players with sound credentials and an enviable track record. Builders such as Zuari Infra World are taking benefit of these technologies for various projects and plots for sale in Mysore.