- May 27, 2021
- Posted by: webmaster
- Category: Real Estate
The starting of the Year 2021 showed some signs of a substantial upturn in the property market, however, the Covid-19’s turbulent presence across the globe made the business get back to square one. The country is again under partial lockdown with numerous restrictions. This has hampered and impacted the real estate market to a great extent by delaying the key property deals.
Here are a few trends that will dominate the real estate market for the rest of this year:
1. Work from home culture
The work from home trend will prevail and the people will continue to need an extra study room/home office, spacious houses, bigger balconies as more time is being spent at home. Also demand can go up in Tier 2/3 cities as some people might stay in or around their cities/hometowns and work from home.
2. Low Home loan rates
Low interest rates, attractive schemes and payment plans from developers – this is going to be the trend for this year. The home loan rates are currently at a 15 year low. Such rates are a push for fence sitters.
3. Demand for plots in upcoming areas
There is and will be a shift in the lifestyle where people are now looking at independent houses in gated colonies as a promising option as these complexes offer all facilities like power backup, security, modern clubhouse etc. Most of these developments have both high rise and plots in their compound.
4. Ownership
People living in rented accommodation are now looking to purchase their own house. This has been one of the key trends post pandemic.
5. Delay in delivery of projects
In wake of the Covid19 outbreak and owing to the current restrictions/lockdown being imposed in many areas, the migrant workers and supply of material will face set back. Therefore project delays are on cards as the impact of this situation will be more eminent on premium-luxury housing projects that heavily rely on supplies of fixtures and furnishings, etc.
6. Absorption of office spaces likely to go down
The pandemic has proven to the world that a physical office is dispensable, and people can work effectively from a remote space/location. Therefore, the demand for office space has been obstructed. Though a physical office is still required, however many would opt for relatively smaller spaces.
Raunaq Singh Arora
Ace Consulting
You may connect with me at
raunaq@aceconsulting.co.in