COVID-19 and The Real Estate Industry in 2021: What Changed?
We can all agree that the pandemic has changed our entire way of life. A change that primarily affects the way we think and act altogether and has created huge ripples of changes worldwide.
Especially in the real estate scenario.
There have been a variety of changes taking place and even as many may not consider it the right time to buy a property by a top real estate company in Kolkata, it undoubtedly poses certain benefits despite massive shifts in home buying trends and behaviour. Some of these are here to stay and will definitely be a part of the process going forward.
Here are a few key trends that have come into existence:
The need for personal safety
Perhaps the biggest impact of the pandemic, having a private residence in a gated residential project in Kolkata has become more important than ever. The situation has made people realize the true importance of homeownership – a safe and secure space for their loved ones.
In fact, 47% of respondents (during a survey organized by Housing.com and NARECCO) stated that they would invest in a residential property if it was rightly priced. Hence, there is a shift in the mindset of consumers owing to the influence of the pandemic.
The need for more space
Space has always been an important part of a home. But perhaps COVID 19 has truly shown us just how necessary it really is. With work from home as a popular practice followed nationwide, the idea of moving into bigger flats for sale in Kolkata has become more popular than ever.
This can be seen from the fact that there was a huge drop in the demand for 1 BHK homes and that roughly 40% of buyers are in search of an upgrade. While commuting is no longer an issue, space has become one. Thus, multifunctional spaces have become popular with more stress on space for work.
The need for virtual site visits
More apparent than others, there has been a noticeable halt in the supply chain and availability of labour due to the pandemic. This in turn has led to delays in construction and project completion, heralding a shift from under construction to ready homes by top real estate companies in Kolkata.
As a matter of fact, about 83% of buyers (as per the Property Buyer Sentiment Survey, May 2020) are considering ready flats for sale in Kolkata post-COVID 19. Eliminating delay in fit-outs and uncertainty alongside other benefits, this marks a huge change going forward into 2021.
The need for affordable housing
Buying a home in a popular residential project in Kolkata is a dream that not many can turn into a reality. But with COVID-19, schemes such as PMAY (Pradhan Mantri Awas Yojana) have become tools to make this happen. This is also complemented by lower GST rates, subsidies, slashed interest rates by the RBI and other benefits.
This itself has proven to be an opportunity for buyers to get luxury apartments in places like North Kolkata for themselves thanks to this boost to the affordable housing sector by the government. As a result, brighter days can be expected in the future.
Homes have turned into workplaces; they have become playgrounds for children and have definitely gone beyond their original purpose of shelter. Investing in a residential project in Kolkata today is the ultimate decision for any family and though uncertain times linger on, a new apartment comes with great assurance of permanence. The feeling of ownership associated with safety and security as well as that of a healthy, comfortable lifestyle for those that are important to us.
Hence, buying a home will never be considered a bad decision.
No matter the time or place.