India’s realty market is undergoing a complete transformation in every sense of the word.
A new breed of homeowners has emerged in post-pandemic India, who are looking for premium homes and apartments. These new buyers have shown greater interest in larger, healthier homes that come with modern add-ons and access to a wide range of infrastructure.
All metro cities and in particular, IT centers like Bangalore and Hyderabad, have registered a massive rise in new homeowners as well as new projects. Young, working professionals are the core constituents of this new group. Drawn by well-paid entry-level jobs offered by companies looking to fill up vacancies after the pandemic, these professionals are actively looking for residences that function both as a home and an office. Real estate companies like Aurobindo Realty, Prestige Group, Modi Builders, etc., are all adapting to the changes to stay ahead of the times in India’s realty market.
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The low interest rates on home loans are another reason why India’s realty sector is witnessing a boom. With the Reserve Bank of India (RBI) choosing to leave the repo rate undisturbed at record lows, there has been a rush for home loans throughout the country. The RBI’s assurance that the status quo will be maintained has also boosted demand in the market and provided new home buyers with a safe investment option.
A change in mindset has also taken place over the course of the pandemic. Homes are no longer being seen as just simple investments. New home buyers are looking at homes as multi-functional spaces. Spending the past year and a half at home has highlighted the need for well-designed homes with layouts that are conducive to a number of activities including work and exercise. This has put premium residential project developers like Modi Builders and Aurobindo Realty on the pedestal due to their offerings of affordable, high-end homes to first-time buyers.
Record-low home loan rates, coupled with a markdown in prices of premium spaces have made the investment in residential real estate a very appealing prospect. New home buyers driven by the need for bigger spaces to accommodate new pandemic-influenced lifestyles are going for luxury homes all over India.
Cities like Hyderabad are witnessing a huge influx of potential homeowners looking to take advantage of greener surroundings and cost-efficient premium housing. Even established homeowners are looking to invest in new projects based on the latest designs in an effort to keep up with the times. The presence of such buyers who are looking for affordable, luxury apartments has propped up the sector and set the numbers soaring.
The pandemic has transformed the whole sector into a buyer’s market. The pre-pandemic trend of developers building homes based on standard designs and offering them to the buyer has been done away with. An evolved sense of buying preferences has developed amongst the customers which are changing the face of the whole industry. If the current trends are anything to go by, India’s realty sector will prove vital to India’s economic growth and recovery.