Residential Real Estate Sees a Silver Lining

To own or to rent has always been a question that has puzzled many a potential homebuyer. The lockdown and consequently the work from home, WFH, as a result of the COVID -19 pandemic seem to have brought in some good news for the residential realty segment, which was otherwise facing a total washout of the first quarter. If organised realtors are to be believed, they have noticed rising interest from buyers and many of them are looking for larger apartments. The NRIs who have come back too want to invest and are seeking digital presentation from developers across metro cities. Lower interest rates and a weaker rupee are certainly aiding quicker decision making. 

All these have boosted the confidence of realtors. However, it is only upon the revival of the economy and the job market that the suppressed demand will translate into actual sales. Realtors feel that while actual purchasing may take 6-12 months as real estate is a highly involved category, but first home and mid segment buyers will be prompted to buy as they do not want to live with compromises. Established realtors are pointing towards the response garnered from their digital advertisements; this they say shows the willingness of the people to transact. Going forward developers will continue to focus on digital sales, drone shoots and virtual tours. 

While realtors are not putting up any numbers, they say they are prepared for the short-term demand-supply disruption once the lockdown is completely lifted. If people continue to have job-certainty in the post COVID-19 era, there is bound to be a strong demand revival in the residential realty sector.

However, a full-blown revival will take at least two years or so. According to Anarock Research, Covid-19 will adversely impact new launches and absorption in the affordable housing segment, which accounted for 40% of the new launches over the last few years. It further stated that many people would reconsider purchase decisions in light of wage cuts and job losses and this could worsen the case for the affordable housing segment.


Post Your Comment

"Content that powers your Business. News that keeps you informed."

Surfaces Reporter is one of India's leading media in Print & Digital Telecast for News on Interiors & Architecture Projects, Products, Building Materials, and the Business of Design! Since 2011, it serves as a referral for designers & architects to know about inspiring projects and source new products. If you have a Product or Project worth publishing in Surfaces Reporter, please email us or you can also submit your project online.

Like Surfaces Reporter on Facebook | Follow us on Twitter and Instagram | Subscribe to our magazine | Sign Up for the FREE Surfaces Reporter Magazine Newsletter

Tech Giant, SAP, Boosts Job Market with Second Campus in Bengaluru | SR News Update

The new SAP Labs India campus in Devanahalli will span 41.07 acres with a focus on sustainability, wellness, and inclusion. The first phase of the facility is expected to be operational by 2025. Bengaluru is SAPs largest R&D hub globally, contributing 40% to the companys R&D budget.

Read more

Bugatti Forays into Residential Real Estate with Opulent Skyscraper in Dubai | Bugatti Residences

The development will consist of 171 apartments, named Riviera Mansions, and 11 luxurious penthouses known as Sky Mansion Penthouses.

Read more

Paving a Path to Circular Economy with Recycled Plastic Tiles | Shayna EcoUnified

Harder to recycle and a habitual part of our daily lives, plastic has become inseparable from us. Creating new plastic objects is cheaper than recycling them.

Read more

Residential Real Estate Back on Track as Demand and Price March Up

India’s residential housing segment is witnessing massive growth. Of all the metropolitans, Chennai is leading with an impressive record of having the highest increase in property prices during the quarter ending of March 2022,

Read more

This is alt