The real estate sector has been witnessing a lot of changes in 2021. Not only have we realized the importance of ‘owning a space,’ but our perspective towards home also got changed forever.
Close to 90% of people are willing to invest in a home in 2021 in Tier 1 cities. A home is no longer just an investment – it is a place that offers a sense of belongingness, peace and security. Therefore, it is important than ever to know about the changing housing paradigm bought by COVID-19.
Take a look at the emerging trends shaping the future of the real estate market.
Virtual Site Visits, The New Normal
A virtual site tour is a new norm in the real estate industry to woo buyers. Technology has made it possible for homebuyers/customers to enjoy site visits virtually by sitting safely at home. Buyers can experience a 360° in-depth view of the property. These virtual meets and exchanges are usually facilitated using software or tech platforms – save a lot of time, ease shortlisting projects, and help them make better, more informed decisions.
Real estate developers are expected to maintain a proper balance between in-person visits and virtual visits to showcase their properties in the new normal, following the social distancing norms.
Outskirts of the City Are High in Demand
With work from home becoming the trend, homebuyers tend to look for emerging locations on the outskirts of the city. Integrated townships situated away from the hustle-bustle of the city offers an unmatched lifestyle with spacious apartments, world-class amenities, green living, pollution-free and peaceful ambience.
Inclination Towards Ready-To-Move-In Apartments
With the world coming to a standstill, the inclination is more towards ready-to-move-in residential properties. According to Prop Tiger, there is a 20% increase in demand for ready-to-move-in apartments. Because of the uncertainties involved in completing under-construction projects, customers are more interested in a ready-to-move-in house with ready amenities to be on the safe side.
Further, in modern times, the pricing of under-construction properties is marginally different from close-to-complete buildings or ready-to-move-in flats. Ready to occupy projects and timely possession is the pick of the moment.
Marked Preference for Large, Open Spaces
The demand for large, spacious homes spiked recently. Buyers are now looking for 3BHK, 4BHK apartments complimented with the richness of space. Work from home culture, homeschooling, etc., boost the need for bigger houses. Modern, spacious living nestled in the lap of nature is gaining popularity in a post covid world.
Emphasis On Owning Vs. Renting
People have realized the value of a home in these times of great uncertainty. Whether to buy a house or rent an apartment is a big decision that affects your financial standing and lifestyle. Staying on rent means you don’t have ownership of the space you live in. On the other side, owning a home is considered to be a significant asset that brings a sense of belongingness, pride, long-term security, and stability.
Ultimately, it’s a financial and emotional decision depending on your circumstances and vision for life. Keep in mind that real estate is the safest and best long-term investment option out there.
The real estate sector is emerging more substantially with the new normal in 2021. The Residence is redefining the skyline of Indore. The project, situated in Bicholi Mardana, offers large & spacious homes that provide an uber-luxurious living experience. Maze Buildcon also ensures a safe and fulfilling site visit. Come and witness the class yourself!