The real estate sector is currently witnessing a recovery phase after the Covid lockdown last year and the demand for property across locations is increasing again. With a need for physical distancing and dedicated personal spaces for a growing population that’s working from home, the demand for owing houses is increasing organically.
The unnatural conditions that affected the market last year led to realtors offering deals and schemes on residential housing and commercial properties. The banks and the government is also facilitating this change by offering easy loans with a low rate of interest.
Reasons for the Emerging Demand for Real Estate
Certain new trends are taking over the real estate market and creating a demand for independent, gated properties for individuals and businesses with a focus on hygiene and space. We have listed some of the new trends that have become a cause for the increase in property demand recently here:
1. Independent Space
With more and more people working from home, the need for independent spaces is emerging like never before and is surpassing the previous trend of the new generation of millennials choosing rented spaces over self-owned ones.
More people are investing in housing in peripheral areas because of affordability and convenience because these spaces are inclusive of all amenities including hygiene and safety.
2. Low-Cost Advantage
Reverse migration to non-metro cities in the last year caused a demand for real estate in those areas. People now want to invest in property in these areas to avail the benefit of affordability. This will lead to an emergence of micro-markets in the areas and the subsequent commercialization.
The significant decline in property rates have also created a greater demand for land ownership in cities like Bengaluru, Gurugram, Pune, Hyderabad, and Chennai for the long-term.
3. Urban Development
The development of both residential and commercial properties along the highways across cities including the Delhi-NCR is leading to a demand in pre-leased properties because they offer greater returns in the long term. Real estate analysts predict that a large segment of working population is likely to relocate in these spaces in the coming years.