The pandemic has brought a lot of devastation in all the countries of the world. In addition to that, many new and novel trends have also come into existence. We all follow the new normal of life which includes a lot of changes in our day-to-day activities. Similarly real estate has also undergone a few changes and a few trends are noticed after the second wave.
1. Real Estate comes out of Second Wave
The second wave has caused a mighty blow to the real estate and the work on the construction site has slowed, though didn’t come to a halt. Real estate is on the road to recovery and new projects are also on the verge of launching. These projects are trying to include the new trends of the home buyers thus bringing in a new change in the trends of real estate. Property prices are stable after the second wave. The demand is for bigger houses and in open areas where there is plenty of air but with no change in prices. People have now become health conscious and prefer to breathe in fresh air. The areas in the west of Hyderabad are still popular owing to the presence of IT sector and real estate still blooms in these areas.
2.Paradigm Shift in Consumer Behaviour
The pandemic was a blow and we all took months to come out of it. We all were just trying to hold the ground when we were again struck by the second wave. These disturbances and worries have left a negative impact on the lives of the world. It has disrupted the way we live and work. We now think differently in addition to a change in the demand of our living trends. Our lifestyles reflect on the real estate. It has to accommodate the demands of the home buyers to remain functioning. Being resilient, real estate has also come out of the second wave and now is trying to accommodate the trends of homebuyers in the present scenario. The pandemic has given an opportunity to the real estate to re-invent itself and flow with the time. There is a shift in consumer behaviour and we can notice that new trends are merging to satisfy the demand of today’s lifestyle.
3.Residential Real Estate is Resilient
The strong fundamentals of real estate like increased affordability, transparency and alignment in demand for residential sector will keep real estate sturdy and resilient. Regulatory movements like RERA and the support from the government gave a facelift to real estate. With vaccinations being rolled out, all over the country in a phased manner, a positive impact is noticed on the real estate of the country especially of Hyderabad, where home buyers are getting more inclined towards new purchases. People have realized the importance of owning a house as home has proved to be the safest place during the pandemic. The demand from the home buyers led to the new launches and also strengthened the confidence of the developers. The demand for residential real estate remains firm after the second wave and several factors such as peak affordability, low interest rate, increased preference of real estate as an investment and the emotional value of home ownership play a vital role in this resilience.
4.Adoption of Technology
Technology has played a major role in the recovery of real estate after the second wave and is one of the new trends of real estate in the present times. When physical visits to the sites came to a complete halt, real estate adapted technology in the form of digital marketing to reach out to the customers and generate leads. Online monitoring of construction, use of virtual reality for site visits and walk-through are becoming the trends of real estate after the second wave. Online activities have gained momentum after the second wave. Digitization of property searches, use of AI and ML has also proved to be a boon to real estate after the second wave and will help to keep it afloat during the turbulence.
5.Trends to Remain Active
A few of the trends that gained momentum during the pandemic are expected to remain active in the real estate sector. The work from home trend is going to remain active for some more time, at least till the world gets some relief from the threat of Covid 19. As long as the work from home trend is prevailing, people will keep desiring and looking for spacious houses which could accommodate comfortable home offices. Demand on the fringes will be more as people have become health conscious and prefer to live in open spaces where they could breathe quality air. Moreover the houses on the fringes are affordable and spacious too. Low interest rate is another reason for the demand of real estate. Home buyers prefer to opt for gated communities with well managed infrastructure. REITs have also taken up the ground as one of the most viable investment options.
6.Trends of Real Estate after Second Wave
After facing both the waves of corona, people have realized the importance of living in a pollution-free and healthy environment. They also realized the importance of an own house. Home buyers now wish to buy a property in societies that provide healthy amenities along with an excessive green cover. People prefer to have more space in their houses. The demand is for more area without compromising on the price. Immunity has also taken an important place after the second wave. People prefer to take up sports and fitness activities as an important part of the daily lifestyle to nurture immunity. Facilities like recreation, parks, gardens, daily essential stores all located within the society premises are the requirement of the home buyers after the second wave. With an ever evolving infrastructure and lifestyle in Hyderabad, the developers are also gearing up to either modify their ongoing projects as per the demand of today or generate plans of their upcoming projects accordingly. They are all set to embrace the changing needs of the home buyers and set the new trends of real estate as per the demand of the day.
Written by Nikhil Gattu
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Written by Nikhil Gattu
