In 2019 sales figures in the real estate and housing sector were slow, property rates were high with loans, interest, and moratorium rates even higher. With the pandemic and lockdowns of 2020, we saw a complete halt of the economy. Once the lockdowns lifted, we saw a massive spike in sales of homes that almost equaled sales of 2019. By the end of the first quarter for 2021 sales had boosted in the affordable housing segment. The question is what led to that? Why did we see such high numbers in sales?
The answer lies with the pandemic itself. Families wanted safe and secure homes where they could feel protected from such pandemics. The government took considerable steps by offering moratoriums. Home loans offered at lesser interest rates than before; developers offered special prices. Work from Home became the new normal.
Various polls indicate that there is good demand for affordable and spacious homes with amenities. The preferred choice was integrated townships. These types of establishments provided the ultra in safety, security, spaciousness, and hygiene.
With demand for newer, larger and affordable housing that offers amenities to work from home as well, developers have had to rethink their property development and cater to the needs of people. New segment of homers to be the millennial generation.
The more people interested in safe and secure residential areas, more construction in new locations once the pandemic is over, we can see a massive surge in the housing market with a lot more projects underway.
Reji Philip
