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Housing demand remains resilient amidst Covid Times

Housing demand remains resilient amidst Covid Times

by Niranjan Hiranandani - MD - Hiranandani Group and National President - NAREDCO

The June Q2 2021 reveals rebound in housing sales figures exhibiting sustainable demand for housing on grounds of stability and security that it offers to customers. The gradual reopening of economic activities, accelerated inoculation drive, and increase in employment rate indicates improvement in real estate market sentiments. With ease in curbs, economic activities have resumed gradually leading in upward sales velocity across the markets. The dip in site visits was due to travel restrictions, hence longer sales gestation period for final closures was experienced. 
The business continuity plans shifted to digital platforms with innovative technologies that helped the discerning home buyers with the required property research, views, and location updates. Digital Transformation has been accelerated during Covid times paving growth for the prop-tech industry. In the age of artificial intelligence and machine learning, customer data has become an extremely important factor for well informed business decisions. Covid pandemic has led to evolution in customer segmentation and demand where data mining plays a significant role. Companies have redesigned the products that accords with evolved demand post Covid crisis. Homes with open decks or balconies, home office flexi spaces, and home garden corners have become important factors for house hunters. The well efficient layout, open living, flexi -modular furniture, motion sensor lights, and robust power and internet connectivity will top the preferential list.   
Value homes in an integrated township that enables holistic living with futuristic infrastructure, best in class social fabric, unmatched civic amenities, better connectivity, and dynamic workspaces will offer value proposition to the home buyers. Township living offers a live- work -play lifestyle, the current buzzword in the real estate sector. Wellness and sustainability are the new luxury in demand by discerning new-age home buyers.   
A recent media report made an interesting observation that traditional renters have turned into first time home buyers and existing homeowners have opted to upgrade into the larger sized apartments.  Demand in the luxury housing segment was seen due to incorporation of a new normal lifestyle wherein work, study and wellness continues to be from home. 
The market dynamics turned favourable with support of historically low home loan interest rates; grab the deal by developers, choice of inventory available and innovative flexi payment schemes by financial institutions to allure the potential home buyers. Hence, property market witnessed renewed  demand amidst Covid crisis g in June Q2 2021, reflecting sales figures on par with those in March 2021. 
It is an accepted fact that economic uncertainty caused by the second wave of coronavirus pandemic has impacted the real estate market sentiment. This in turn, forced real estate developers to adopt a more cautious approach towards spending, which the media report says, is reflected in new supply numbers for April-June (Q2) of 2021. 
The media research report also mentions that both, sales, and new launches have started to pick up in June.  With this, unsold inventory of ready to move in homes is on decline and branded developers now gears up for new launches of under-construction projects. 
Indian real estate is the largest employment generator with a multiplier effect on 270 allied industries. Revival of residential real estate is imperative to meet the old age adage of ‘Roti, Kapda and Makaan’ where housing for all remains an ambitious objective of the nation. Performance of the realty sector indicates the healthiness of any economy and hence, it is bound to bounce back at 10% CAGR in tandem to GDP and economic growth of India.

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