Almost every Indian has dreamed of having his own house. But, the pandemic situation has given us tough times. During the Covid-19 pandemic, the price of real estate properties gone an all-time low since 2008. If we talk about rents, during the period, in Mumbai, rents decreased by 25%. as per the reports.
But after lock-down, it has again started to grow. This pandemic has almost affected every industry and has given new methods, processes, technologies, etc. The real estate sector is also no exception. It seems major changes are coming in the industry post-pandemic.
It is expected that virtual reality will influence the real estate sector in the future. Virtual site tours, 3-D walkthroughs, 360-degree pictures of the property are becoming new normal.
Digital bookings for property buying and selling have increased. Online interaction with brokers and property dealers is happening nowadays. Methods for doing registration are also going digital.
Real-estate apps are improving their features by providing the facility of sending contracts digitally. Projects have also started launching online. Developers are offering Freebies.
People are preferring larger homes and are going for 2nd home nearby a permanent house so that they can travel there through their own car with maintaining proper safety. People are also likely to prefer homes that are connected with nature.
In the current scenario, Builders are ready to negotiate for the prices unlike in previous scenarios. As per people’s demand, Custom based houses will be made by developers. It will have features like touchless tech features etc. These are the expectations.
Govt. of different states has also taken major steps to boost the industry. From 1st Oct. 2020, Maharashtra govt. has reduced stamp duty charges from 5 to 2%. Which is likely to increase the demand for property in Maharashtra. Along with that, the Madhya Pradesh govt. has reduced stamp duty cess for property registration from 3 to 1%. It has announced that Real estate ventures will be launched by the govt. of Andhra Pradesh.
At the beginning of 2022 prices can go up slightly for properties as per the experts. By considering all these factors, It seems that this pandemic has affected the industry for the short time for sure. But in long term, it is most likely to grow.