Covid-19 and the aftermath that followed led to a lot of fluctuation in the real estate sector. Post the first wave, the market dropped substantially, buyers were scarce, and builders and developers had inhibitions about planning new projects. However, the second wave did not prove so grave. The ease in stamp duty till March this year, and reduced expenses of working-class people due to continuous and prolonged work-from-home led to a surge in demand for real estate, especially in cities like Mumbai and Pune. Homebuyers have become open towards buying property or investing in new projects. They are visibly more inclined towards more spacious properties in urban communities. The new-age buyers are mostly looking for houses that are energy-efficient, come with modern amenities and a small corner or separate room to work from home. Numerous realty developers are now offering small co-working spaces in the clubhouses or community centres of the residential societies. In several upcoming projects the feature is already added in the initial design. This also proves as an attraction for buyers, giving an additional commercial boost to the housing projects.
The numbers also highlight various changes in the trend, as per a recent survey by Knight Frank, as many as 87% people, of all who are looking to purchase houses in the mainstream segment, want to relocate within the city. More and more people in the metropolitans want to settle near their workplace, most importantly because they want to cut-down on traffic hassles and travelling time. The report also highlights that 26% of the working class had shifted their residences post the first-wave of Covid-19. One of the most important things Covid-19 has taught is adaptability. Just like in every other facet of society, real estate developers have also learnt their lesson, post first wave they got better equipped. As the market is slowly and steadily gaining pace, it is also becoming evident that both buyers and realtors are upgrading to digital means and adopting the new normal with ease. Real estate market is looking brighter business-wise.