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Investment in the Property Market is about to Grow in 2021
The real estate industry is one of the stellar industries in the Indian economy. It has also been forecasted that the industry will contribute 13% to the country’s GDP by 2025. Investment in property market is likely to grow as the investors are eying the industry to make up for their ground in 2021.
After 3 years of back-to-back disruptions in the Indian real estate market caused by demonetisation, the NBFC crisis, implementation of GST and RERA (realty law), the economy just started to revamp when the Covid-19 pandemic hit hard. However, since the last quarter of 2020, people are keener to own a house and live safely with their families.
Let’s have a glance at the striking signals that give assurance of growth in the property market during the upcoming months of 2021.
Increased demand for affordable housing
The demand for affordable residential properties has increased as people are enthusiastic to work from their own homes rather than from a rented apartment. As the continuous chains of lockdown have made people accustomed to spend more time at home, owning a beautiful home has become more of a necessity than luxury. Improved infrastructure with better road connectivity also creates a wider prospect in real estate investment under an affordable budget.
Surplus in construction activities
There has been an increase in construction activities from the beginning of this year and ready-to-move apartments are available for sale with a high demand. Previously, the challenges faced by the real estate investors regarding selling of a house or any kind of rental property is now no more. Bungalows and apartments are getting sold at competitive rates showing an increased supply of independent homes due to the fall in their prices at a considerable rate.
Growth in real estate sales
Home buyers find it fascinating to purchase affordable yet luxury and high-end properties. There is also an increase in demand for real estate projects based on specific themes such as kid-centric homes, retirement-homes, comfort homes and so on. Even independent bungalows are available with spaces in between so as to maintain social distancing with one another. Moreover, the fall in home loan interest rates aids consumers to invest more in the real estate market.
‘Owning’ succeeds ‘renting’
It is a boon for real estate market investors to rent out a house under an affordable price range to make a property come within the reach of various interested people. Smaller rent strategy has accelerated the growth in real estate investments to newer heights. Another profitable structure in these markets can be through splitting of a rental property into several division such that many people can facilitate the use of a single property under one roof. This in turn also fetches increased rental income, making the property demandable and helping investors find more potent buyers. Rents continue to rise even though when the independent houses don’t which is another added advantage.
Builders offer modern innovations
With the advancement of technology at all levels, builders build bungalows, villas and houses with modern infrastructure and innovative designs. Leaving the market to the professional builders has introduced several reforms that have in turn strived to innovate by offering home buyers purchase them more. With a wide range of theme options meeting specific need under one roof along with getting other basic amenities enhances the propositions of the offerings. Thus, buying a home any day has become mainstream now. Especially, when buyers can choose projects as per their lifestyles.
Thus, the various beneficial real estate trends have made this market rise optimistically. Where buyers are aware of the property they are buying, investors have slashed down prices on commercial real estate business to gain impressive results.
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