Real Estate Overview Of 2020 And Expectations From 2021
News Desk, News Nation 360 : With the economy of India witnessing one of the strictest lockdowns, leading to a grievous economic crisis, 2020 has been an abrupt and anxious year for all businesses across different industries. The real estate industry has been no exception to this, with the resultant lockdowns of the pandemic bringing about a sudden halt in their ongoing activities with the unavailability of the construction workforce and constraint of raw materials. With the economy of India witnessing one of the strictest lockdowns, leading to a grievous economic crisis, 2020 has been an abrupt and anxious year for all businesses across different industries. The real estate industry has been no exception to this, with the resultant lockdowns of the pandemic bringing about a sudden halt in their ongoing activities with the unavailability of the construction workforce and constraint of raw materials. At Siddha, stressed more on customer experience and after-sales service during the pandemic because they understood that they need to be close to the Siddha family at this hour. They had been focused on their motto of delivering their projects on time and ensured the pandemic did not delay their progress. They utilized various online platforms to market their projects. Over time, their sales picked up tremendously and they sold more than 200+ flats in the first 4 months since the pandemic hit. They also pioneered the 1st E-registration in the state, a splendid initiative taken by the West Bengal Government. However, this startling shock thus received by the sector has compelled real estate developers to innovate, with making digitization the new face of real estate. In order to retain the sentiments of the buyer while also innovating upon their business, virtual tours and online property bookings have come to replace the age-old practice to in site visit and bookings. This in turn has also helped them appeal to reach a larger base of customers, as the latter too have begun to realize the importance of owning one’s own home in such unprecedented times. Initially, most of the consumers were unsure of finalizing property deals as they waited for the right opportunity during the lockdown and have been delaying it further due to the uncertainty associated with the on-going pandemic. However, if one very clear learning that has been established now is the importance of homeownership and why it is the best time to invest in this lucrative asset class. We faced multiple challenges in the form of construction delays, stalled projects, liquidity crunch, etc. in the wake of nationwide lockdowns, is gradually shifting its gear and steering towards normalcy by leveraging digital solutions. As prospective and first-time buyers experience their favourite properties in a digital setting, they come to know the real benefits these platforms offer. For example, the instant sense of ownership, time and cost-saving factor increased convenience, etc. Although Covid-19 will impact the real estate market for a long time, they feel people will continue to buy homes. Jain Group as a real estate industry in the suburbs and rural areas is doing very well. Many people prefer buying homes far away from the city hustle-bustle, and they have made their presence in such areas. Rental properties and vacation homes are in much demand. And they at Jain Group have plans to launch it soon. Other than that earlier this year they launched their hotel apartments already. There were an initial panic and uncertainty in the real estate industry. However, with time, buyers started analyzing and understanding that this was the best time to buy a home. With prices at their lowest, lower bank interests and lucrative offers from developers, home buying seemed to be the best investment for a consumer. While acknowledging that the pandemic has had far-reaching effects, it has ascertained the need for permanent residence and the fact that people will continue to buy homes at large. Further, with the masses acquainting themselves with technology, the otherwise cumbersome process of buying property shall be an undemanding and effortless task. All insights Shared By The Industry Stalwarts From Siddha Group, Jain Group, Eden Realty, Shristi Infrastructure & Ideal Group.
Report : Anustup Kundu