Before we take you to a deep dive into the 2021 real estate industry outlook, Louis J. Glickman, a widely known real estate investor, and philanthropist has rightly said that “the best investment on Earth is Earth.” But, it should not be wrong to say that the real estate industry took a toss in 2020 owing to the coronavirus pandemic. And post opening up of the Indian economy in a staggered manner, while things remained gloomy for many developers, it created a golden opportunity for home buyers. The festive season further brought cheer to the minds of consumers as developers started luring them with discounts, freebies, and low prices. What’s more, home loan rates have fallen below 7 per cent, which is the lowest in almost past the two decades in property in Gurgaon and other parts of NCR.
Coronavirus pandemic has also affected buyer sentiments while selecting real estate. According to a report by Knight Frank, “the COVID-19 pandemic has brought about a fresh appreciation for the need for more personal space. The pandemic forced employees to work from home during the lockdown and the practice has continued over the year with varying degrees of flexibility depending on the city of residence and company they worked for. However, the homebuyer’s increasing need for the provision of a quiet and ergonomic working environment at home has been a factor observed by the developers during H2 2020.” And moving into 2021, the same preference would take priority as people would look for larger layouts with higher safety, hygiene, and other necessary amenities close to the community. Current homeowners would also be more inclined to look for larger apartments while upgrading from current accommodations. And as the threat of COVID-19 further gets mitigated in 2021, the worst would seem to be behind us, which in turn increases absorption.
And with the two major announcements by Finance Minister Nirmala Sitharaman in her budget 2021, which includes the tax benefits for affordable housing and private investment formats such as REIT and InvITs, the sector will further get a push.
The Way Ahead
Presently seeing the impact and, now heading to 2021, people would get more confident of their future income flow, and with an improved buyer sentiment and the rollout of the vaccine, we are likely to see a positive impact on the people who will now come out and invest in both residential projects in Gurgaon and in commercial projects in Gurgaon, further increasing the demand for more dynamic layouts considering the new normal. This is bound to make the real estate market bounce back with renewed energy.
Tech to further revolutionize and boost sales
Technology will always be the bridge that gets the world together. The right use of technology is essential to understand and to make the customer experience seamless. Developers are now using a wide variety of tools involving a mix of VR/AR and AI to finalize deals digitally. Virtual tools, chatbots, and drone shoots have gained more prominence as buyers are adopting digital means at a fast pace. There could also be a surge for smart and eco-friendly homes as buyers are likely to be more conscious about upcoming tech amid climate change.
Thus, to summarize, with a slew of economic reforms by the Indian government and positive buyer sentiment, the residential property in Gurgaon is continuing on its path of becoming more buyer-centric. Also, the need to do investments is triggered by two fundamental behavioural traits, the availability of money and the will to invest. Both of these traits still exist. The customer knows that it is the right time for an investment. It is just a matter of who reaches the customer first.
In the past 29 years, Bestech Group has earned the status of top real estate company in Gurgaon thanks to the excellent construction quality, timely delivery, and above all – Customer Satisfaction. Our best residential projects in Gurgaon include Park View Grand Spa, Park View Sanskruti, Park View Ananda, etc. A few of our commercial property in Gurgaon include Bestech Citygate, Bestech Orient Business Tower, Bestech Central Boulevard, Bestech 92 Market Place, and Bestech Business Tower in Mohali, etc. And as outlined above that people are looking for larger layouts, this is again an area where Bestech Group shines as the company from starting has invested a great deal in designing and planning for a community in consultation with international architects, delivering meticulously designed and well-spacious layouts along with maximum conveniences. Further, our broad experience in different verticals of real estate industry has propelled us to lead the list of best real estate companies in Gurgaon.