Trends that emerged in the real estate market post the pandemic
The economy as a whole experienced turbulence throughout the pandemic. While many industries are still recovering from the fallout and the ensuing disruptions, the residential real estate market quickly recovered thanks to low mortgage rates, state government reductions in the cost of stamp duty, increased home affordability, and a change in public opinion toward home ownership. In reality, the fiscal years 2021–22 had the most significant annual sales in residential real estate.
Covid-19 has changed many aspects of our life, including how we view real estate, resulting in numerous new trends in the sector. Customers are gravitating more and more towards reputable developers with high governance standards. Due to changing consumer tastes, buyers of homes in Pune are now considering an integrated ecosystem that contributes to a higher quality of life in addition to a place to live. Read along this property investment guide to learn more about the major trends:
Homeownership and security over renting properties.
Owning a piece of real estate has regained favor despite an inevitable economic slowdown and the apparent lack of certainty in the market. The pandemic has increased the psychological safety that comes with owning a home and its process. Consumers who previously preferred to rent are now indicating a desire for a First Home Investment. Many homeowners have learned to value the benefits of larger property in Pune after spending a substantial amount of time working indoors.
Larger apartments with thoughtful spaces
The epidemic prompted consumers from all demographics to reevaluate the necessity for larger homes. Luxury residences that provide the most remarkable caliber of experiences are in greater demand in the real estate market. With time, it becomes clear that the culture of remote work is here to stay, at least for the foreseeable future. Professionals desire large residences that enable them to set up a suitable workspace light. Apartments with private gardens, balconies or decks, and recreation facilities are increasingly in demand. Homes with top-notch amenities, curated experiences, and best-in-class services providing a higher quality of life are in high demand.
Few people can pay in full for a home upfront because buying a home is a significant investment. As a result, getting a home loan can be necessary. Here are some home Loan tips before taking a home loan.
You can consult your current banker; evaluating the house loan rates, home loan eligibility, and features provided by various lenders is a wise idea. One of the most crucial phases in purchasing a home is having your home loan approved. Additionally, a mortgage has significant tax advantages.
Keep the term of your house loan as brief as feasible as a best practice. Long-term loan interest payments added together are exceedingly costly. A 25-year mortgage, for instance, has a total interest payment of 160 percent, compared to 55 percent for a 10-year mortgage. Shortening the loan’s term is a great approach to pay off your mortgage quickly and avoid paying interest. Increasing your EMI payment is an excellent strategy to reduce the length of your loan and avoid paying interest.
A holistic ecosystem: from fitness to leisure
Characteristics of typical modern first-time home buyers include being young, educated, and health conscious. The consumer is now looking for safe, well-planned, and self-sufficient neighborhoods that offer everything under one roof through large communities, including co-working spaces, cafes, convenience stores, fitness centers, and reading lounges. Consumers are also looking for tranquil spaces inside the comfort of their homes so they may have a vacation without ever leaving.
The talk of the town and projects with multi-tiered amenities, custom social, sports, and kid’s clubs, lengthy elevated skywalks, and carefully curated well-being areas that promote an active and healthy lifestyle are here to stay. In order to continue to be relevant in this cutthroat industry, the project will need to develop an ecosystem to accommodate the constantly changing consumer demands.
Digital and technological advancement is here to Stay.
Digitalization will rule transactions, capital allocation, house tours, property management, and even consumer behavior in real estate. Innovations in augmented reality (AR), virtual reality (VR), and artificial intelligence (AI) are also fostering the development of new opportunities and enhancing the customer experience. This forced property developers in Pune to deploy VR technology so potential homebuyers could use 3D apps to take an online virtual tour of their residences. Luxury homes with high-tech interiors and facilities within the property grounds are opening up as a result of online open houses, virtual bookings, and augmented reality tours. These developments are resulting in a more immersive experience.
Properties in Mumbai are on the verge of a multi-year upcycle as a result of all these new developments. The population is youthful, and there is a demand for growth; therefore, the industry is well-placed for positive growth and ROI in the upcoming years.