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Demand for affordable housing rise after global pandemic COVID-19

Demand for affordable housing rise after global pandemic COVID-19

Vikas Garg, Deputy Managing Director, MRG World

As we all know that the Indian Government implemented a national lockdown to stop the spread of global pandemic COVID-19. It was the need of the hour but it adversely affected many sectors including real estate also. Besides, we can’t deny that every crisis comes with an opportunity and the present global pandemic looks no different. Industry experts and researchers say that the demand for affordable housing will increase after COVID-19 and at the time of national lockdown real estate players have generated a substantial number of queries & sold significant numbers.

Besides, there are a few trends seen taking shape encouraging the demands from buyers. One of the trends was that the affordable housing segment is set to undertake the growth with significant options of homeownership on offer, majorly for the millennials. Owing to the global pandemic their thought process has changed and the maximum number of millennials has started considering real estate as a good option to invest in. Sense of security linked with physical assets & lower home loan rates are the major attributes bringing about this change. Even the buyers who were not in mind to purchase a home are now planning to buy for their own homes.

Increase in demand for affordable luxury: This started growing after 2007. Luxury projects have their feeling with facilities that attract the middle class too but the cost becomes an issue for them. Considering the requirement of including such facilities in affordable projects, real estate developers started catering to the growing demand, which also helped them get good responses. Now, maximum people are thinking of owning their house with all a few luxury facilities. The realty sector has seen this demand growing and came up with affordable luxury projects.

Healthy living: The new target of the realty segment after COVID-19 will be to revise the projects with all the essential facilities helping in giving a healthy lifestyle to all the residents. It may include a boutique hospital or doctor’s room in the society with regular visits by a doctor, sanitization tunnel or facilities at the entrance & exit gates, sanitization of the society at least twice a week, personal security kits to the guards & maids, more parks, yoga centres/trainer, Ayurveda centre, stores for all essential items, medical shop, helpline for senior citizens etc. The demand will be completely different as it is now being influenced by the difficulties people faced during corona.

Housing societies will add: Social distancing we are following today to stop the effect of coronavirus is likely to become a lifestyle for many. The housing societies will undertake a great change over the next few years. The upcoming projects will need to build a system wherein social distancing can be maintained but without compromising on benefits that group housing societies generally offer.

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