The Real Estate sector has gone through several ups and downs in the past few years. The sector experienced a huge shift, especially after demonetization. The year 2020 could have been a year of evolution for the Real Estate developers owing to the major initiatives taken by the government as well as the Reserve Bank of India (RBI). The year, however, had something else in store as it changed the entire scenario and made the real estate industry even worse.
Impact of covid19 pandemic on Real Estate
The Covid-19 pandemic almost shook the Real Estate industry. There were hardly any buyers in the market, in fact, those who invested in apartments or flats demanded a refund due to the covid-19 crisis. Workers were sent home owing to the spread of covid-19. Those who stayed at the construction sites faced difficulties and scarcity of raw materials for the construction work. Almost everything got disrupted, be it realtors’ finances or demand for flats, apartments, and offices.
The year 2020 was a troublesome year until October when the market witnessed an uplift in the demand for real estate property. From houses with work from home spaces to demand co-working spaces, the last few months have witnessed a boost in the real estate sector.
Trends likely to prevail this year
The coronavirus vaccine has boosted the confidence of buyers, sellers as well as developers. The sector that was not going through a very good phase is most likely to witness certain trends.
Here are some trends that are expected to prevail in the real estate industry in 2021:
The home office setup
The pandemic has definitely taken a toll on all of us but it has opened the doors for Work from Home culture. Work from home was one of the first initiatives taken to curb the spread of the covid-19 virus. Be it private or government, employees were asked to work from home until the situation gets better. Though a very new concept, it was accepted by employees whole-heartedly.
With normalcy coming to several sectors, many companies have started calling their staff back to the office but many are still reluctant and are still in favor of the work from home culture. Particularly those in the IT or digital marketing industry are willing to set up a work from home culture permanently. In this case, people will definitely seek flats or apartments that have a home office setup. Several real estate developers are coming up with in-built working spaces. Let’s see what the year has in stock.
Demand for co-working Spaces
Let’s be honest; co-working spaces were in trend even before Covid-19 happened. The pandemic has, however, given a different outlook to business owners. The majority of new startup owners are also looking for co-working spaces as they are a lot more efficient and affordable. Given the new normal, the demand for co-working spaces is expected to fuel more this year, especially in cities like Gurgaon and Noida.
Co-working spaces are also an excellent alternative to work from home, hence, employees opt for something like this in order to get a change from the normal setup.
Real Estate: an investment
The real estate sector is still the top preference of investors. From giving a high Return on Investment (ROI) to being a source of passive income, investing in real estate properties not only provides tax benefits but a more tangible value to the property too. Therefore, smart investors look for ways to invest in real estate. With the stability in the economy, this trend would surely flourish in 2021.
The Retail Sector has no doubt picked up pace during the pandemic. With the closure of several stores, the retail sector is being restructured. Smart retailers will look for the best locations that are already established.
Impact of Union Budget 2021-22
The Union Budget 2021 is a boost to buying affordable houses. The time limit for gaining tax holiday for such projects has been extended. The government has also announced a 100% tax holiday for affordable housing projects which is informed by the government till March 31, 2022.
Those who are seeking shops, offices, and homes in Gurgaon/ Sohna Road, could get in touch with International Land Developers (ILD). Founded in 2006 by Mr. Alimuddin Rafi Ahmed, ILD is a well-known name in the real estate sector. The developers at ILD have deep insights into the latest trends, hence, they ensure to serve property buyers in the best possible way.
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