Despite the threats posed by the new variant of COVID-19 in 2021, the year could be seen as the beginning of a new era when it comes to the Indian Real Estate Market. In fact, one can even say that the third wave of pandemic was nothing but ‘a blessing in disguise’ for the major realty players as the second half of last year saw an unexpected revival of the housing market.
Some of the experts even believe that the market had been awaiting the much-needed trigger for an extended period of time and now having got one it has bounced back smartly.
With the real estate industry started to booming up in the country and the numbers are picking up slowly and gradually, let’s talk about some of the emerging trends that will redefine this sector in the post-Covid era.
Plotted Developments
Over the time, plotted developments have become widely popular across the globe and are now a major real estate trend in India as well. But what are they? To put in a simple way, plotted developments are where the builders undertake a particular area of land for the purpose of constructing houses, villas, standalone units etc. Plotted developments are being offered within gated communities, especially in the suburbs, without compromising on connectivity.
Second Homes/ Farmhouse Living
Since the last two years of pandemic, the demand for second homes has been increased. The reason behind this remarkable surge is that every organisation, across the world, big or small, shifted its focus towards the Work From Home (WFH) policy during the lockdown phase and in a bid to maintain a healthy balance between their personal and professional life, people started preferring second homes. These homes are perfect for the weekend getaways or shorter breaks away from the hustle-bustle of your regular city life.
A desire to own a second home or a farmhouse amidst greenery and safe surroundings has only grown in the recent times and there is nothing wrong in saying that it will drive the future of real estate market in India.
Thanks to the growing demands for such abodes, people can now easily find excellent second homes at their desired locations.
For an instance, if a person is living in Delhi and wants a good property for a weekend escape in the outskirts of the city, he can just search villas in Gurgaon.
Coliving
The concept of coliving is comparatively new in India but it has attracted the attention of many young working professionals. Co-living spaces give residents a freedom to explore an independent lifestyle. It has become a new trend in the realty sector, with like-minded people sharing a house, building, or apartment that’s usually owned and run by a company. Therefore, Coliving is going to be the next big thing in the Indian real estate market.
Since people are spending more time in their home than before, the services and community provided in the coliving setup are very attractive to the youngsters.
Warehouses
The COVID-19 crisis has inadvertently created a huge demand for warehousing spaces in the big cities. The online retailers as well as investors are now looking for an alternative asset class beyond the commercial offices and shopping malls. With the ever-changing dynamics of e-commerce industry, warehouses and data centres are two of the emerging real estate segments that have the potential to grow immensely in the biggest sector of the country.