Residential real estate trends to watch out for in 2021
The real estate industry, which accounts for a sizable chunk of the economy, is poised for greater growth trajectory and has almost weathered the massive storm of corona pandemic. It has been at it resilient best and has put the lockdown period behind and gearing for new beginnings with more vigour and panache. The industry has been quick to adopt technology and many real estate developers have now made the real estate transaction almost physical-contact free. The industry is witnessing a slew of changes which will help it stand in good stead in 2021.
The industry players have been extremely innovative and exhibited great acclimatization to the ‘new normal’ in the wake of the pandemic and the home buyers needs which have been greatly impacted due to the covid situation. Here we look at the trends that will dominate the housing real estate trends in 2021:
A Health aspects will take centre stage in design and layout of projects
The corona pandemic has changed many industries, more so real estate sector, in more ways than one. Hygiene, wellness and safety will now take centre stage for designs and layouts for all formats of housing, be it villa or apartment. These aspects will be more dynamic and needful in flats than in any other format. The year 2021 will see dramatic changes in the way houses have been designed. The real estate companies that are able to meet the changed layout requirements of the property buyers will be clear winners in2021.
B Buyers choices gravitating towards trusted brands
The real estate market has had its own share of bad news heralded by some black sheep. The buyers are wary today of investing in untrusted developers and will increasingly opt for those real estate n=brands which have been able to establishing themselves over the years and have a good name in the market. The buyers will also be willing to pay a little extra for offerings of the old and established real estate companies. Good developers are also able to offer better amenities in their projects, something that will be in demand in 2021 more than ever before.
C New micro markets will emerge
Governments’ infrastructure push and better road connectivity is resulting in creation of new micro markets and buyers will opt for such locations in 2021 not just because of relatively lower price tags of properties but also because of better ambience and greenery. The new micro markets usually has better environment with lot of trees and greenery and buyers in 2021 will prefer more of these locations. The metro connectivity has put whole lot of new places on the real estate map of the country but it is in 2021 that buyers will really go after such new locations. Even some of the micro markets that emerged few years back but have been struggling to find home buyers despite having sufficient number of completed homes will see some of the piled up inventory being cleared in 2021. The highways construction process in the country is bring many far flung places closer to city centre by way of better connectivity and that will also lead to newer locations springing up and also being lapped up by home buyers.
D More liveable space in houses
Home buyers are now looking for more liveable space in their houses because of various factors like work-from-home, online schooling of kids, virtual office meetings and even some level of indoor exercising/jogging etc. Then homes required by buyers these days also double up as office setups and thus larger houses will be in demand in 2021. There are home buyers which want an extra room for office work which can also accommodate a few office colleagues for formal or informal meetings as executives are still choosing to avoid going to office as much as possible.
E Digitisation of conventional processes
The year 2021 will see digitisation of many of the processes of buying and selling of property as social distancing and avoidance of physical contact as much as possible will be the ‘new normal’. Many of the conventional physical processes in a typical real estate deal will be brought online. A lot of realty forms have already launched online services for buying and selling properties in the last 8-10 months and will improve upon the same in 2021.