| | NOVEMBER 202119June saw a significant increase in demand, especially among millennials. This is reflected in new launches and home sales, according to a quarterly analysis of PropTiger.com. Further, as per the report, developers sold 35,132 units during July-Sep, an increase of 85 percent from the previous quarter.For example, in the capital city of Delhi, people are opting for spacious houses as the number of people in the family is increasing. During the lockdown and remote work, many people realised the need for a big house and are now, exploring options to upgrade. Apart from this, many faced problems with old construction and are now convinced to shift into a new and modern construction. High earning professionals have the backing of low interest rates and are keen on improving their lifestyle. Also, there are people who want to shift into houses close to their parents and family.COVID-19 Impact on Home Buyers The RBI's step to bring down the repo rate to 4 percent bought positive effect on buyer sentiment along with giving major support to existing buyers, who might struggle to pay EMIs because of the lockdown or job loss. Further, the pandemic has made millennial buyers realise the value of home ownership, ultimately, giving a solid sentiment boost to the housing market.When social distancing, work from home and safety remain the priority, there has been increasing digitisation of real estate with impressive growth in online demand. As a result, buyers and developers have adopted innovative techniques like online booking platforms, drone shoots, virtual tours and video calls for house hunting and project short listing. We can say that 2020 has been the catalyst of a shift in the real-estate sector, where technology is playing a significant role in property buying, renting and registration. While physical site visits remain important, millennial buyers are showing interest in the use of technology to discover new homes with some buyers even booking online. May be, the pandemic becomes an inflexion point for disruption in real estate.Talking about millennials alone, it is important to truly understand their values when it comes to purchasing a house, and it's clear that these buyers are practical, health-conscious and looking for new experiences. One of the most obvious millennial home buying trends is luxury house ownership. This is also because they prefer the ability to socialise in communal areas like gardens and rooftop pools as well as prefer proximity to nightlife and entertainment.Summing Up!While the cascading effects of the pandemic are being felt across the world, varying trends are emerging with respect to its impact on the real estate sector. A health emergency that has forced the implementation of biggest ever work-from-home experiment, is encouraging millennials to modify their investment plans, redirecting it to home buying due to various positive trends while putting a question mark on the future of workspaces in a post-COVID-19 world.Further, amid the growing significance of home ownership among millennials, the demand for housing real estate would be particularly high in 2021. Therefore, developers should leverage these extraordinary times as an opportunity to structurally reimagine their strategies and embracing transformational methods like widespread tech adoption and luxury housing projects. THE RBI'S STEP TO BRING DOWN THE REPO RATE TO FOUR PERCENT BOUGHT POSITIVE EFFECT ON BUYER SENTIMENT ALONG WITH GIVING MAJOR SUPPORT TO EXISTING BUYERS, WHO MIGHT STRUGGLE TO PAY EMIS
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