Research shows that demand for residential real estate, although currently stagnant, could show signs of a gradual recovery in 6-12 months as COVID-19's impact diminishes. About one-fifth, or 21%, of end-users, may return to the market during this time period, but a significant 70% do not plan to buy a home within a year. According to a Savills India report, buying is linked to job security and cash flow, making this activity a combination of affordable and medium-term segments.
However, as expected, a significant 70% of end-users do not plan to buy a home within 12 months. Similarly, most investors plan to wait and monitor, with almost 94% planning to make a decision after 12 months. As for which segment will recover post-COVID first, “We should see activity across all segments, because there is growing demand for end-users across all segments.
End-users and investors are more likely to prefer smart homes and integrated townships in the post-COVID world, according to a survey report by Savills. Over 50% of each category likes such propositions. When it comes to paying premiums, about 30% of end-users and investors are willing to pay for homes that incorporate the concept of wellness. A home with a workspace like an office engraved will be attractive to nearly 24% of end-users. End users also showed a tendency to buy second homes. About 30% of such buyers say they are interested in places like Goa, and about the same number showed interest in properties on hills.
As analyzed the housing market over the last decade to fully understand long-term patterns of decline, recovery and growth, a slump in 2015 and then privatizing at the end of 2016, the housing market began a very slow revival, but continued to impede obstacles.
In 2018 and 2019, as recorded modest growth, despite weakening like the NBFC crisis. However, COVID-19 stopped it in 2020. The slight recovery for 2018-19 is based on structural changes, size reductions, and average price resets. The future depends heavily on continued policy support and economic stability. And it can take up to the second half of 2021 for the market to return to a steady-state.
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