Covid-19 – Changing Trends in Real Estate
The Covid 19 pandemic crucially impacted the whole world and brought up the new era of online schooling and work from home. Even when we talk about buying a house Covid 19 has also accelerated the need to adopt technology in Indian real estate. This has not only helped the industry reduce its overall operational cost but also deliver projects much faster.
Some of the latest technologies that real estate developers and professionals are extensively using now consist of virtual reality VR, 3D programmers, augmented reality AR and artificial intelligence. AR and we are allowed buyers to experience properties Virtually. Online schooling and work from home lead to unavailability of the workspace as well as study space which, thus have increased the demand for modern and flexible rooms configurations such as 1.5 BHK have seen a 54% rise post-pandemic as compared to 1BHK, whereas 2.5 and 3.5 BHK houses have seen an increase of 150 and 132%. Residential property registrations in greater Kolkata in the 12 months of 2021 stood at 44,940 units, recording a growth of 64% compared to the previous year.
The COVID-19 pandemic has side-by-side build a sense of homeowners ship for a spacious, affordable, bigger, and better lifestyle in the outskirts of the city is but the question lies whether the current boom in housing sales will continue in 2022, the variant of the virus, Omicron, Is fast becoming a cause of concern for the government in general and the real estate sector in particular, if the situation got adverse as it got during the first and second wave, it will definitely affect the real estate sector in a negative way.
However, while this is on the residential / occupancy side of the story where we talk about the end-user; however, on the investor preferences side there have been gradual changes/shifts and more options have come up to invest. So, if you wish to invest in real estate to have a regular rental income, but are wary of the larger lumpsum investments you while having REITS now also have the option for fractional real estate in already leased out and rented commercial properties; wherein the latter case there is an exit option available.