What Will Be The Real Estate Trends & Challenges In The Year 2021?
The global socio-economic slowdown due to the pandemic has affected India in a unique way as one of the largest populations and economies of the world. The Real Estate industry bears the burden of the pandemic just as Delhi city and NCR area in other sectors do. The industry, though, has taken all the challenges in its stride. It is making comprehensive efforts to rise above the shortcomings and is staying optimistic throughout. It has proven to be an agile industry and is smartly adapting to the revolution that has come upon us. These adjustments have given rise to the following in the Delhi NCR region:
Home a necessity: The pandemic has given everyone a realisation that having shelter and a place to call your own is a necessity. This has led to a decline in rates but a high demand for spacious property spaces. Commercial spaces are also in high demand even after work from home norms of a workplace. The events in the market show that this need and demand for spacious properties will continue well in 2021. The pandemic and luckily for the industry has restored peoples trust in investing in property. The affordable luxury category is picking up more and more steam as well because of the attractive prices. People are willing to extend their budget. 2021 will be the year when the rise in ownership of residential and commercial property will be witnessed.
A little help from the Government: Both the Central and well as State governments have been very crucial in helping the real estate industry stay optimistic. The changes in stamp duty charges was a relief and a welcome sign for all. It also offered some relaxation for people having mortgages and loans. Supporting the public and extending a hand to the industry by advising that investment in real estate can be beneficial and helping gain back the trust of the people was one of the more appreciated gestures of the Government. 2021 will see the benefits of these strategic decisions. The industry will be back on its feet and will be churning projects that are smarter and more appealing thanks to the joint efforts of the authorities.
While the authorities have been very supportive throughout the year, in 2021, the industry will need them to step up their game
Getting tech-savvy: In modern times, adversity has become the game-changer in adopting technological advancement within spheres that have shied away from it. Developers in Delhi NCR actively adopt technology in its daily life as well as integrate technology into their projects on a large scale. The staff have been trained and given due time to adjust to new channels of communicating with colleagues as well as buyers and investors. People of Delhi NCR are also indulging in virtual walk-throughs to see the area they will be buying in, video conferencing to get proper advice and discuss all the things they like to have in their property, and online consultations to ensure that they are making the right choice for the right price.
The pandemic itself has been nothing less than a bummer. Every difficult situation can be sorted out readily with thoughtful solutions.
Economic slowdown: While the authorities have been very supportive throughout the year, in 2021, the industry will need them to step up their game. Major steps will be needed to bring a positive change in the industry so that it is boosted with an opportunity to grow and do better in the Delhi NCR region. Covering up the losses soon and swiftly will be a challenge the policymakers, government and the industry will need to resolve together to maintain a bright future. This will also help developers in Delhi NCR offer better and more deserving benefits to people.
Automation: The year 2020 has officially become the digital year. Technology made things easier and got the world closer. This puts a lot of pressure on developers as every person investing in any kind of property will demand a certain standard of technology and smart options in the business and living spaces. This can be tricky to integrate into new projects as well as ongoing projects because it directly affects the pricing.
Climate: One of the positive changes this pandemic has brought is the global environment and pollution rate have improved. Nonetheless, the leaders of this cause have made it their resolve to continue to fight for eco-friendly solutions. The markets sentiment over environment consciousness is also changing rapidly. The developers are forced to consider green solutions, which are although very helpful and necessary, affect the overall costing of projects.
In conclusion, 2021 will be a positive year for the industry where new norms are followed, technology is cleverly adopted, and green solutions are offered to make investments lucrative. With the right help and support from the governments and authorities, the real estate industry will flourish.