The real estate recovery in India is heartening—is it sustainable?

The real estate market in India has recovered and in fact it is growing in the last twelve months after an initial hit in the early days of the pandemic. The home buying sentiment changed for good as people realized the benefits of investing in a house in such a crises.

According to this story by Financial Express (story)—”In Mumbai, 58% of the city respondents expected the price of their current residence to increase by 1% – 9% in the next 12 months. In Delhi in H1 2021, the price for residential real estate during the first half of 2021 largely remained at par with the H1 2020 levels. The lower expected margins have kept developers away from offering outright discounts, although, they have been offering flexibility in payment of booking amounts and deferred payment options since the COVID-19 outbreak.”

As the residential projects notice a consolidation in the home buying patterns recently, the demand for houses would stay or even increase in the next year. The real estate owners and investors need to have their strategy cut out given the competitive landscape, by communicating the project differentiators clearly, and delivering the products in time.

The real estate customers have choices too, and their methods of evaluating a property are changed. They use technology to know about the brand, the product itself, the location and facilities, the cost-benefit analysis, the video tours into the property, and then word-of-mouth on social media too. The real estate owners in Mohali Aerocity and on the Mohali Airport Road can leverage this time to build their real estate portfolio.