The Real Estate Market in the Post-COVID Era

The COVID-19 crisis has impacted almost every commercial sector, including land. Innovative marketing trends have emerged as a result of buyers' changing lifestyles and spending habits. The real estate sector is undergoing massive changes, and these shifts will have a direct impact on both purchasers and developers. Despite the economy's concerns, the stock market has grown significantly during the last year. In this blog, we'll look at the changes in the land sector that are expected to occur in the post-COVID future.

Digitalization

Realtors are becoming more proactive as technology and online media become more prevalent. Despite the ongoing crises, digital media channels have shown to provide business continuity for land enterprises. Users became accustomed to using mobile phones and other devices to have access to a vast amount of information about properties. Most developers are now embracing a digital-first marketing approach to tap more customers online in order to keep up with this trend. For realtors, Google and social media platforms such as Facebook, Twitter, and Instagram have become the most popular marketing mediums. Digitalization will be critical in propelling India's land industry forward.

Innovation

Technology is always changing, and there's always room for new ideas. Product innovation is critical to the success of the land company as well. Various technical advancements are now allowing builders to ensure corporate stability and durability. The post-COVID era will necessitate a higher level of safety and sanitation within the living environment. Builders may need to plan ahead and include structural and operational improvements into their projects to accomplish this. When it comes to building futuristic projects, new technologies such as artificial intelligence and computer games are expected to come in helpful.

Government Policies Have Been Revised

During the COVID crisis, the government has taken a number of steps to help the real estate sector. The Prime Minister has proposed a unique economic package worth Rs 20 lakh crore with the goal of making India self-sufficient. The following are a couple of adjustments proposed by the government over the last year to help the key real estate sector expand.

1. PMAY, which might be a Credit Linked Subsidy Scheme (CLSS) for the middle-income group, was given a one-year extension by the finance department. The deadline for applying for this programme has been pushed back from March 31, 2020 to March 31, 2021. This rule change is expected to benefit an additional 2.5 million people in the lower and middle income brackets.

2. The finance ministry has unveiled a number of incentives aimed at bolstering India's development and housing sectors. All central agency contracts are extended for up to six months, and efforts are taken to help contractors with cash flow.

3. The government has announced affordable rental housing programmes for migratory workers and hence the underprivileged in order to enhance the affordable housing segment. Manufacturing companies and other enterprises would be given various incentives to build such inexpensive dwelling units.

4. A six-month extension will be granted to property developers that are struggling to complete projects within the RERA-mandated timescales, citing COVID-19 as a "Act of God" and "Force Majeure."

5. In the midst of the coronavirus crisis, the government has announced a 30,000-crore special liquidity scheme for non-banking financial institutions to provide credit support to the globe. The minister stated that investments will be made in both primary and secondary market transactions in investment-grade debt papers of those institutions under the Rs 30,000 crore special liquidity programme. This could assist in providing liquidity support to those businesses.

With these shifting market patterns, the real estate industry is no longer comparable in the post-COVID era. Furthermore, in these uncertain times, the concept of house ownership has taken on new significance. People have become increasingly aware of the benefits of owning a home because it is the safest place to be. The pandemic season has changed the way people live, work, and play, and each of these factors may have an impact on housing demand. Commercial real estate will also undergo significant transformations in terms of investment and development approaches. Thankfully, India's property market adapts swiftly to developments and embraces emerging technologies with little resistance. We expect that when conditions improve, the industry will rebound with greater vigour.

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