Real Estate Sees Rapid Growth, Unshaken By Covid-19

The needs for a safe home away from the high-density hotspots are the key factor boosting for housing segment. The pandemic has unimaginably affected every sector whereas many sectors are still finding it difficult to make a comeback. The second home market is one of the few segments that did not receive any contraction during the pandemic. However, it has helped in renewing the demand in the real estate market.

On the other hand, the new housing projects have received immense growth. Such as the new housing project of Godrej in Mumbai, Godrej Horizon Wadala. It is coming up with all anti- pandemic features. Thus, the new homes offer to live in a secure and healthy environment.

Furthermore, a report released by a real estate advisory service stated that the second home market was sized at $739 million in 2019 and grew at a CAGR of 37.34 per cent in the following two years. The aggregate size of holiday homes, by the end of 2021, amounted to $1.394 billion.

Ankit Kansal, Co-founder and MD of a real estate advisory service stated that during the pandemic, the holiday home and new housing segment apart from the risk of future contagion, started realising the inherent benefit of owning our homes.

The Driving Demand of New-Age Buyers

Earlier, the concept of owning a home such as a “Farmhouse” away from hustle and bustle of city life was popular among elite people. However, post-pandemic, the idea of a new home is widely being accepted by the middle and upper-middle class as well. People, who are working from home or have adopted a hybrid model, prefer to work in the most comfortable ambience. These factors affect the purchase of any home. But some new homes come with all the facilities such as Ace Aqua Casa is a new driving home that focuses on every single amenities.

Rising Popularity of New Gates Communities

A new recent Savills India survey concluded that almost 60 percent of the respondents would like to invest in a second home within a gated community. PritamChivukula, treasurer, CREDAI-MICHI mentions that “In today’s era of work from anywhere, people tend to cherish the limited sense of community living. Besides, other facilities the communities allow the homeowners to enjoy facilities such as a swimming pool, gymnasium, jogging track, patios, sports arena, health centre and many other state-of-the-art facilities without having to worry about their maintenance. Sound security also works in the favour of gated communities”.

The farmhouses or bungalows are usually located in a distant location;Maintenance and security are the prime concerns. Whereas new homes come with all the necessities such as good neighbourhood, amenities, proximity and more.

So, we have witnessed all new growth in our Real Estate Market with numerous new projects and second-home markets. There are also a few hardships that lead to its growth is its excellent electricity facilities and good roads. Thus, if you are looking for any real estate property, this is the right time to invest in.