Coming Festive season to cheer up Real Estate

Coming Festive season to cheer up Real Estate

The ongoing Covid-19 pandemic has affected the real estate industry both positively and negatively. Although it is going through an unprecedented disaster, it is also creating many new ways to cheer up the real estate business. Now, the sector is more innovative and utilizes technology to boost it up. It helps the buyers in finding an appropriate house with ease. Below, we have discussed the transformation of the real estate field and how it is about to rise again like earlier.

Tech-based system

Earlier, people needed to visit a house in person. They might stop for two or three hours every day. So, the house-shopping task is time-consuming, as you have to spend money on transportation. But the real estate players are now bringing multiple houses to you on your smart devices. With the help of video calling, you can explore many buildings within a single day without wasting your money and energy.

Form a new segment of buyers

There is a growing demand for houses from the young generation in recent years. They need to stay on rent as they can shift their jobs whenever they want. Besides, some people have to change cities frequently for their work. As a result, they rely on the real estate industry because of its flexibility. Additionally, in this pandemic period, people are doing work from home jobs. So, it is another reason to purchase an abode so that they can spend their entire time at home.

Offer discounts

Discount plays a massive factor in cheering up the real estate sector. There are multiple unsold houses out there. So, giving an attractive rebate will draw the buyers eventually. A buyer gets many benefits like lessened repo charge, stamp duty, online-offline consolidation, and so on. All these have a significant impact on the real estate sector. Even the people under 30 also want to buy a house for them.

Change of requirement

Earlier people used to find a house near their working place. But now, they prefer any location. This is because several companies have allowed their employees to work from home, even after the situation is better. Hence, it is beneficial for the growth of the real estate industry.

Final Thoughts

Pandemic has offered an incredible rise for this industry. Many shoppers who have been assessing homes for quite some time would take advantage of multiple deals and a low repo rate. So, the sector might rise again strongly in this coming festive season.

Real Estate Sector Revival - Focus on consolidation

Real Estate Sector Revival 

After the post lockdown situation due to the Coronavirus pandemic, the famous real estate body CREDAI has rebooted itself and planning to work and consolidate towards the revival of the real estate sector. They will also engage with the government for further tax regime rationalism and secured infrastructure status for the real estate. The primary developer body of the real estate industry includes a membership of more than 13000 members in 217 cities and 21 states all over India. They are planning to operate towards enhanced inclusive development. It will help medium to small-sized developers who are facing the issues. 
The first quarter of the real estate business has witnessed almost 44% growth. But since the second wave of the coronavirus has become a concern. One of the biggest problems that a realtor faces in this sector is the working capital. Banks will not offer any working capital, and the interest rate is high. So, hopefully, by next year, the real estate sector will revive completely. 

 

According to the CREDAI National President, Mr. Vardhan Patodia, along with different other members of the currently elected association reported that the organization would offer free vaccination of more than 2.5 crore construction workers at the online sites of the member developers all across India. 

 

As the primary real estate body, the organization has rebooted them post the pandemic and representing themselves in the 2.0 version. The focus is now shifted to consolidation after the past year has passed on. They are exceptionally keen on collaborating with medium and small-sized developers and addressing their problems by discussing the issues with the government. 

 

Supporting the Start-ups

 

CREDAI will soon be setting up a start-up of the name Angel Network and Incubation and Acceleration Centre. It will be an initiative for the Research and Analytics centre, facilitating the real-time availability and authentic data for the future growth strategies of the real estate market. 

 

The start-up plan focuses on reviving the real estate industry efforts and offers a stimulus for boosting the business environment. The welfare further targets to commit to the skill development, labour welfare, and green buildings. 

 

This start-up network will assist and support the real estate agents by offering them access to the member network for business development. It will guide them everything through a hand-holding procedure. 

 

Conclusion

The first quarter of the real estate business has witnessed almost 44% growth. But since the second wave of the coronavirus has become a concern. One of the biggest problems that a realtor faces in this sector is the working capital. Banks will not offer any working capital, and the interest rate is high. So, hopefully, by next year, the real estate sector will revive completely.