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As India enters Unlock Phase 4.0, aiming to revive the economy, the government is making sincere efforts through its various initiatives that have certainly boosted demand and supply. This has somewhat reduced the impact of the COVID-19 pandemic on the real estate sector which is already witnessing the revival of stalled deals, increased sales and launches of new products.
The real estate industry was already recouping from the market slowdown and experts were predicting a delayed recovery. But initiatives like the revision in interest rates, favourable government policy, return of migrant workers in the state and the overall increased upward trend seems very promising for the real estate industry. Most projects in the state have started construction activities and are eagerly making efforts to meet fresh deadlines provided by RERA. On analysis, it has been noted that home buyers are now more conscious in investing with brands and developers that have a good track record and are backed by strong investor groups.
“There is a rise in demand for premium products in tier 1 cities because of better ROI and growth prospects. Similarly apartments and flats for sale in tier 2 cities demand affordability and safety. In the commercial segment, organised retail with 2-3 years delivery timeline is showing a lot of demand from investors and retailers.” says Mr. Khalid Masood, Managing Director, Shalimar Corp.
The recent trends showcase a high demand in residential projects resulting in increased prices for ready to move in and projects that are near completion as more users buy property in Lucknow with the intent of getting early possession.
Mr. Abdullah Khan, Director, Go Heights Pvt. Ltd. says “There is a significant change in demand and preference of buyers who seem more informed of their needs. The dip in mutual funds, stocks and shares have driven investors and buyers towards more tangible assets which are considered long-term and safe. Post Covid-19 there is also a greater demand for self-sufficient societies, which are capable of functioning incase a lockdown like situation occurs in the future. Thus making it imperative for developers to quickly adapt to this growing demand.” Keeping this in mind after the success of 1OAK Atmos, the next project of the Company will focus on 2 BHK flats in Lucknow and also try and meet the high demand of 3 BHK flats in Lucknow. The Company is also focused on bigger units as the market is trending towards end users who have a growing preference for them.
“The current end user driven market has certainly seen increased demands especially for apartments in Gomti Nagar. Shalimar Corp launched their much awaited product Shalimar Belvedere Court 3 in Gomti Nagar, Lucknow, located in a 212 acre township called Shalimar One World. These flats in Gomti Nagar consist of 5 towers with 2BHK, 3 BHK & 4BHK apartments. Currently there is a high demand for 4 BHK Apartments in Lucknow and we have already sold 80% inventory within 2 weeks of its launch. Soon Shalimar will spearhead the launch of its much awaited Spanish-styled Villas and more premium group housings in the near future. This has only been possible due to positive government initiatives and infrastructure push.” says Mr. Amit Srivastava, Head Sales, Shalimar Corp.
Many new developers are redefining certain trends in the real estate marketing during this COVID-19 crisis by using and leveraging Technology, Artificial intelligence, Virtual Reality that have enhanced and elevated user experience and brought in a new way of buying real estate. Moving forward, it is certain that we will see extensive use of technology that will offer curated and enhanced user experience. Buyers and investors will have a higher focus towards community living, safety, security, hygiene, wellness measure and healthy living. Builders and Developers with deep finances, sound credentials and a topnotch track record will survive.
The current scenario is far optimistic than what it was when the COVID-19 pandemic had started. Gradually things are moving in the right direction with buyers seeing this as an ideal time to buy a home and invest.
