The Real Estate Industry in the Post-Covid Era
July 17th, 2021
The crisis of Covid-19 has majorly affected nearly every business segment and the real estate industry is surely not an exception. The changing lifestyles, as well as the purchasing habits of the potential buyers, resulted in the invention of several innovative and newer trends in the field of marketing. The vast industry of real estate, during the pandemic, has undergone a vast transformation. All these particular changing trends would surely affect the real estate developers and buyers alike. Due to the massive uncertainties that revolve around the preset-time economy, the real estate market has certainly witnessed notable growth during the last year. These are the changes which are expected to take place in the sector of real estate in the Post-Covid era.
Due to the ever-increasing usage of online media and technology, realtors are presently focusing on increasing their digital presence more like never before. This is proven that the major platforms of digital media always ensure continuity of business for the real estate organizations even during the pandemic’s ongoing crisis. More and more users are now well-adapted and familiar to shop through various applications on their mobile phones as well as other electronic gadgets from which they can access a lot of information regarding the various properties. To live up to this particular trend, more and more developers are not hesitating to adopt the digital-first approach of marketing for tapping a large base of online customers. Major search engines like Google as well as other platforms of social media like Twitter, Instagram & Facebook have turned out to be the very popular channels for marketing for thousands of realtors. Thus, digitalization would play a major role in strongly fueling the optimum growth of the real estate sector of India in the Post-Covid era.
The new technologies are evolving continuously & created several scopes for a lot of innovation across multiple business segments. When it comes to the sector of real estate, product innovation surely plays a major role in determining the success of the business. In the present scenario during the pandemic, different technological innovations and developments are enticing more and more builders in maintaining the resilience and stability of the business. The world after Covid would surely demand much higher precautions for sanitation and safety within the property premises. So, more and more builders are thinking ahead and incorporating operational and structural changes in their ongoing and upcoming projects. The newer technologies just like virtual reality and artificial intelligence are most likely to be handier when it is concerned with the development of futuristic projects.
The Revised & Updated Government Policies
The Indian government has taken different measures for supporting the sector of real estate during times of pandemic. One special package was declared by the PM of India with the aim of making India more and more self-reliant. Here are some crucial amendments that have been announced by the Government since the pandemic started for boosting the real estate industry’s growth.
- The Indian Government’s Ministry of Finance had declared the extension of PMAY scheme by one year. The middle-income group had benefitted a lot from the same. The last date for getting the benefit of this particular scheme was extended to 31st March’21 instead of its actual date 31st March’20. This amendment has brought benefits to some extra 2.5 lac homebuyers in the middle-income and lower-income segments.
- The Ministry of Finance has declared different incentives for strengthening the construction as well as the housing sector all across India. All the contracts of central agencies got extended for 6 months and measures were taken to ease the cash flows and liquidity for the contractors.
- For strengthening the segment of affordable housing, the Indian government has also announced certain affordable schemes of rental accommodation for the poor and migrant workers. There are different incentive schemes for several manufacturing units & also other industries for building such similar affordable housing projects.
- For providing relief to the developers and real estate groups that are facing challenges to complete their projects within the timeline stipulated by RERA, an extension of six months would be given taking into consideration that Covid-19 to be ‘Force Majeure’ and ‘Act of God’.
The bottom line
With the changing trends in the real estate market, the real estate sector would not remain the same even after the pandemic is over. Also, the concept of having a home of