The real estate industry is undergoing a tremendous transformation, and these changing trends will directly affect both buyers and developers alike. Despite the uncertainties in the economy, the market has witnessed considerable growth in the past year. Let’s now look at the changes that are likely to happen in the real estate sector in the post-COVID scenario.
Technology is constantly evolving, and there is a continuous scope for innovation across all business segments. In the real estate business sector also, product innovation plays a key role in business success. Nowadays various technological developments are enabling builders to maintain resilience and business stability. The post-COVID world will demand a higher measure of safety and sanitation within the housing premises. For this, builders may have to think ahead and incorporate structural and operational changes within the projects. The latest technologies like artificial intelligence and virtual reality are likely to become handy when it comes to developing futuristic projects.
Revised Govt Policies
The government has taken various measures to support the real estate sector during the coronavirus crisis. A special economic package of Rs 20 Lakh Crore has been announced by the Prime Minister to make India self-reliant. Following are a few amendments put forward by the government during the past year to boost the growth of the real estate sector.
Owing to the increasing use of technology and online media, realtors are now focusing more on enhancing their digital presence than ever before. It’s proven that digital media platforms ensure business continuity for real estate companies despite the ongoing crisis. Users have become well-adapted to mobile phones and other gadgets through which they gain access to a large pool of information about properties. To keep up with this trend, most developers are now adopting a digital-first marketing approach to tap more customers online. Google and social media platforms like Facebook, Twitter & Instagram have become the most popular marketing channels for realtors. Digitalization will play an important role in fueling the growth of the Indian real estate sector.
With these changing market trends, the realty sector is not going to be the same in the post-COVID world. Moreover, the concept of owning a home has gained much importance in these uncertain times. The pandemic season has changed the way people live, work & play and all this will have a collective impact on the demand in the housing segment. Thankfully the real estate sector in India responds to these changes quickly and adapts to newer technologies without much resistance. We hope that once the situation gets better, the industry will bounce back with more vigor.