The covid-19 pandemic has changed the way we live and work. The covid-19 pandemic has left each and every sector of the economy including the housing industry, in distress. Even as the lockdown started easing in June 2020, the pandemic posed serious financial conditions for the general public which led to job losses or sharp pay cuts. Over the period of time the impact of COVID-19 on the Real Estate sector is slowing down and the residential segment is recovering stage.
India’s residential real estate sector is likely to witness better sales and supply in the January-March period of 2021, the lingering impact of the Coronavirus pandemic on the sector notwithstanding.
As new trends emerge, the realty market is not going to be the same in a post-COVID world. The demand and supply dynamics will evolve and change. Covid-19 has changed the way buyers think. The concept of owning a home has gained renewed importance despite an unavoidable economic slowdown. As people are working from home so they realise the importance of owning a home during this lockdown, so instead of living in rented accommodations would now prefer to buy their own homes.
Remote working or work from home culture during this pandemic reduces the need of buying a home near to the workplace. In fact, people are thinking to buy a bigger home so they can work from home peacefully. Due to this trend, prospective homebuyers will see the sense in shifting to locations within an affordable locality like Mira Road. With the high demand for housing in the area, new properties in Mira Road, Mumbai are being constructed.
Checkout why to invest in Mira road | present and upcoming infra at Mira road
Mira Road has transformed into a premier residential neighbourhood in recent years. Mira Road is rapidly becoming a sought-after location for professional workers as more corporations relocate to the suburbs. The Mira Road belt is a popular destination in the western suburbs because of its affordable housing options, good connectivity, improved infrastructure, and high-quality lifestyle.
The Real Estate development in Mira Road is rapidly growing. Ravi Group which is one of the renowned real estate developers of Mumbai is constructing its distinctive projects in the location. According to Director, Ravi Group, Mr. Gaurav Shah, “The real estate market has been reenergized and the demand for realty has seen considerable growth. Despite the lockdown and other challenges, we have not only sold-out flats but also handed over possession to its buyers in Mira Road. Buyers are now keen on owning a home rather than renting one due to the relaxed payment schemes or easy EMIs options.”
Post-COVID-19, there is going to be a change in how people think and live. The buyer sentiment will definitely be impacted. The pandemic has resulted in homebuyers preferring value-for-money homes in townships rather than the hitherto popular close-to-work options. Homebuyers have realised the importance of investing in a complex that combines space, other amenities like a gym, kid’s play area, swimming pool, and other entertainment facilities. Addressing consumer demand, real estate players are designing large spaces with a provision to accommodate an office set-up for home seekers. The trend in the real estate sector has been changed due to this pandemic situation.