The major hit to the Indian economy saw a series of the downfall of various industries this year. The situation went out of control during the initial stages of the Covid-19 outbreak. Among the various industries that were immensely hit, the recovery of real estate seemed uncertain. However, the latest reports show that the Indian real estate industry has picked up its pace. Property searches in fact show an increase of 30-40% compared to the pre-Covid performance.
Property buyers are keen on mid-segment and affordable residential properties. While there's a rise in the demand for properties in Quarter 3 (July-September 2020), another reason for this rise is also anticipated to be the festive season. Every year, with the festive season around the corner, Indians indulge a lot in property investment and the pattern remains unchanged in Covid-19-hit 2020 as well.
Property search during Quarter 2 (April-June 2020) had reportedly fallen to its lowest with numbers similar to the pre-Covid period but the report of September 2020 shows a 30-40% increase comparatively. Take a look at various real estate markets of the country and their positive outlook as of now:
- The real estate market in Hyderabad had earlier seen a dip of 5.2% during Quarter 2 and now it shows a recovery with a 2% price increment.
- Mumbai Metropolitan Region (MMR) and National Capital Region (NCR) have undergone a marginal improvement.
- Bengaluru had witnessed a fall of 14% during Quarter 2 and property searches have now increased by 47%.
- Property searches in the residential segment grew by 144% in Ahmedabad during Quarter 3.
- The Chennai market is focused on promoting affordable housing at large. Property searches are favourable and have increased by 35%.
With measures undertaken by the government on the stressed real estate by extending RERA deadlines, reduction in stamp duty along with a rise in property searches by the property seekers, the industry is anticipated to bounce back in the next 6 to 8 months.