Evolution of Real Estate Post Lockdown

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2020 was a test of time for all. Be it individuals or industries, the world suffered as many countries went into lockdown in the wake of the pandemic. Overall, 2020 was spent indoors, social distancing, disinfecting and attending zoom calls. One of the biggest changes in lifestyle that we saw was the shift to working from home, on a global scale, almost questioning the requirement of workspaces and reaffirming the need for a spacious home, that could double up as an office, gym, classroom and more.

For many people, this pandemic came as a boon where they had the opportunity to stay home and spend time with their loved ones. Every person living in the lockdown realised the value of a secure and spacious home and the safety that comes along with a home that is owned. Real estate needs evolved from pre-pandemic times to now, after almost a year of the virus affecting the world. Certain changes that has been noticed are:

  • Preference of Owned Property over Rented Spaces: Amidst the pandemic, a lot of people have realised the value of owing a space over renting one. The security of an owned flat is better than the constant worry of living in a rented space which brings a lot of uncertainty.

  • Increase in demand of Ready-to-move units: With the pandemic leading to everyone spending 24×7 at home, the demand of ready-to-move units increased as people realised the need for a bigger space, for owned property and more. This was supported by the extension of the CLSS benefits and reduction in the home loan rates.

  • Bias towards Established Developers: Owing to the uncertain times, the population is choosing to trust organised and established developers that are well-known over local establishments as there are added benefits and guarantee of delivery with such organisations.

  • Focus on quality of life: The pandemic has led to the realisation that quality of life is far more important. Amenities like playgrounds, open space, indoor leisure space along with facilities like medical services, health facilities and more. A more spacious flat with natural light and ventilation helps as well.

  • Increased Importance of a Secure Complex: Living in a residential society means having the benefit of high-end security with CCTV cameras and 24×7 surveillance along with the added bonus of facilities like an indoors shopping store for essentials and access to a large community without the tension of maintenance and more.

Owing to these reasons, we have seen a gradual increase in the demand of homes in the city post-lockdown. The real estate market has been booming, especially after the reduction in the interest rates for home loans. It is predicted that by 2040, real estate market will grow to ?65,000 crores. Among real estate developers in Kolkata, Srijan Realty is one of the leading ones with properties all over the city. Greenfield City is one of the sprawling properties in South Kolkata with spacious flats and state-of-the-art amenities. The last phase of Classic Premium units is now on sale. Visit https://gfc.greenfieldcity.com to know more about the property.

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