The COVID-19 pandemic has deeply impacted all businesses, including the real estate market. Due to changing lifestyles and reformed spending habits, the demand has also shifted among buyers.
Despite the unprecedented times, the Indian realty market has seen considerable growth in the past year. It is because the sector, as a whole, has implemented creative marketing strategies aimed to grab buyers’ attention. These rather drastic transformations will impact both buyers and developers in Thrissur.
Here are some of the changes observed in the realty sector and how they are expected to impact Indian real-estate post-COVID-19.
Digital Upgradation and Increased Online Presence: Real-Estate Sector
With the rampant spread of the virus and extended lockdowns, the use of technology and digital media has increased exponentially. It is making builders and realtors in Thrissur focus a lot more on establishing their online presence. It is highly significant for businesses, especially real-estate companies, to ensure their continuity.
Rapid digitalization resulted in buyers gaining access to information on affordable/premium apartments in Thrissur. To counteract this trend and to ensure continuity, developers are now channelling their resources on building their online presence. They are using digital marketing tactics to attract more customers.
Most local realtors are available on virtual platforms such as Google Business, Facebook, Instagram and Twitter. Doing this also helps companies to understand current market trends better and conform to them accordingly. Thus digitalization will prove to be vital in the sustenance of the Indian real-estate sector.
Cutting-edge Technology and Innovative Development: Builders and Construction Agencies
The ever-evolving nature of technology has resulted in the continuous growth and flourishing of innovative spaces in all businesses. Product innovation is crucial for any business to thrive, including the real-estate market.
A healthy trend of innovative developments is seen among builders in Thrissur. They are focussing on providing a higher degree of safety and improved sanitation facilities in apartment complexes. They are implementing effective structural and operational changes in housing projects. Some builders are trying to tap into technological resources such as artificial intelligence to stand out in the market.
Revised Government Policies and Increased Monetary Support
In 2020, the Government took many measures to make India a self-reliant nation and support businesses during the ongoing crisis. Several policies were implemented as part of Atmanirbhar Bharat Abhiyan to boost different sectors throughout the nation.
Finance Minister Nirmala Sitharam announced the approval of a special Rs. 20-Lakh Crore COVID-19 Economic Stimulus Package. In November 2020, tax relief measures were announced for real estate developers and homebuyers.
Under Union Budget 2021-22, tax deduction up to Rs. 1.5 lakh on interest on housing loans was implemented. Tax holidays for affordable housing projects were provided until the end of the fiscal 2021-22.
The Government also announced a 30,000-Crore Special Liquidity Scheme for stressed non-banking financial companies and housing finance companies. It provided credit support to the companies in the sector whose financials further deteriorated due to the COVID-19 crisis
Market Outlook: Realty and Housing Sector 2021
Structural reforms by the Government such as GST and RERA proved to provide relief to businesses and restore buyers’ confidence in the real estate sector. Measures by the Government and the RBI will help the sectors increase financial stability, revive real estate assets, improve income visibility and attract cross-border investments in 2021.
With reformed market trends and revised policies, the construction and housing sector will sport a new look post-COVID-19. Long periods of lockdown have furthered the concept of owning personal properties and homes among dwellers. Low-interest rates for Home loans and continued monetary support are expected to drive investment momentum in the real estate market of Kerala. Hence this could be the ideal time to buy flats, apartments or villas, premium, luxury or budgeted, in Thrissur.
As we enter the new cycle of market growth, the realty sector will show steady growth aided by the rapid technological developments, and the support of Government and financial sectors too.