THE CHANGING PARAMETERS OF THE NEW NORMS IN REAL ESTATE

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The Changing Parameters of the new norms in Real Estate

The start of a new "Decade" and the year 2021 was embraced with open arms and the hopes of a new beginning. Each one of us adapted to the new normal culture that taught us the meaning and true importance of owning a home as the best asset. The recent surveys conducted by many institutions and research centres have guided to conclude the emerging needs of a potential buyer as they wish for a spacious home that is picture perfect.

Demand for homes rising among Millennials more than ever- Majority of Millennialsaged between 25 to 35 years, realized the importance of homes and have started to make a wise decision of embracing ownershiprather than renting. During the lockdown phase, many felt restricted and bound to their small homes. Hence, many started seeking to own a spacious home. (Source: CII-Anarock, Covid-19 Sentiment Survey, dated 17thFebruary 2021)

Real Estate is the safest & best investment option - Now more than half of them are favoring Real Estate as a better investment option than any type of Fixed Deposits, Stock markets or Gold. (Source: CII-Anarock, Covid-19 Sentiment Survey, dated 17thFebruary 2021)

Large 2BHKs continue to be the hot favourite- Spacious living is now becoming a part of every individual's lifestyle. The sole aspiration to own a luxurious & large home as one of the most imperative necessities in the lives of today’s home buyers. Prior to the lockdown, only a handful of individuals preferred to own larger 2BHKs. But in the post pandemic period, the number has spiked up with rapidly increasing demand for larger 2BHKunits. Many buyers believe that buying a spacious home would give them the privilege to transform the extra room into a kid’s study area, hobby room ora workstation, where one gets to carry out their activities without any interruptions. (Source: CII-Anarock, Covid-19 Sentiment Survey, dated 17thFebruary 2021)

Demand for branded & trusted Developers continues to rise - A survey also states that buyersnowprefer branded developers, owing to the trust factor, reliability, timely delivery and the promise of quality construction. The ratio of demand for branded v/s non-branded developers stands at 61:39 post COVID against 52:48 in the pre-pandemic period. (Source: CII-Anarock, Covid-19 Sentiment Survey, dated 17thFebruary 2021)

2020 witnessed a spike in demand for larger homes- An evolution in more spacious homes has brought in the need for 3 BHK & 4 BHK residences. Many 2 BHK Customers are upgrading to 3&4BHKs. As per a recent survey, almost half the respondents were favourable to this question. Many buyers are willing to make a smart move into a home that has everything they need, right from doorstep conveniencestoprimeconnectivity, basic necessities in the vicinity and a sense of community living. (Source: Square Yard- Evolution of Home Buying Trends in the Covid Era, dated 17thMarch 2021)

We at sunteckindia.com have always strived to offer our customers super-spacious & luxurious homes that are ideal in every way to fulfil your needs for a perfect and safe home.