Although the Covid-19 crisis has disrupted our day-to-day existence, it has also brought fresh opportunities which hve redefined professional culture. With telecommuting opportunities offering various benefits like remote work policies, increased productivity, and significant changes in the work cycle, remote working is here to stay. Some builders in Noida took this as an opportunity&made some updates in their ongoing projects’ interiorsfor the convenience of the new buyers.
According to a global survey conducted by Gartner, Inc, it was found that as the virus started to take a toll at exponential rates, about 88%of global companies mandated or encouraged all their employees for remote work.
These new developments have shown a noticeable impact on all industries, including the India real estate sector. New-age millennials – an incredible 92%– are now snowballing on the recent growth trajectory of home-ownership because of economical home loan rates that also helps in rendering a big sense of security.
Currently with over 6.44 Lakh homes available for sales (in top 7 cities), here’s what promoted this enormous demand in the home buyers’ market:
1. Willingness to untether from areas closer to work-place
Individuals are not hesitant to house-hunt in areas that are more spacious, contemporary, and have an elevated ambience as opposed to looking for houses around their offices during the pre-Covid era. Convenience and travel-slump are two aspects that pushed the popularity of peripheral areas.
2. Affordable home loan rates
Despite the fear of decrease in income of the target audience due to unemployment/uncertainty, over 36% respondents showed significant fondness for properties worth Rs. 45 Lakhs. Indian government’s initiative to lower the interest rates in the housing sector makes it a favourable time for home-ownership, which the properties in Noida are giving a decent response to
3. Sense of security by owning a home
Renting a space leaves one to the whims of the landlord. However, the option of owning a house provides more stability especially during exigencies like the pandemic. Coronavirus and remote working went hand-in-hand in altering our lives. One cannot deny the permanency of this new norm.
For example, some buyers are encouraged to own quality flats in Noida Extension without paying heed to the distance from their offices. It allows them to save a lot of time & avoid the use of public transports.