In the last two years, the world has grappled with a deadly global pandemic that has affected and claimed millions of lives. It is no secret that businesses in India were profoundly impacted by Covid-19. Ever since slowly but surely industries across the country are making a comeback.
The residential real estate sector in India is one of them and is on its way to achieving pre-Covid levels. Among the key cities that have strongly contributed to rising business are MMR, Hyderabad, and NCR. Overall, the housing sales increased, with MMR recording the highest sales, followed by NCR.
The housing sector in MMR has witnessed immense growth last year. According to the MMR Housing Report released by CRE Matrix, the average value of flats for sale in MMR rose by 12% from 2018 to 2021. In MMR, the homes that were rated over 2 Cr. have almost doubled from Rs 39,800 Cr in 2020 to Rs 73,000 Cr in 2021. Central Mumbai and Western suburbs have added over 55% of total housing sales in MMR that is rated over 2 Cr for each unit.
The report states that Western suburbs are the only macro market that observed a huge rise of more than 10% in the average value of units sold. As for Eastern suburbs, the total value of flats sold witnessed an increase of 38% from 2018 to 2021. In Mira-Bhayndar, the average value of flats sold observed an increase of 10% from 2018 to 2021. As for Vasai-Virar, the total number of flats sold went up 68% – 11,438 to 19,180, from 2018-to 2021.
Here are some of the reasons why COVID-19 has boosted housing sales post-pandemic:
Digital Adoption
Thanks to the pandemic-induced lockdowns, people were forced to restrict their movements and stay indoors. This compelled potential home buyers, sellers, tenants, landlords, brokers, or channel partners to look for information online. IndexTap is a platform that has proven to be of immense help when it comes to making residential real estate transactions. You can find out the best homes for sale Mumbai with just a few clicks.
Demand for Improved and Better Homes
Covid-19 forced people to stay indoors. This led to needing more space at home, particularly because of online schooling and work-from-home (WFH). The demand for modern and flexible room configurations like 1.5 BHK has increased as compared to 1 BHK. Similarly, 2.5 and 3.5 BHK homes have also witnessed a surge, across the top 6 cities in India.
It is significant to note that more and more people are looking at space/size as a vital factor when it comes to purchasing a home in the post-pandemic era while others are looking at proximity to healthcare as a factor. This has led to numerous upcoming residential complexes from renowned builders who are incorporating configurations such as 1.5, 2.5 & 3.5 BHK residences and also building homes closer to hospitals.
Moving Out of the City
Owing to the high capital values, lack of open space and increased density within the cities, more and more people prefer to move to the outskirts to live a better lifestyle. After the pandemic, the importance of health and wellness has come to the forefront and this has led to home buyers wanting properties that offer better social distancing and lower infection rates in less populated areas. Moreover, with WFH becoming the norm, people could finish their work from anywhere.
In a nutshell, the residential real estate MMR and overall in India has shown immense growth since the pandemic and has made a powerful comeback. IndexTap will help you peruse through the best residential properties in the MMR area that are registered there.
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