{"id":24972,"date":"2021-08-25T16:07:53","date_gmt":"2021-08-25T09:07:53","guid":{"rendered":"https:\/\/www.asiapropertyawards.com\/?p=24972"},"modified":"2021-08-26T09:40:03","modified_gmt":"2021-08-26T02:40:03","slug":"indian-real-estate-now-a-buyers-market-fueled-by-proptech","status":"publish","type":"post","link":"https:\/\/www.asiapropertyawards.com\/en\/indian-real-estate-now-a-buyers-market-fueled-by-proptech\/","title":{"rendered":"Indian real estate now a buyer\u2019s market, fuelled by proptech"},"content":{"rendered":"

The industry<\/span>, which<\/span>\u00a0<\/span>has long been known for its\u00a0<\/span>hesitation towards digitalisation<\/span>,<\/span>\u00a0was\u00a0<\/span>motivated\u00a0<\/span>to adapt because of Covid-related restrictions<\/span><\/span>\u00a0<\/span><\/p>\n

\"\"
The first quarter of 2021 witnessed residential sales soar 29 percent to 58,300 units in the top cities, including Pune (pictured above). Varun.Gupta\/Shutterstock12<\/figcaption><\/figure>\n

The second wave of the pandemic in March and April of this year has impeded the Indian housing sector\u2019s tremendous quarter on quarter growth since July 2020. Fortunately, analysts have been seeing green shoots of recovery across the country.<\/span>\u00a0<\/span><\/p>\n

Gulf News<\/span><\/a>\u00a0reported that\u00a0Q1 2021 witnessed\u00a0residential sales soar 29 percent\u00a0to\u00a058,300 units\u00a0and new launches\u00a0surge 51 percent\u00a0to\u00a062,130 units\u00a0in the top cities, including the Mumbai Capital Region, National Capital Region, Pune, and Bengaluru,\u00a0compared to the same period pre-Covid.<\/span>\u00a0<\/span><\/p>\n

In Q2 2021, however,\u00a0housing sales and new launches declined\u00a058 percent\u00a0and\u00a042 percent, respectively.\u00a0Despite the decline, construction activity still continued across cities, permitted by the government, alongside some caveats.<\/span>\u00a0<\/span><\/p>\n

Leading industry players also believe the buyers are back, acknowledging the revival from June onwards. In Q2 2021, 24,570 residential units were sold in the top cities, with 50 to 60 percent of transactions occurring in June alone.<\/span>\u00a0<\/span><\/p>\n

The monthly trend indicates an optimistic future for the market, which is what has urged\u00a0the country\u2019s premier developers, including the\u00a0<\/span>PropertyGuru Asia Property Awards (India)<\/span><\/a>\u00a0Winner\u00a0Brookfield Properties,\u00a0to\u00a0continue operating\u00a0as the momentum starts to pick up across cities.<\/span>\u00a0<\/span><\/p>\n

Among the key factors that led to the progressive recovery are the population\u2019s need to own a home, the first-time homebuyer\u2019s structural demand for housing, the millennial\u2019s rising desire to own a home than to rent, and the family\u2019s need to upgrade to a bigger abode.<\/span>\u00a0<\/span><\/p>\n

This demand is further propelled by other aspects that entice the buyers, such as developer offers and discounts, deflating property prices, low-interest rates, stamp duty cuts, and most importantly, efficient tech-enabled solutions that allowed transactions to continue despite movement restrictions.<\/span>\u00a0<\/span><\/p>\n

The Financial Express<\/span><\/a> reported that the pandemic has prompted India\u2019s real estate sector, which has long been hesitant, to finally embrace digital transformation, in hopes to ease the buying process, encourage more sales, optimise its operations, and improve the industry standard.<\/span><\/p>\n

The sector\u2019s digital transformation has helped further propel the uprising trend and opened it up to more growth potential. Thus far, the industry has adapted state-of-the-art tools — Augmented or Virtual Reality (AR\/VR), Artificial Intelligence, chatbots, online bookings, drones, and much more — that guaranteed minimal to zero communication errors between developers and customers.<\/span>\u00a0<\/span><\/p>\n

\u00a0More: Indian real estate thrives: Analysts anticipate $36bn REIT listings in 2021 and beyond<\/strong><\/span><\/a><\/p>\n

Since the sector has become a buyer\u2019s market, developers have opted for customer-centric approaches, such as connecting with them and educating them about their products through social media.<\/span>\u00a0<\/span><\/p>\n

Transactions\u00a0have become easier for all parties\u00a0and the reliance on technology has increased throughout the lockdown, with\u00a0agents offering virtual site tours, developers offering unedited 3D videos and drone shots to buyers, and\u00a0homeowners closing deals\u00a0on\u00a0video conferencing platforms.<\/span>\u00a0<\/span><\/p>\n

Developers\u00a0now\u00a0have total control over ideas, finances, implementation, monitoring, and delivery.\u00a0Throughout the course of the pandemic, tech-enabled solutions have\u00a0empowered\u00a0the real estate sector\u00a0and\u00a0altered\u00a0the landscape for good.<\/span>\u00a0<\/span><\/p>\n

Know of any award-worthy homes, condos, flats, or other real estate projects in India? Nominate them for the Asia Property Awards (India) 2021 on or before 24 September 2021. Simply visit\u00a0<\/span><\/i>asiapropertyawards.com\/award\/asia-property-awards-india\/<\/span><\/i><\/a>\u00a0for more details.<\/span><\/i>\u00a0<\/span><\/p>\n

Gynen Kyra Toriano, Digital Content Manager at PropertyGuru, wrote this article. For more information, email: gynen@propertyguru.com<\/a>.<\/em><\/p>\n","protected":false},"excerpt":{"rendered":"

The industry, long known for its hesitation towards digitalisation, was motivated to adapt because of Covid-related restrictions <\/p>\n","protected":false},"author":9,"featured_media":24976,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"inline_featured_image":false,"footnotes":""},"categories":[101,92],"tags":[926,2289,216,638,512],"class_list":["post-24972","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-asia-property-awards","category-news","tag-asia-property-awards-india","tag-buyers-market","tag-india","tag-real-estate","tag-residential","news_country-india","news_author-gynen-kyra-toriano"],"acf":[],"yoast_head":"\nIndian real estate now a buyer\u2019s market, fuelled by proptech | Asia Property Awards<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" 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