Chennai: There has been a sequential growth of 51 per cent in residential sales during the last quarter of 2020, according to a recent report “India Real Estate Outlook – A new growth cycle”.
While there is still a long way to go, the worst is behind for the residential sector. Samantak Das, chief economist and head research and REIS, JLL, said, “In the second quarter of FY 2020-21 when the GDP showed higher than expected recovery, the housing market showed some initial signs of recovery, with sales increasing by 34 per cent on a sequential basis. New launches and sales across seven key markets under review witnessed a significant jump”.
“With economy picking up and employment witnessing stability, housing sale is expected to sustain the existing momentum for the year 2021. All segments, which includes luxury, premium, mid-segment housing, and affordable, will see renewed demand from the end users. With the property prices bound to go up because of the rising demand, investors are likely to come back to the market by last quarter of 2021,” said Siva Krishnan, MD and India head, Residential Services, JLL India.
Changing homebuyer preferences include apartments with balconies and open spaces to be preferred, increased importance of study rooms, good network and broadband speed as well as acoustics.
Will physical offices stay?
With physical offices here to stay, portfolio optimisation and hybrid working are expected to be dominant themes going forward, says a latest study.
While well networked, diversified and tech-enhanced supply chains are expected to redefine the sector, retail formats and configurations will realign as tech and e-commerce are expected to drive change, says CBRE in its ‘Real Estate Market Outlook 2021 – India’.
The CBRE report highlighted 2021 trends and dynamics across various segments in the real estate sector in India.