While the coronavirus pandemic has severely hit the real estate sector, the Indian housing market is likely to show resilience in the coming months, according to a survey by 360 Realtors.
Lowered home loan rates, stable property prices, attractive payment plans, and depreciation in the value of the rupee is dovetailing the industry in a positive direction, the report said.
Moreover, the crisis has reinforced the need to own a space to live amongst Indian households. Potential homebuyers with financial stability are looking out for good deals in the market, as they know this might be an opportune time to buy homes, it said.
Ankit Kansal, Founder and MD, 360 Realtors said: "There have been remarkable changes in the industry in the last six months, following the lockdown in March end. In the face of crisis, the industry cohesively adopted wider technological innovations."
"Technology will be the way forward, as the traditional Online to Offline (O2O) model is now getting heavily tilted towards the online medium," he said.
Kansal was of the view that the slump in business activities has weighted on the investments in the Indian real estate market and the market took a beating during the first few weeks of the lockdown. However, as the macroeconomic conditions are now improving, housing sales are also recovering, he added.
The 'Home Buyer's Attitude & Sentiment' survey by 360 Realtors is based on the inputs received by 1,342 respondents spread all over the country including the MMR, NCR, Kolkata, Bangalore, Pune, Ahmedabad, Patna, Lucknow among others. Around 6 per cent of respondents also comprised of NRIs.
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