The raging second wave of the Covid-19 pandemic has shown an unprecedented impact on the Real Estate Market. The Industry has witnessed growing demand in the housing sector in recent years; sales velocity gathered over the last few months owing to record-low interest rates offered from developers, stamp duty reduction and renewed interest among homebuyers for relatively bigger and comfortable homes. Research suggests that the affordability gap remains relatively good compared to what it was five years ago and directs a slow but steady revival in the sector.
With the prolonged stay-at-home phenomenon, digital communication has emerged as an impactful trend even in the real estate sector. Throughout the last two years and the present, property buyers and dealers have adapted to online modes of communication and research. In addition, the digitisation of the property searches or inquiries and negotiation processes continue to help keep the real estate market afloat until lockdown restrictions are eased further.
In addition to the lessons learned from this pandemic, the building industry now seeks conscious solutions to equip the community with more holistic living spaces that enhance an individual’s well-being and flexible workplaces that ensure a safe & experiential journey. Framing this context, the emerging real estate trends appear to take the landed property business towards a path of steady recovery.
Affordable Housing in India
In the last few years, the optimism for the affordable housing sector has picked up well, and for the first time in many decades, the Government has walked the talk on the issue. This has really galvanised the sector and now it has reached the stage of take-off. There is a buzz around the affordable housing segment after the announcement of a slew of rebates on home loans under the Pradhan Mantri Awas Yojana.
The significant trend is that the share of new affordable supply has been rising and interestingly, due to multiple SOPs being offered by the current government and the rising demand from ‘real’ users, developers are launching more units in the affordable housing category.
However, this sudden augment in the real estate market has led to a decline in quality homes in the affordable segment. Design Forum International felt the need to solve this problem by looking beyond the buzzword and enabling a design solution and setting benchmarks in this domain.
Design Forum International, a Delhi-based architectural firm, being the first architectural firm to get approval under the Haryana Affordable Housing Policy 2013 by HUDA has successfully delivered projects in that region and other states without compromising on quality and the facilities provided. The projects delivered by DFI were finished at a cost lower by a staggering 15-25% compared to similar developments.
DFI with their futuristic approach towards architecture and design hit on ‘Quality Living – putting people first’, striving to create a great ecosystem for these affordable developments. This as they foresee will bring about a revolution in the affordable housing market in India.