Highlights
- Covid-19 had a major impact on every sphere of life including real estate
- The demand for luxurious and expensive condos has increased due to the presence of NRIs in the country
- Most real estate projects are now focusing on developing architecture based on covid-19 requirements.
As the prevalence of the covid-19 norms increases worldwide, the pandemic’s effect can be observed in nearly all spheres of life. Real estate and property prices have also been affected greatly because of the extreme work levels from home professions. Rich professionals have started to look for luxury condos that could support their living and working at the same time.
Real Estate Developed As An Investment Sector
Most of the real estate developers of New Delhi have stated that the requirement for luxurious and expensive real estate properties has increased despite the shallow economic conditions of the country. This change is caused due to the presence of NRIs in the country. Many of the NRIs have traveled back to India after the onset of this pandemic. It has become difficult for them to adjust to the basic living of India. That is why real estate properties near Lonavala and Gurgaon have become very popular over the last year.
Many developers have agreed that real estate has become one of the resilient investment sectors. Most of the places which were near Delhi like Shimla and Kashi also saw a rise in the popularity of real estate properties of high-end nature. These locations became even more popular because of their proximity to the hills. The chilling weather allowed the NRIs to escape from the Hobson heat of Delhi in the prime period of coronavirus lockdown.
What Does It Indicates?
The increase in demand for real estate properties near beaches or hills shows a single aspect of the Indian economic system. Due to the covid-19 pandemic, the rich have become richer whereas the poor have become poorer. There has been a serious scarcity of basic necessities all over the nation.
However, the people who have already been privileged were able to enjoy a vacation in the hills or beaches. The NRIs were able to purchase real estate properties to work from their home in comfort. Whereas a major population of migrant workers had to walk back home without any basic facilities.
Conclusion
The real estate property dealers have expressed the view that most people are looking for greener and spacious living conditions for the covid-19 situation. Being close to nature gives a sense of calmness and security which is absent in society for now. Projects in Kasauli and Gurgaon have been initiated by keeping in mind the requirements of high-end societal members.