The pandemic of 2020 threw humanity as a whole off its game and brought life to a standstill. With the advent of 2021 though, the pandemic is seemingly somewhat under control and we seem to have adjusted to the new normal of life as we now know it. One of the unexpected benefits of the pandemic, however, has been a revival of the real estate market in India. The new culture of work from home has triggered an interest in individuals to own their own homes and this has resulted in an upswing in real estate sales in 2021. The cut in stamp duties and low interest rates being offered on home loans have also given the real estate market a much-needed fillip. Not only domestic investors, even foreign portfolio investors have been showing their faith in the Indian real estate market. Despite the COVID pandemic, there has been an overall 9.6% growth in portfolio outstanding in the third quarter of the financial year 2021, thus proving that the home loan market has rebounded compared to no growth in March, June, and September last year. The current trends do not indicate a rise in property prices immediately and interest rates will currently remain low while this sector is showing a slow and steady revival. The trend today is also for end users to invest in real estate as compared to investors as the work from home culture takes root and more and more people are now thinking of owning their own homes. First-time home owners and customers looking to buy a second home or upgrade to a larger home are pushing up property sales. Another trend that has come to the fore is the movement of buyers to suburban areas and areas with low population density thanks in part to the pandemic. There is a definite upswing in the market and positive signs of revival of the market owing to a change in policies by the government and also a change in attitude of buyers.
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