As the year 2020 closes, the best builders in Chennai in the hopes run high with the arrival of a new year and a replacement beginning that the globe has already pressed the Reset Button. Many sectors have witnessed the emergence of latest trends with many businesses being transformed in the Covid era. The office sector has witnessed an absorption of about 29 million sq ft in the top five metros, which is about 30% but the annual absorption of 2019. However, in 2021 the office absorption is predicted to rise to around 40.0 million square foot , which is near to the 2019 figures according to the best builders in Chennai.
With the wide adoption of WFH (Work From Home) across the IT sector, ITeS buildings may face medium vacancies through the first quarter of 2021 but because the threat of COVID is mitigated, we’ll see greater absorption in Q2 and the last half of the year.
Atmanirbhar Bharat and the increase in FDI are indicative of a robust recovery of economic land towards the last half of the year. Vacancies in retail, after an all-time high within the pandemic, are already in decline and increased uptake of the same is to be expected throughout 2021 according to best builders in Chennai.
Despite the short-term disruptions, India’s commercial land sector continues to attract interest from occupiers and investors observing the long-term horizon. With further relaxation provided by the government post-COVID, employers and employees are seeking the right balance of in-office and remote working options like apartments purchasable in valasaravakkam.
As we move forward, 2021 will see a gentle flow of investment as easy liquidity by global central banks will ensure interest rates are low and funds will chase investments with high yields. Following SEBI’s amendment of the principles of REITs, one can expect an inflow of investment in commercial land that gives lucrative returns as compared to other investment avenues like land in omr.
As per a report by Savills India, PE investment in the Indian real estate sector may recover and garner inwards flow to the tune of $6 billion in 2021, up 30% YoY. The development in the economic scenario, boosted by positive reform initiatives, will back the expansion .The office space segment has witnessed decent traction for this year.
With improving growth prospects, real estate prices in the prime cities are expected to remain stable, with upwards growth in certain pockets as demand grows.
India is among the fastest-growing economies. Indian government is preparing for mass vaccination to make sure the economy is on a growth track in one to two quarters. The accommodative stance by the financial institution and liquidity measures will ensure interest rates are low in the short to medium term, aiding growth.
Demand for housing
The lockdown resulted in pent-up demand for housing. Homebuyers who were fence-sitting before COVID-19 are back in the market to require advantage of the reduction in interest rates on home loans and the availability of ready-to-move-in properties of best builders in Chennai.
Residential properties [apartments/plotted land] priced at ₹25 lakh-₹75 lakh are witnessing maximum traction from homebuyers in suburban areas. The work-from-home option has changed preferences towards larger apartments within the suburbs. Homebuyers are willing to travel a little further to buy a bigger home to accommodate a dedicated working space within their houses.