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Property Trends of 2021 That Will Shape The Future of Real Estate Projects in Kanpur.

Keeping into account the new & evolving work scenario in different developed and developing cities, with ‘work from home’ being a popular concept amongst several offices, luxury apartments that have the perfect blend of both environments in one are those that would stand out. Covid-19 has brought about instant changes to the real estate industry, emphasising safety and wellness.

Today, India’s real estate market holds to be one of the most resistant markets, disregarding the current pandemic’s harmful effects while achieving greater results in a comparatively short period. However, with extraordinary monetary support from the Government, the real estate sector somehow managed to stay afloat amidst this time of crisis. Thanks to the new normal that would bring about lifestyle changes for those looking forward to purchasing apartments in Kanpur

Keeping into account the new & evolving work scenario in different developed and developing cities, with ‘work from home’ being a popular concept amongst several offices, luxury apartments that have the perfect blend of both environments in one are those that would stand out. Covid-19 has brought about instant changes to the real estate industry, emphasising safety and wellness. This has brought along with it significant changes in numerous industries and real estate is no such exception. 

However, with lifted lockdown restrictions, developers offering apartments for sale in Kanpur have witnessed a green flag when it comes to constructing more real estate properties to house homebuyers searching for a new place to reside in. 

 

Trends in Real Estate 2021

According to a recent industry report by Construction Week Online, the demand for residential sectors has increased by 30-40% as compared to pre-covid periods. This rise in demand is backed by the shift in customer’s wants from luxury to affordable/ mid-range segment properties.

This pandemic carried forward in 2021 has brought about considerable alterations regarding owning a home in Kanpur. With companies still going ahead with the work-from-home concept, consumers fail to compromise on the size of their homes along with a convenient location in mind. 

Going ahead, this trend is expected to continue even longer as millennials shifting to this city in search of better institutions/ new jobs would love to make a strong decision of purchasing a home to reduce their load of renting one & shifting often. 

 

Are Buyers Benefitting from this?

Homebuyers looking forward to purchasing flats in Kanpur will certainly benefit the most. Real estate developers offer schemes to their buyers that help them increase their sales with ready-to-move-in apartments in Kanpur that have been reserved for those who wish to move in quickly. With the Government offering ‘Housing for all’ by 2022, they have subsequently reduced the GST rates from 8% to 1% for the affordable housing segment. This in turn helps increase the sale of apartments even more with about 80% still waiting to purchase an apartment while on the other hand, 65% are willing to shift into ready-to-move-in ones at the earliest. 

 

Will Property Prices Rise?

Despite this economic recovery the country is going through, the changes are minimal that there would be any rise in the prices of apartments in Kanpur, whether it be independent housing properties or even 3 BHK apartments in Kanpur. This would be beneficial for developers in Kanpur as home buyers are looking forward to purchasing apartments that are 40% less price than those in metro cities. This would further increase the demand for properties in a developing city like Kanpur. 

 

The Path Ahead

Considering the post-covid scenario, when it comes to purchasing a house in Kanpur, there would be a subsequent rise in demand for properties due to rapid development in a developing city like Kanpur. Furthermore, those who look forward to purchasing apartments for the sole purpose of investment would likely be deemed to become a silver lining in terms of stability, investment and security along with the benefits that developers offer. 

On the other hand, real estate developments offering independent houses along with luxurious apartments will receive a rise in demand due to rapid urbanisation in this city, bringing in sales that benefit both the customer as well as the builder at large. 

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