Mid-income housing, affordable housing and plotted land development were the most preferred property segments in 2020, said Murali Malayappan, Chairman and Managing Director, Shriram Properties Ltd.

“In 2021, we see a considerable growth potential for these segments as well. Covid-19 has made the prospects brighter for mid-income and affordable housing segments,” he added.

Sharing his thoughts on the end-users' current mindset in residential housing, Malayappan said, “The end-users have one thought in their minds and it is to own a house /flat with all safety measures and flexible design options to meet pandemic limitations and constraints.”

Additionally, real estate is considered the best asset class to invest in the present economic scenario, with the falling interest rate of fixed deposits and stock market uncertainties. Therefore, there will be a further increase in housing demand and well-developed residential plots from the reputed builders in 2021, he explained.

Commercial and office space are also expected to witness a moderate rise in demand from the second quarter of 2021, he said.

Talking about the realty sector, Malayappan said, “In order to achieve the mission of ‘Housing For All’, there needs to be a more significant thrust on this industry from the government, including ease of doing this business, affordable capital availability and relevant tax cuts, enabling India to reach the $5-trillion economy goal soon.”

He added, “We feel that this already rising demand in the housing sector will only further emphasise that the year 2021 belongs to the real estate sector.”

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