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Demand for rental properties has increased after the pandemic, say realtors

People who were working from home during the three waves of COVID-19 are now returning to their work places, thus causing a hike in demand for rental properties.

August 02, 2022 03:23 pm | Updated 03:35 pm IST - COIMBATORE:

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File | Photo Credit: K. Pichumani

Demand for rental properties has picked up after the three waves of COVID-19 pandemic, said Samir Arora, president of the National Association of Realtors - India.

Mr. Arora, who unveiled a new logo for Coimbatore Association of Realtors (COAREA) during its tenth anniversary celebrations and annual meeting here recently, told The Hindu that people who were working from home during the three waves of COVID-19 are now returning to their work places. Hence, demand for rental properties has picked up in the last four months. Rental values are up 10 % to 15 %, especially in the metros, he said.

“The realty sector is moving to the organised segment in the metros, tier-two and even tier-three towns and cities,” he said. The last six months have been extremely good. Owing to the pandemic, people wanted bigger and luxury houses. This demand started doing well across the country initially. Now, there is no inventory in the metro cities in the luxury home segment. Plotted development started seeing good demand after that as people were looking at independent houses in gated communities. Then, demand for regular residential units picked up.

The commercial properties did well even during the pandemic, though sectors such as travel and tourism and entertainment gained momentum only in the recent months, he mentioned.

CR Shiva Kumar, president of COAREA, added that in Coimbatore, there is 13 % to 17 % hike in demand for properties in the last 1.5 years. The demand is not only in the core areas of the city but also in the expanded areas, he said.

The Union government should introduce the ‘One India, One Licence’ scheme in the real estate sector, he said.

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