<p>While builders and realtors saw a revival of the real estate market towards the end of 2020, the sector remains sluggish amidst the second wave of Covid-19 and an extended period of lockdown.</p>.<p>Growth has been limited to certain pockets and to a small section of the population. While there is much in the market to offer, there are not many buyers, those in the industry say.</p>.<p>Even as several big brands are making efforts to woo home buyers by reducing the booking amount by half and giving additional time to complete the legal procedure, there are not many takers. "I would say home buying has come down by about 60%. The sales were good between October and December 2020. However, once the second wave hit, only a few big builders have been able to sustain the sales," Bengaluru-based realty professional Gautam M said.</p>.<p><strong>Read | <a href="https://www.deccanherald.com/business/coronavirus-wave-flattens-indian-housing-market-988291.html" target="_blank">Coronavirus wave flattens Indian housing market</a></strong></p>.<p>The industry representatives told DH that the home buying in Karnataka during the pandemic was more or less limited to Bengaluru and that too in localities surrounding the IT hubs. While localities in the east and north Bengaluru, such as Whitefield, Sarjapur, and Yelahanka, saw more buyers, the rest of the city failed to elicit the same response. Also, only those working in jobs that assured them of an income during the pandemic are investing.</p>.<p>During the pandemic, people are no more buying houses for investment. The demand has been more for completed projects. "The rentals have come down and obviously people do not want to invest. Only those buying for personal use are making the purchase," Skydealz India Property Services managing director Satish Bangalore N explained.</p>.<p>"Typically, buyers have a good amount of savings to begin with. We rarely see people making a purchase largely dependent on the loan. There is definitely a downtrend," he added.</p>.<p>To sustain sales in the lockdown, the builders are also offering virtual tours, apart from going online with the booking process. "Even though there is a demand, we're unable to close deals because of the lockdown," CEO Residential at Brigade Enterprises Rajendra Joshi said.</p>.<p>Larger units like 3 bedroom houses and premium properties are seeing traction, according to Joshi. "This is probably owing to the work-from-home situation," he said. "Many have realized that they need a bigger space."</p>
<p>While builders and realtors saw a revival of the real estate market towards the end of 2020, the sector remains sluggish amidst the second wave of Covid-19 and an extended period of lockdown.</p>.<p>Growth has been limited to certain pockets and to a small section of the population. While there is much in the market to offer, there are not many buyers, those in the industry say.</p>.<p>Even as several big brands are making efforts to woo home buyers by reducing the booking amount by half and giving additional time to complete the legal procedure, there are not many takers. "I would say home buying has come down by about 60%. The sales were good between October and December 2020. However, once the second wave hit, only a few big builders have been able to sustain the sales," Bengaluru-based realty professional Gautam M said.</p>.<p><strong>Read | <a href="https://www.deccanherald.com/business/coronavirus-wave-flattens-indian-housing-market-988291.html" target="_blank">Coronavirus wave flattens Indian housing market</a></strong></p>.<p>The industry representatives told DH that the home buying in Karnataka during the pandemic was more or less limited to Bengaluru and that too in localities surrounding the IT hubs. While localities in the east and north Bengaluru, such as Whitefield, Sarjapur, and Yelahanka, saw more buyers, the rest of the city failed to elicit the same response. Also, only those working in jobs that assured them of an income during the pandemic are investing.</p>.<p>During the pandemic, people are no more buying houses for investment. The demand has been more for completed projects. "The rentals have come down and obviously people do not want to invest. Only those buying for personal use are making the purchase," Skydealz India Property Services managing director Satish Bangalore N explained.</p>.<p>"Typically, buyers have a good amount of savings to begin with. We rarely see people making a purchase largely dependent on the loan. There is definitely a downtrend," he added.</p>.<p>To sustain sales in the lockdown, the builders are also offering virtual tours, apart from going online with the booking process. "Even though there is a demand, we're unable to close deals because of the lockdown," CEO Residential at Brigade Enterprises Rajendra Joshi said.</p>.<p>Larger units like 3 bedroom houses and premium properties are seeing traction, according to Joshi. "This is probably owing to the work-from-home situation," he said. "Many have realized that they need a bigger space."</p>
