Smaller towns to be a major hub for real estate investments in the second year of COVID-19 Lockdown

By Prajakta Chavan

@prajakta43

Mumbai: Small towns in Maharashtra are increasingly becoming a major hub for realty investments as we enter the second year of lockdown owing to COVID-19 restrictions. Endless hours of work-from-home (WFH) during a yearlong lockdown, and overpowering professional commitments to work even during weekends triggered many to look for second homes preferably near their hometowns.

Subsequently, builders and developers in the smaller towns confirmed an influx in inquiries from citizens in Mumbai and Pune keen to purchase flats near the state highways or in the heart of smaller towns, where they can move freely and have good internet connectivity which will facilitate work-from-home and online schooling.

An insight into Sindhudurg’s realty market confirmed the customer’s increased curiosity for projects close to state highways, with good amenities and close to completion. 

“People from major metropolises like Mumbai and Pune are keen to invest in small towns thanks to the improved road and internet connectivity. Provided, they are ready to move or close to completion properties,” said Anil Sakhalkar, founder of Rachna Builders and Developers and Secretary of Credai Sindhudurg.

Moreover, it is during the lockdown that the working class in major cities realized the importance of a second home, which triggered their interest in the properties near their hometown.

“After being locked together for months during the 2020 lockdown, citizens in Mumbai and Pune realized the need of a spacious home and so there is an increased inquiry for properties in Konkan, where the market is still steady and affordable,” said Govind Khorjuvekar, owner of Khorjuvekar Builders and Developers with major projects in Sawantwadi Taluka.

The bigger house in metropolitan cities even after correction seems expensive for many, but the same houses with better amenities are easily affordable in small towns for the working class and professionals. Besides, the improved internet, road connectivity, and telecommunications have made the work-from-home option feasible for all.

“Majority of inquiries are for properties near state highways or centrally located where people have good road connectivity and internet services. This indicates that metropolitan working-class, retired servicemen, and even youngsters are keen to invest and even live here,” said Shekar Morvekar, who is constructing two affordable housing scheme projects in Malvan.

A similar impulse was noticed among the buyers to invest in the coastal region. “I am looking for property in Sawantwadi as it’s closer to my hometown and also has good internet facilities but even property prices here are inflated, we hope for some correction in the backdrop of the COVID-19 pandemic,” said Rohit Gavade, a Kalyan resident and potential buyer.