Wednesday, 30 September 2020

Amritsar Sees Impressive Growth in Virtual Residential Demand

By 121 News

Amritsar Sept. 30, 2020:- Housing demand, which hitherto has remained dominant in the top 8 cities of India, is gaining momentum in Tier 2 & 3 or 'shadow cities'.

According to report , this trend is becoming more prominent post the nationwide lockdown. The online platform observed a surge in virtual residential demand from shadow cities.

The cities such as Agra and Amritsar witnessed an impressive growth of more than 100 percent in the virtual residential demand over pre-COVID times, while cities of Vadodara, Ludhiana, Mangaluru, Chandigarh and Lucknow saw more than 80 percent growth in residential demand in the same period. In contrast, the top 8 cities have witnessed a relatively lower growth in virtual demand for residential spaces over the Pre-COVID period.

Dhruv Agarwala, Group CEO, & said that on our platform during the last few months, we have seen a noteworthy increase in interest levels for residential properties especially from non-metro cities such as Amritsar, Chandigarh, Vadodara, Nagpur, Vijayawada and Coimbatore.

The report further noted that though development in 'shadow cities' has moved at a snail's pace, the current pandemic driven crisis, has brought structural changes, which has notably accelerated the process of deeper market penetration in 'shadow cities' across sectors.

The report observed that the disruption in the economy and job uncertainty caused by the coronavirus pandemic led to a significant 'reverse migration' of the population in both informal migrant population and employees in the formal service sector who have either lost their jobs or are working remotely.

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