The pandemic has definitely changed everything and created a ‘New Normal.’ The residential real estate market is the silver lining out of the entire pandemic. It ranks among the top asset classes today. Demand is in fact higher than ever as people are realizing the value of owning a home as it is a sense of emotional security in a bleak global scenario such as the current pandemic. People have realized the importance of basics, and the concept of ‘Roti, Kapda, Makaan’ is back once again. People have realized that owning a home is one of the basic necessities and brings along a sense of security and comfort. They look at it as an important space that provides belonging, identity, control and privacy among other benefits.
As the corporate world is embracing work from home as a long-term concept, many are seeking to upgrade their homes and look for bigger spaces. The rental culture which had gained some prominence with the young buyers has witnessed a sea change in the past few months. The demand for ready to move in and luxury homes has increased as customers are looking forward to investing in quality homes. Not just the elite class group, but also the middle-class income group will look forward to an upgrade. As there has been a downfall in jobs and income, the upgrade may not be instant but they will surely plan a better lifestyle; as no matter what, aspirations always have a value. With many Indian citizens residing in foreign countries planning to come back to their land; real estate in India is surely going to see a boost.
Along with owning a home, the buyer today demands developments that are well planned and host a variety of facilities and amenities so that co-users of these spaces are known to each other and hence, a person knows that they and their family are in a safe environment. Most importantly buyers will ensure that their surroundings have proper sanitisation facilities, educational institutes are close by and a locality where social and lifestyle amenities are vibrant.
Homebuyers also want to ensure that no space is wasted and each area is efficiently utilized with flexibility for creating home offices etc. Work from home becoming the new normal is a major factor for buyers looking to update to homes with extra rooms/half room.
Developers too, at least most of them, have been nimble to embrace the new normal and adapt to the altered requirements of the new buyer. These include making architectural changes to fit the ‘work from home’ scenario, which may become a way of life for many businesses; to making alterations in project amenities. Business centres are a new fad among upcoming luxury projects. Residents can utilize the same for virtual meetings, video calls, or just simply a professional environment to work at. Every adversity brings opportunity, and currently, there is plenty of opportunity in residential real estate for both developers as well as homebuyers to grab.
(Source: Financial Express)
