Covid accelerates residential real estate trends
The concept of remote working has now enabled buyers to search for properties in desirable locations
The pandemic has brought about a paradigm shift in the residential real estate industry. Today, home buyers are largely changing their preferences for an opulent lifestyle in a post-pandemic world. The residential real estate segment has always been resilient and is seen as the safest investment choice and Covid has further accelerated demand for residences due to the realization of the importance of having a home. The segment is now gaining more and more ground with potential buyers, including HNIs, NRIs, millennials, business leaders and experts, due to the assurance of higher, guaranteed and stable returns on investments. .
The work-from-home and e-learning models are expected to stick around longer. These new concepts reshaped consumer preferences for homes with a dedicated workspace or study area and also catapulted the transformation of conventional residential spaces with 2,3-BHK configurations by adding workstations as an element. essential of the offers. The pandemic has further prompted developers to rethink their approach and respond to the evolving choices of modern homebuyers. Properties surrounded by lush greenery, large open spaces, modern amenities including training areas, meeting areas, children’s play areas, swimming pools, among others, have become the most popular offerings. sought after in this segment. Other important factors that play a major role in influencing homebuyer decisions include the location of the property, ticket size, new age designs and technology.
The concept of remote working has now enabled buyers to search for properties in desirable locations. Dream properties for them are not only a personal address, but also carry emotional, psychological and social values. From now on, buyers do not hesitate to consider residential spaces nestled on the outskirts of cities. The rapid developments of infrastructure, the improvement of health, hygiene and well-being factors in these regions are now attracting many potential investors. This has increased the demand for vacation homes or second homes in a natural setting to take advantage of “stays” or “work stations” and to break away from the mundane routine of everyday life. Modern 2-BHK homes with state-of-the-art equipment will continue to be the sought-after offerings in the post-pandemic world to meet the needs of India’s millennial nuclear families and improve convenience and value for money. of sustainable life. Environmentally friendly and sustainable elements such as green building certification, renewable energy sources and rainwater harvesting are the other determining factors for a sustainable lifestyle.
Customer focus has taken center stage, and developers go the extra mile to tailor offers to meet buyers’ needs. They now offer full open floors with the ability to redesign to the choice of home buyers with the added benefit of choosing from a range of design options. Housing projects that are in the initial state or in the planning phase take all of these into account with a revised approach to articulate the renewed aspirations of buyers. The residential real estate industry is now completely transformed into a buyer’s market and ethics, transparency and accountability have now become the core values of this segment. Robust facility management, prioritizing health and wellness, reducing mistrust and improving the customer experience have become top priorities for real estate developers. This will lead to trusted developers to gain more market share with solid credentials and proven track record in the coming days.
The Covid-19 pandemic has become a turning point for residential real estate and has opened up a myriad of opportunities towards a better future. Backed by favorable government policies, developer initiatives, well-thought-out and robust infrastructure, a complete and positive overhaul of the residential real estate sector is in sight for a sustainable lifestyle in the future.
This article was written by the Director, Mapsko Group
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