The Indian real estate sector has undergone a metamorphosis to cater to the ‘new normal’ in the post-Covid world. With the current emphasis on health, safety and hygiene, ‘work-from-home’ has become an integral part of our lives. As per industry experts, this latest regime will demand spacious homes offering a better lifestyle at more affordable prices. This sector continues to be a silver lining while the pandemic has adversely impacted most businesses.
Let us take a quick look at some of the other areas of how this new trend of ‘work-from-home’ is likely to impact our country’s realty domain.
Own homes preferred over rented ones
Industry stalwarts reckon the current situation will bolster buying homes since living in your own home is much safer than renting out a property. Many potential buyers have realized the urgency of buying their own home in the wake of the pandemic. The purchasing spree could even extend to the city outskirts to include townships and independent houses. The ‘walk-to-work’ option that held the most significant sway when buying a home could lose its sheen due to the new work-from-home concept.
Low home loan interest rates
The current home loan interest rates are at an all-time low, a boon for especially the middle-class seeking to buy their own homes. This spike in demand will benefit both the developers as well as potential customers.
Housing choices based on affordability
Bigger houses, more open spaces and affordable pricing are the buzzwords in the sector now. This is why townships in the fringes of the big cities are becoming more attractive for potential buyers. Affordability today is even more important ever since the crippled economy and job uncertainty that has struck us all. However, the depreciating rupee has facilitated the NRI community to show interest in purchasing homes in the country. The positive takeaway from the prevailing conditions is that while sufficient supplies already exist in the outskirts of the big cities, this new demand will command an increase in the supply of affordable housing.
Automation: the order of the day
Keeping up with the growing public demands, top developers are coming up with projects complete with home automation and sensor-based applications in the common areas. The sector has already adopted the digital route to communicate effectively with its customers. Investments towards technological advancements and new digital marketing techniques are expected to flourish in the post-Covid environment as these facilitate communication even from distant locations.
Reputed developers will attract more buyers
Top developers like Arrjavv and others who have built their credibility through an excellent track record will be able to consolidate their position in the market due to the demand and attract more buyers. Such developers have already outlined protocols adapted to this ‘tech future’ and are ready to offer residential projects after employing new construction technology and modern home automation techniques like Artificial Intelligence (AI) and Internet of Things (IoT). To strengthen the WFH environment, these developers with strong foundations in the residential space cater to the new brand of buyers looking for one or two extra rooms that could be later converted to personal offices. The overall idea is to comply with the latest social distancing rules and instil a heightened sense of safety and comfort to create a positive home environment.