Covid Accelerates Residential Real Estate Trends

The pandemic has brought a paradigm shift in the residential real estate sector. Today, homebuyers are largely changing their preferences for an opulent lifestyle in a post-pandemic world. The residential realty segment has always been resilient and is considered the safest investment choice and Covid has further accelerated the demand for residences owing to the realisation of the importance of having a home. The segment is now increasingly gaining traction from potential buyers including HNIs, NRIs, millennials, corporate leaders, and experts due to assurance of higher, guaranteed, and steady returns on their investments.

The work-from-home and e-learning models are likely to stay for a longer time. These new concepts have reshaped consumer’s preferences towards homes with a dedicated workspace or a study area and have also catapulted the transformation of conventional residential spaces with 2,3-BHK configurations by adding workstations as an essential component in the offerings. The pandemic has further pushed developers to rethink their approach and cater according to the evolving choices of modern homebuyers. Properties surrounded by lush greenery, ample open space, modern amenities including workout zones, meeting areas, play zones for kids, swimming pools, among others have emerged as the most sought-after offerings in this segment. The other important factors that are playing a major role in influencing homebuyer’s decisions include property location, ticket size, designs, and new-age technology.

The remote working concept has now allowed buyers to look for properties in desirable locations. The dream properties for them are not just a home address but also carry emotional, psychological, and social values. Now, homebuyers are not hesitating to consider residential spaces nestled in the outskirts of the cities. The rapid infrastructure developments, improved health, hygiene, and wellness factors in these regions are now attracting lots of potential investors. This has increased the demand for holiday homes or second homes in natural settings to enjoy ‘staycation’ or ‘workcation’ and to break the mundane routine of day-to-day lives. Modern 2-BHK homes with state-of-the-art amenities will continue to be the sought-after offerings in the post-pandemic world to cater to the needs of nuclear families of Indian millennials and enhance the convenience and value-for-money propositions for sustainable lifestyle. Eco-friendly and sustainable elements like green building certification, renewable energy sources, and rainwater harvesting are the other driving factors towards sustainable living.

Customer-centricity has taken the centre stage and developers are not hesitating to walk an extra mile to customise the offerings as per homebuyers’ needs. They are now offering complete open floors which come with the possibility of redesigning as per a homebuyers’ choice with an added advantage to choose from a range of design options. Housing projects which are in the initial state or planning phase are considering all these elements with a revised approach to state the renewed aspirations of the buyers. The residential real estate sector is now completely transformed into a buyer’s market and ethics, transparency, and accountability have now become the core values in this segment. Robust facility management, prioritising health and wellness, bridging the trust gap, and enhancing customer experience have become the key priorities of real estate developers. This will lead to trusted developers gaining a larger share in the market with sound credentials and a proven track record in the coming days.

The Covid-19 pandemic has become the turning point for residential real estate and it has unlocked myriad opportunities towards a brighter future. Strengthened by conducive government policies, developers’ initiatives, well-thought and robust infrastructure, a complete positive overhaul in the residential real estate sector is in the offing for sustainable living in the future.

This article was authored by Director, Mapsko Group

DISCLAIMER: Views expressed are the author's own, and Outlook Money does not necessarily subscribe to them. Outlook Money shall not be responsible for any damage caused to any person/organisation directly or indirectly.