The remote working concept now enables buyers to search for properties in sought-after locations
The pandemic has brought about a paradigm shift in the residential real estate industry. These days, 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 considered the safest investment option, and Covid has further accelerated the demand for housing as the importance of home ownership has been recognized. The segment is now gaining traction among potential buyers, including HNIs, NRIs, Millennials, business leaders and professionals, as they are assured a higher, guaranteed and stable return on their investments.
The work-from-home and e-learning models are likely to last longer. These new concepts have changed consumer preferences towards living with their own workplace or study area and have also catapulted the transformation of conventional living spaces with 2,3 BHK configurations by including workplaces as an essential part of the offer. The pandemic has further pushed developers to rethink their approach and adapt to the evolving choices of modern home buyers. Properties surrounded by lush greenery, plenty of open space, modern amenities such as workout zones, meeting areas, play areas for children, swimming pools, etc. have become the most popular offers in this segment. The other important factors that play an important role in the home buyer’s decisions are the property’s location, ticket size, design, and new technology.
The remote working concept now enables buyers to search for properties in sought-after locations. For them, dream properties are not just a residential address, they also contain emotional, psychological and social values. Now homebuyers are not hesitating to consider housing on the outskirts of cities. The rapid development of infrastructure, improved health, hygiene and wellness factors in these regions are now attracting many potential investors. This has increased the demand for holiday homes or second homes in natural surroundings in order to enjoy “stay” or “work” and break the daily routine of everyday life. Modern 2 BHK houses with the latest equipment will continue to be the coveted offerings in the post-pandemic world to meet the needs of the core families of Indian millennials and to improve comfort and value for money proposals for a sustainable lifestyle . Environmentally friendly and sustainable elements such as green building certification, renewable energy sources and rainwater harvesting are the other driving factors for sustainable living.
Customer focus is paramount and the developers don’t hesitate to go an extra mile to tailor the offerings to the needs of homebuyers. They now offer full open plan floors that come with the option of redesigning the homebuyer ‘s choice, with the added benefit of being able to choose from a range of design options. Housing projects that are in the early stages or in the planning stages take all of these elements into account with a revised approach to reflect the renewed demands of buyers. The residential real estate sector has now completely turned into a buyer’s market and ethics, transparency and accountability are now core values in this segment. Robust facility management, prioritizing health and wellness, bridging the trust gap and improving the customer experience have become top priorities for real estate developers. This will result in trusted developers gaining greater market share in the coming days with solid references and a proven track record.
The Covid-19 pandemic has become a turning point for residential real estate and has opened up countless opportunities for a better future. Strengthened by a conducive government policy, developer initiatives, a well-designed and robust infrastructure, a complete positive redesign of the residential real estate sector for a sustainable life in the future is imminent.
This article was written by Director, Mapsko Group
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