Real estate sector is one of the major sectors which contributes to India’s GDP, but when we talk about this important industry, the one thing that it is majorly dependent upon is the lifestyle of the people. If we need to survive in the market that the developers have to build the properties which fulfill the requirements of the buyer and even need to have the marketing strategies according to it only. The COVID-19 pandemic in which we are current scenario had both adversely affected us and most importantly have affected the lifestyle of the people and have changed them and this change will surely impact the real estate sector.
For Instance, People who are considering buying a home are now looking for buying homes in an integrated township that can offer everyday amenities with the estate only. This is the major result if the lockdown and the risks of traveling outside during the pandemic. There is an increase in the demand for large housing projects which consists of recreational amenities, business centers, and retail shops.
Another major reason for the rise in the demands of the townships is because major township projects are built o the outskirts of the main cities, which means that crowd and social interactions can be avoided when it’s necessary and yet can enjoy the benefits of all the location. The people buying properties would seek for homes with a bit more of personal space so that they can live freely and comfortably even at home.
There has been a new trend observed nowadays of working from home and it has brought some major changes. It had already led to higher usage of data from residences. Housing Complexes that offer high-speed internet connection and reliable power backup systems are witnessing an increase in sales. In addition to this homebuyers would now go for flats that have a bit separate space which can function as an office. Some other safety features can also get implemented, It includes larger common area spaces to allow practicing of social distancing and innovation Central Air Conditioning that wouldn’t carry the risk of spreading viruses.
These are some changes witnessed by commercial real estate projects as well, The office space needs to be redesigned in order to ensure safety and comfort. Retails complexes would need to be redesigned keeping in mind the concept for social distancing. Work from home trend will become more common in the near future and is expected to stay post-COVID-19 era as well. It is considered that the hospitality segment would witness a fall in project launches and will demand land where fewer people have to travel for their work.
However, the demand of the properties would increase rapidly, the pandemic situation is bringing us close to our residence, and also is creating a need for residence, the people living earlier in rentes houses have started considering of buying residential units. It can be said that the pandemic situation has brought several innovations and mostly progressive changes. A number of positive changes will be seen in the real estate sector post the pandemic era