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Real estate sector is undoubtedly one of the most important contributors to India’s GDP. This crucial industry, however, depends largely upon the lifestyle of the people. In order to survive in the market, developers have to build properties which meet the requirements of the buyers, and even market them, accordingly. The Coronavirus pandemic which has plagued the world has brought about serious changes in the Indian lifestyle and this would surely impact the realty sector.
For example, more homebuyers are starting to consider buying homes in integrated townships which offer everyday amenities within the estate. This is evidently a result of the lockdown and the risks of travelling outdoors during the pandemic. The demand for large housing projects with recreational amenities, business centres and retail shops is expected to rise considerably.
Another reason behind the expected rise in demand for township projects is that they are usually built on the outskirts of major cities. This means that the residents can avoid the crowds of the city and still enjoy all the location benefits. Property buyers would also seek homes with more personal space so that they can enjoy a certain level of freeness even when at home.
The trend of working from home is also expected to bring about changes. It has already led to higher amounts of data usage from residences. Housing complexes offering high-speed internet connection and reliable power backup facilities would surely witness an increase in sales. Moreover, homebuyers would now go for flats which come with some extra space or a room which can function as an office. Several safety features would also get implemented. These include larger common spaces to allow social distancing and innovating central air conditioning which wouldn’t carry the risk of spreading viruses.
Several changes are expected in the commercial real estate projects too. Office cubicles would evidently need redesigning in order to ensure safety. Retail complexes would need to be designed keeping in mind the need for social distancing too. The work from home trend is expected to become more common and, in many cases, stay even in the post-COVID era. The hospitality segment would see a fall in project launches and demand for land in fewer people having to travel for work.
However, the overall demand for properties would surely increase. With the pandemic bringing up the need for one’s own residence, many people who used to stay in rented homes earlier are starting to buy residential units. It might be said that like most difficult situations, the pandemic too has brought about several innovations, mostly progressive ones. A number of positive changes are expected in the realty sector of the post-COVID India.
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