Due to the socio-economic impact of the COVID-19 epidemic, the residential real estate industry has seen a dramatic upheaval in recent years. Homebuyers are already adjusting their choices to reflect the new normal.
Residential homes are rapidly being seen as a stable asset class by HNIs, NRIs, and millennials considering investing in their homeland because of the guaranteed and consistent returns.
Consumer tastes have shifted toward residential services with a dedicated workspace as a result of the increased work from home.
This tendency has inspired the remodeling of traditional dwellings with 2- and 3-bedroom configurations, as well as the addition of workstations to their product offerings.
These houses are ideal for both Indians working for multinational corporations and ex-pat populations who want to work from home.
Residences in self-sustaining oases with state-of-the-art amenities like a gym, spa, a private location for weekend gatherings, and a children’s play area, among others, have become sought-after real estate options.
Location, ticket size, appealing aesthetics, smart design, and cutting-edge technology are just a few of the variables that influence homebuyers’ decisions.
COVID-19 has also encouraged developers to reassess their product lines to cater to the preferences of discerning Indian homebuyers. To suit their psychological, emotional, and social demands, homebuyers today regard their dream home as an address and a space of ‘belonging.’
With several Indian and international companies considering a permanent ‘work from home option, location is no longer a barrier for purchasers. It has shifted its attention to properties on the periphery of cities that have seen substantial infrastructure development.
Holiday homes or second homes for staycations and ‘workcations’ are becoming increasingly popular as a way to break up the monotony of working from home.
Real estate developers are tailoring their product offers to meet the needs of purchasers as customer-centricity gains traction.
Residential real estate projects that are now under construction or in the planning stages are taking a fresh look at the space factor, with a renewed focus on the preferences of homebuyers in mind.
Because of the health and wellness issues, strong facility management will be an important consideration for homebuyers to consider when making their decision.
Homes with a workplace have evolved as a new asset class and will continue to be one of the most sought-after options in the post-COVID period to cater to Indian millennials’ tiny families and showcase convenience and value-for-money features.
The COVID-19 epidemic might be seen as a turning moment for Indian real estate, allowing it to reorganize and prepare for a bright future.
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