As safety, health and hygiene take the priority in the post-Covid-19 world, the real estate sector too has shifted its gears to incorporate them in its day-to-day functioning. With ‘work from home’ becoming the new normal, industry experts say there will be demand for spacious homes with high standards of hygiene and safety.
Townships and independent homes will be largely preferred over apartments in single buildings. Home automation, sensor-based applications in common areas will be largely seen in new projects.
“The current situation will push home ownership as living in an owned home is much safe and secure than the uncertainty faced in a rented home. With depreciating rupee, and uncertain conditions exposed due to the pandemic, NRIs will also find it safe and secure to invest in a home back in India. The sector has already opted for the digital route to reach out to customers. Investment in innovative technologies and new digital marketing techniques will continue in the post-Covid conditions as it enables communication with ease and efficiency at distant locations,” says Surendra Hiranandani, Chairman and Managing Director, House of Hiranandani.
Akash Kohli, Founder & CEO, Elante Group, says, “Since the real estate sector has already gone through significant hurdles, may be the ideal future of the industry will mark a huge hike in the demand for owned houses. People who don’t own a personal house have realized its urgency due to the accommodation crisis caused by COVID-19. So, in the post-COVID situation, real estate will emerge as a mutually beneficial industry for both the potential buyers and realtors.”
Against the backdrop of this crisis, reputed developers with good delivery records will positively attract more buyers. We are going to witness the reinvention of the industry as a whole, including a tech future which shall felicitate builders with new construction technology and buyers with modern facilities like home automation, IoT or AI, where typical norms of social distancing, good health and environment, and transportation would be served ideally.
“New home buyers in both luxury and affordable segments are more lenient towards independent builders. Due to the new WFH tradition, now buyers want their home to be office-ready. They are looking for one or two extra servant rooms compactly included in the space which they can later transform into personal offices according to their requirements,” says Kohli.
Reputed players with a strong track record in the industry would definitely benefit from both, the demand revival as well as consolidation, which is going on in the industry. Finally, “if the government eases the liquidity situation further through tax rebates and concessions, it will increase demand and encourage buyers to come ahead. Overall, real estate will emerge as a silver lining due to the stability, security and safety it offers as an investment instrument,” says Hiranandani.