The COVID-19 crisis has radically transmuted the real estate sector. From reverse migration of skilled workforce to the advent of the work-from-home model, the pandemic has led to several unusual trends in the past couple of months and will have far-reaching implications. The latest on the course is increased demand for bigger homes with maximum utilization of available spaces.
Spending so much of our time being at home, makes us realize the importance of one’s own possessions. Additionally, with restrictions on movement and social distancing, work from home has become the new norm and already several IT firms like Google have officially declared work from home till Summer 2021. It has compelled us to view the space we live in differently with different usages and the only way to safeguard ourselves and our loved ones is by keeping social distancing.
The Corona virus has influenced investment preferences, particularly in the real estate sector. With property prices flattening, home loan interest rates are decreasing day by day and touching their record low. Work from home becomes the wonted and future homebuyers have altered their residential preferences by upgrading to bigger units with maximum usage spaces that augment their lifestyle. However, since the price-sensitive end-users dominate the market, outskirt areas in big cities are likely to witness more attraction as against the pre-COVID era.
Let’s take a look at the factors contributing to the popularity of the outskirts of cities as potential residential destinations –
For smart home buyers, real estate is an emotional yet thoughtful purchase, significant financial investments and EMIs payment over several years. Homebuyers as an investor always seek financial security and the confidence to gain fruitful returns in the future. The financial sagacity has become much more cardinal with concerns over job volatility and salary cuts in this COVID-19 crisis.
Work from Home Clout the Home Buying Decision
Major sectors like IT and Information Technology Enabled Services adopting the work from home policy. Today, the work from home concept has become the new pivot in the investment decision of a homebuyer. The focus of the smart potential buyers is less on propinquity to the office and more on the at-home comfort, amenities and affordability of the project. City areas, where bigger abodes are more affordable as compared to city centres, are gaining increased interest. Moreover, the burgeoning influx of several reputed builders to the outskirt areas has also attributed to the trend as buyers have bountiful residential options to choose from.
Integrated and Gated-Secured Campus
The prime focus of the homebuyer today is the security of his/her dear ones, which has increased the popularity for gated campuses or integrated townships. Integrated projects are providing safety, security and recreation facilities like Clubhouse, Swimming Pool, Podium Garden, Gym and many more proving to be the havens in uncertain times. One of the striking features of integrated projects is their land use, comprising a host of amenities and facilities essential to support the modern lifestyle.
However, given the shortage of land in the central locations, most of the gated-secured campuses copious with modern safety, 24×7 securities, equipment controlled access and emergency helpline has been established in the peripheries of cities. This too has boosted the popularity of safe and secure projects in potential homebuyers.
A Relaxed and Less Polluted Environment
Away from the hustle and bustle of the main city, the outlying areas are close to nature, less polluted and offering seamless connectivity to city-centres. The scope of real estate appreciation in these areas is also higher than the central regions, where prices have already reached a saturation point.
The outlying micro-markets, mom & pops are sparsely populated as opposed to the central locations and are safe to live in, especially in the current scenario of this pandemic when social distancing is a must in order to prevent the spread of Coronavirus.
Smart Homes with Maximum Space Utilization
Houses that are well-planned and provide maximized space utilization are the pick of the litter for smart buyers. Tall windows that allow in ample fresh air and light, techno-friendly ample smart plug points compatible for all gadgets, niches for closets ensuring open space in the room, proper utility cum storage area, proper ventilation are amongst the few things that smart buyers always thrive for. Additionally, homes that provide smart home features – controlled remote access features, a smart lighting system that adapt as per the time of the day, etc. will be ascendant. A project that has a well-planned layout, leaving ample space between two buildings and featuring wide internal roads paramount features wise.
Well Planned Development
A well-planned project in outlay city offers recreational spaces featuring open spaces like podium garden, children’s play area, sit out, acupuncture walking tracks, landscaped garden, clubhouse, gym, sports courts, etc. Before planning to invest in any project, always look for these details in the master plan and seek more details to prevent yourself from post-purchase dissonance. It’s important to understand the overall area spread of the project, the number of building and towers that will be coming up and locations as well as provisions of the open spaces and aspects of wellness.
Professionally Managed Projects
During the time of crisis, it is highly advantageous as highly maintained projects can quickly mobilize resources and have a plan of action ready to tackle situations that may arise. Usually, they have a maintenance team of their own which helps residents to raise a request to address issues they have and resolve it.
Go with a Trusted Developer
More so than ever, it’s imperative to go with a trustworthy builder, especially if you are considering booking an under-construction flat or bungalow. A reputed and trusted builder, with a well-organized business model and having a good track record of delivering on time possessions will be able to overcome the current crisis situation. Nevertheless, ready-to-move homes are also a safer choice.
Written By – Darshana Rathore
Agrawal Builders are a premium real estate developing firm in Bhopal with a wide range of residential properties and beautiful amenities like modern clubhouse, gymnasium, swimming pools, parks, and garden, etc.