Corona virus pandemic seems to be bringing slow yet steady paradigm shifts in the way home people’s view when it comes to homes. It is now being realized that homes are more than just a place to eat and sleep in. As it is seen since March, what used to be a place to come back and unwind before starting another day has now been multitasking as an office, classroom, a place for recreation, a movie theatre, and everything else in between.
The new normal is here to stay and has seemingly caused the shifting dynamics of consumer behaviour in home buying as per a recent survey. Interestingly, what was considered as a desire pre-pandemic days has now come under vital needs. As many as 81.5 percent survey respondents consider open spaces a ‘must-have’ in their homes. A whopping 90.2 percent participants vouch for homes with decks or balconies and 80.1 percent are actively looking for multi-purpose usable spaces within their homes.
During the pandemic and subsequent lockdown, buyers have seemingly realised the importance of extra and open spaces in a house. People actively tried to create activity driven arenas like a study room or workout space within their homes. Similarly, people living in the houses without balconies felt the pinch of lack of open space and fresh air circulation in their homes.
Home buyers in tier-1 cities, especially Mumbai, were until now satisfied with bare minimum living space that fits into their budget and reportedly never gave much thought to lack of open space or the need of a study/extra room.
Not only homes, buyers are now showing inclination towards projects which are integrated developments. Such projects are usually gated communities with easy access to essential services, round the clock security, availability of daily items within the project and the oneness of a community.
With real estate projects on stall due to reverse migration and other social distancing issues, the buyers are now all the more inclined towards ready-to-move-in projects rather than under-construction ones so as to save themselves from double impact of rent and EMI.
Amid countries applying extreme measures to contain the pandemic, businesses came to a grinding halt across the world. The real estate segment is no different with research agencies predicting a near-term halt in growth of real estate in India.